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.
Here are some points that you must take into account to ensure that you’re making the right selection for such policy.
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 an initial period clause which says that any claims aren’t going to be admissible in the first month of commencement of policy in addition to 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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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 some sub-limits or capping in your health insurance, saying that specific type of expenses are paid by the insurance provider up to a 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 – there are instances to which the insurance companies 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. 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.