Health insurance is an essential part of financial planning in this era of skyrocketing medical costs. Medical inflation is ramping up at full throttle, making it all the more important to get health insurance that can sponsor hospitalization and medical treatment bills 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 for the waiting time clause
You should feel carefree after taking out insurance, but your health insurance has a waiting period clause for certain conditions. There is an initial period clause that says any application for hospitalization is ineligible in the first 30 days after the start of the policy, apart from an accidental hospitalization. The pre-existing diseases or conditions are also not covered immediately after you purchase a policy. waiting time varying from 2 years to 4 years according to the plan conditions in the industry. There are also certain operations and treatments such as hernia, cataract, joint replacement, etc. that can be treated after a specific waiting period of 1 or 2 years.
So it is important to check the waiting period clause before finalizing the health plan.
2. Check for sublimits
There are certain limits or sub-limits in your health plan that say that the specific kind of charges are paid by the insurance company up to a certain limit and the insured or customer must otherwise bear them. For example: room rent is capped per day for different care plans. Some health plans also have a mandatory co-payment, where part of the eligible claim is paid by the insured and the remainder is paid by the insurance company.
Check the sub-limits in your health plan to avoid last-minute surprises at the time of claiming.
3. Check for network hospitals
The insurance companies that offer health plans have a number of emancipated network hospitals with which they have an affiliation. Any hospitalization or treatment in the listed or specified network hospital list will be on a cashless basis subject to the policy terms.
Check the insurance company’s list of network hospitals and make sure you have the insurer’s network hospitals near where you live in case of an emergency admission. Also, treatment at a non-network hospital may not provide cashless treatment and some insurers have a co-pay clause if you undergo treatment at a non-network hospital.
4. Review the claim process
Different insurance companies have different claims procedures. Some settle or manage claims through Third Party Administrators (TPAs), and some have their own in-house claims handling department to promote fast and hassle-free claims processing. Also, check the claims handling ratio of the insurer you want to purchase a health plan from to get a clear idea of how many claims have been handled by the insurer.
It is important to have a useful information about the claim procedure in order to have a smooth and hassle-free treatment during times of hospitalization.
5. Compare and buy online
It is important to make a correct purchasing decision, which can be done by comparing available health insurance plans online. You can check the price, key features, policy benefits, value-added benefits, eligibility, exclusions, etc. of multiple health insurance plans to make an informed choice on your own without any intervention from the agents. Buying health insurance online is a hassle-free process that requires the least amount of documentation and fast policy processing. There are certain online portals where you can easily make a comparison and help you choose the right health insurance plan.
Purchasing the health plan online is beneficial because companies offer premium discounts for buying a policy online. The reason why insurance is cost effective when purchased online is that the intermediary cost is removed from the premium component. If there is no intermediary, Co. saves money. to the commission and costs for the policy issuance, which the Co. passed on to customers.
Evaluate your need and make a right purchase decision by checking the above parameters.