A health insurance plan is an essential part of financial planning in this age of skyrocketing medical costs. Medical inflation has escalated to the maximum, making it even more important to purchase a health insurance plan that could sponsor hospitalization or medical care expenses or expenses.
It is important to evaluate and look for the following parameters to get the best health plan for you and your family.
1. Check the waiting period clause
You need to feel free after taking out insurance, but health insurance has a waiting period clause for specific conditions. There is an initial period clause that states that any request for hospitalization will not be admissible in the first 30 days from the beginning of the policy apart from accidental hospitalization. Pre-existing illnesses or conditions are also not covered immediately after purchasing a policy. The waiting period between 2 and 4 years according to the conditions of the plan in the sector. In addition, there are some surgeries and treatments such as hernia, cataracts, joint replacement, etc. That can be treated after a specific waiting period of 1 or 2 years.
Therefore, it is important to check the waiting period clause before finalizing the health plan.
2. Check for sublimations
There are some limits or sublimities in the health plan which indicate that the specific type of expenses is paid by the insurance company up to a specific limit and in addition to which the insured or the customer must support them alone. For example, room rental costs are limited on a daily basis for different health plans. Some health plans also provide for mandatory co-financing where the part of the eligible application is paid by the insured and the rest is paid by the insurance company.
Check the sublimates in your health plan to avoid last-minute surprises at the time of the complaint.
3. Check for Network Hospital
Insurance companies offering health plans have some upgraded network hospitals with which they have a connection. Any hospitalization or treatment undertaken on the list of hospitals in the network mentioned or specified is carried out on a cashless basis under the conditions of the policy.
Check the insurance company’s network hospital list and make sure you have the insurer’s network hospitals near your place of residence in case of emergency hospitalization. Also, a treatment in a non-networked hospital may not offer cashless treatment, and some insurers have a co-payment clause if you take treatment in a non-networked hospital.
4. Check the complaint procedure
Different insurance companies have different claim procedures. Some resolve or manage complaints through third-party administrators (TPAs) and others have their own internal claims settlement unit to help speedy and hassle-free complaint processing. Also, check the insurer’s claims settlement report from which you intend to purchase a health plan to get a clear picture of the number of claims settled by the insurer.
It is important to have useful information about the complaints procedure in order to have the regular and trouble-free treatment during hospitalization periods.
5. Compare and buy online
It is important to make the right purchase decision that can be made by comparing the health insurance plans available online. You can compare the price, the key features, the policy benefits, the value-added benefits, the eligibility, the exclusions, etc. of multiple health insurance plans to make a right informed choice without any interference from agents. Buying an online health insurance plan is a hassle-free process that requires less documentation and faster policy processing. There are some online portals that will allow you to make a simple comparison and help you choose the right health insurance plan.
Buying your health plan online is cheap as companies offer premium discounts for purchasing an online policy. The reason why an insurance policy is cost-effective when purchased online is that the intermediate cost of the premium component is removed. When there is no intermediary, Co.’s savings on the commission and on the costs of issuing the policy, which Co. transfers to the customers.
Evaluate your needs and make the right purchase decision by checking the above parameters.