Practical and Helpful Tips: Insurance

Health Insurance – What You Need to Remember Before You Buy One The health insurance plan is very important for financial planning in such period of increasing 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 imperative that you evaluate and also look for these things to get the most excellent health plan for you and your family. What you must do first is to go through 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 must know that there is an initial period clause that says any hospitalization claim won’t be admissible in the first 30 days of policy commencement aside from accidental hospitalization. Know that pre-existing conditions or diseases are actually not covered immediately 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 why you must check the waiting period clause prior to finalizing the health plan. You also have to check for sublimits. 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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It is also 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. You have to know that any treatment or hospitalization that is taken in the particular network hospital list is done on the cashless basis subject to policy conditions.
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You have to go through the list of hospitals which they are working with and ensure that you have such network of hospitals of the insurer which is close to your house in case you need 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. Ensure that you also check the claim process too.