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Health Insurance – What You Need to Remember Before You Buy One A health insurance plan is quite important for financial planning in this period of skyrocketing medical costs. Know that medical inflation has been increasing at full spree that makes it all the most important to purchase a health insurance plan that could sponsor such hospitalization as well as medical treatment expenses. It is really important that you evaluate and look for the following parameters in order to get the best health plan for you as well as 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. You have to be aware that there is an initial period clause which says that any hospitalization claim won’t be admissible in the first thirty days of the policy commencement aside from the accidental hospitalization. Know that pre-existing conditions or diseases are not covered at once after you buy a policy. Moreover, there is a waiting period ranging from 2 to 4 years based on the plan conditions. Moreover, there are particular surgeries as well as treatments like cataract, hernia, joint replacement and others that can be treated after certain waiting period of one or two years. This is the reason why you have to check for the waiting period clause before you finalize the health plan. You should be checking out the sublimits as well. There are sublimits or apping in the health insurance in which some of the expenses will be paid by the health insurance company depending on the limit and you will then have to bear the rest of the payments when you reach the limit. There are also some health plans that have a mandatory co-pay wherein the portion of the admissible claim must be borne by the insured and the others are paid by the insurance company.
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Know that it is very important that you check for the network of hospitals. You must know that the insurance companies offer health plans that have an empaneled network of hospitals of which they would 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 need to go through a list of network hospitals of the insurance company and ensure that you have network of hospitals of the insurer close to your place of residence in case of emergency hospitalization. Moreover, the treatment in the non-network hospital may not provide cashless treatment and also some insurers have the co-pay clause when you take a treatment in a hospital that doesn’t belong to the network. Also, you have to check the claim process as well.