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Tips When Buying Health Insurance In financial planning, one vital part that should not be disregarded is health insurance plan, given the fact that there’s skyrocketing medical cost. Medical inflation has been aggravating which makes it more important than before to get health insurance policy that can cover medical treatment and hospitalization bills or expenses. It is a lot important to review and search for following parameters in an effort to get the best possible plan for you and your family. Well, for you to be certain that you are making the right decision of which policy to get, here are a few points you must remember. Number 1. Check for waiting period clause – you should feel care free after you take such insurance but, your health policy comes with waiting period clause intended for specific conditions. There’s initial period clause saying that any claims won’t be admissible in the first month of commencement of the policy aside from accidental hospitalization. Pre-existing conditions or diseases aren’t immediately covered after you buy the policy. As for the waiting period, it will depend on the condition implemented by the insurance provider which ranges from 2 to 4 years.
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Apart from that, there are some treatments and surgeries similar to cataract, hernia, joint replacement and so on, which could be treated after the specific waiting period of 12 to 24 months. Thus, it is vitally important to check first the waiting period clause prior to finalizing the health plan.
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Number 2. Check for sub-limits – there are sub-limits or capping in your health insurance, which states that specific type of expenses are paid by insurance provider up to certain limit and beyond to the customer or insured has to bear. There are some other health plans that come with a mandatory co-pay which the portion of claim admissible is borne by the insured while the remaining should be paid by the insurance provider. Number 3. Check for network hospitals – the insurance companies that are offering health insurance have empanelled network hospitals to which they are tied up with. Any hospitalization or treatment taken in specific or mentioned network hospital list will be done on cashless basis subject to the policy conditions. It will be a smart move if you are going to go through the list of network hospitals of your insurance provider and make sure that you’ve got network hospitals of the insurer that’s near your area of residence in case of sudden hospitalization. Also, treatment in non network hospitals may not provide cashless treatment and there are some insurers have co-pay clause in case you have to take treatments in non network hospital.