The Beginners Guide To Policies (Chapter 1)

Tips When Buying Health Insurance Health insurance plan is a vital part of financial planning, given the fact that there’s a skyrocketing medical costs. We can’t deny the fact that there’s an aggravating medical inflation, making it a lot more important than before to get health insurance policy which covers 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 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’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. The waiting period will range from 2 to 4 years depending on the condition implemented by the insurance provider.
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What’s more, there are treatments and even surgeries such as cataract, hernia, joint replacement and so on, which can be treated only after the specific waiting period of 12 to 24 months. So before finalizing the health plan, it is vitally important that you check for the waiting period clause first.
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Number 2. Check for sub-limits – there are some capping or also known as sub-limits to your health insurance, which states that specific types of expenses will be paid by the provider up to certain limit and beyond to the customer or insured has to bear. Moreover, there are health plans that come with a mandatory co-pay in which the portion of claim admissible is to be borne by 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 is going to be a smart move if you will go through the list of network hospitals of your insurance provider and see to it that you have a network hospital of the insurer that is near your local area in the event that there’s a sudden hospitalization. Not only that, treatment in non network hospitals may not offer cashless treatment and some insurers have a co-pay clause in case that you take treatments in a non network hospital.