The Beginners Guide To Policies (What You Need To Know To Get Started)

How To Buy Health Insurance? Health insurance plan is a vital part of financial planning, given the fact that there’s a skyrocketing medical costs. 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 however, your health policy comes with a waiting period clause that’s 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. Any pre existing conditions or diseases are not covered immediately after buying the policy. As for the waiting period, it will depend on the condition implemented by the insurance provider which ranges from 2 to 4 years.
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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. 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 offering health insurance sometimes 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. 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.