Given the fact that there’s skyrocketing medical costs today, health insurance plan has become a vital part of financial planning. 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 more important to evaluate and search for following parameters in order to get the best plan both for you and for the entire 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 must feel care free after taking such insurance but, your health policy comes with a waiting period clause that is intended for specific conditions. There is initial period clause stating that any claims will not be admissible in first month of commencement of policy in addition to the accidental hospitalization. Pre-existing conditions or diseases aren’t immediately covered after you buy the policy. The waiting period will range from 2 to 4 years depending on the condition implemented by the insurance provider.
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In addition to that, there are treatments and surgeries like cataract, hernia, joint replacement and so on which can be treated only after the specific waiting period of 12 to 24 months. As a result, it is so important to check the waiting period clause first before 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 other health plans that come with mandatory co-pay to which the portion of claim admissible is to be 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 treatment or hospitalization taken in the specified or mentioned network hospital list is done on cashless basis subject to the policy conditions.
It will be a very wise move if you are going to review the list of network hospitals of your insurance provider and make it a point that there’s a network hospital of the insurer that is just near you, which works great if ever there’s a sudden hospitalization. In addition to that, treatment in non network hospitals might not offer a cashless treatment and some insurers have co-pay clause in the event that you take treatments in non network hospital.