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What You Should Consider if You Buy a Health Insurance The health insurance plan is very important for financial planning in such period of increasing medical costs. You should know that the medical inflation has been increasing at full spree which makes it very important to buy a health insurance policy which could deal with the hospitalization and also the medical treatment expenses or bills. It is imperative that you evaluate and also look for these things to get the most excellent health plan for you and your family. The first thing that you must do is to check for the waiting period clause. You should feel care free after you take a health insurance, but such comes with a waiting period clause for certain conditions. Know that there is an initial period clause saying that any hospitalization claim won’t be admissible in the first thirty days of the policy commencement other than the accidental hospitalization. Know that pre-existing conditions or diseases are not covered at once after you buy a policy. You have to know that there is a waiting period that ranges from two to four years according to the plan conditions. Also, there are particular surgeries as well as treatments like hernia, joint replacement, cataract as well as other things that can be treated following the waiting period of 1 to 2 years. This is why you must check the waiting period clause prior to finalizing the health plan. You should be checking out the sublimits as well. There are particular capping or sublimits in the health insurance that says that certain type of expenses are paid by the health insurance company up to a certain limit and beyond that, the customer or the insured has to bear the costs on his own. Some of the health plans have such mandatory co-pay in which the portion of the admissible claim should be borne by the insured and the others are going to be paid by the insurance company.
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It is also very important that you check for the network of hospitals. Get to know that the insurance companies provide health plans with empaneled network of hospitals in which they must tie up. Know that any kind of treatment or hospitalization which is taken in the particular network of hospital is done through a cashless method that is subject to the policy conditions.
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You must also check out the list of hospitals that they are working with and make sure that you have network of hospitals of an insurer that is close to your home in case you require emergency hospitalization. Also, understand that the treatment in the non-network hospital may not give you cashless treatment and some insurers have such co-pay clause if you take a treatment in the hospital which doesn’t belong to the network. Moreover, you must check for the claim process too.