A health insurance plan is quite important for financial planning in this period of skyrocketing medical costs. You have to be aware that the medical inflation has continued to increase that makes it quite important to purchase a health insurance plan that could sponsor the medical treatment costs and hospitalization . It is imperative that you evaluate and also look for these things to get the most excellent health plan for you and your family.
You first need to check for the waiting period clause. You should feel care free after you get a health insurance but such has a waiting period clause for specific 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. Also, there is a waiting period that ranges from two to four years based on the plan conditions in the industry. 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. Such is the reason why you should check for the waiting period clause prior to finalizing the health plan.
You should be checking out the sublimits as well. There are certain capping or sublimits in health insurance saying that certain kind of expenses are being paid by the health insurance company up to a particular limit and after that the customer must bear the costs. Know that some health plans that come with mandatory co-pay in the portion of admissible claim should be borne by the insured and also the others must be paid by the health insurance company.
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Know that it is 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 hospitalization or treatment which is taken in the specified or mentioned network hospital list is actually done on the cashless basis subject to those 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. 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. Also, you have to check the claim process as well.