In this era of skyrocketing medical costs, health insurance plans are an important part of financial planning. Medical inflation has been on the rise, making it even more important to buy a health insurance plan that can sponsor hospital and medical expenses or expenses.
It is important to evaluate and look for the following parameters in order to develop the best health plan for you and your family.
1. Check the waiting period terms
After purchasing insurance, you must feel carefree, but your health insurance comes with a waiting period clause for certain conditions. There is an initial term clause that states that, other than accidental hospitalization, any hospitalization claim will not be entertained within the first 30 days of the policy being effective. Pre-existing diseases or conditions are also not covered immediately after you purchase the policy. There is a program condition depending on the industry with a waiting period of 2 to 4 years. In addition, there are some surgeries and treatments, such as hernias, cataracts, joint replacements, etc., that can be done after a specific waiting period of 1 or 2 years.
Therefore, it is important to review the waiting period terms before you finalize your health plan.
2. Check the lower limit
There are certain upper or lower limits in your health plan where certain types of expenses are paid by the insurance company, up to certain limits, beyond which the insured or the customer must pay out of pocket. For example: For different health plans, room rent is capped on a per-day basis. Some health plans also come with mandatory copays, where the insured pays the admissible portion of the claim and the insurance company pays the rest.
Check the sub-limits in your health plan to avoid any last-minute surprises when making a claim.
3. Check network hospitals
A specific network of hospitals with which insurance companies that offer health plans have a partnership. Any hospitalization or treatment on the above or designated network hospital list is cashless, subject to policy conditions.
Check the insurance company’s network hospital list and make sure there is an insurance company’s network hospital near where you live in case of emergency hospitalization. Also, treatment at a non-network hospital may not offer cashless treatment, and some insurance companies have co-payment clauses if you receive treatment at a non-network hospital.
4. Check the claims process
Different insurance companies have different claims procedures. Some resolve or manage claims through a Third Party Administrator (TPA), while others have their own in-house claims resolution unit to facilitate quick and easy claims processing. Also, check the claims ratios of the insurance company you plan to buy the health plan from to get a clear idea of how many claims are covered by the insurance company.
It is important to have convenient information about the claims process for a smooth and hassle-free treatment while in hospital.
5. Compare and buy online
It’s important to make the right purchase decision, and this can be done by comparing available health insurance plans online. You can compare prices, key features, policy benefits, incremental benefits, eligibility, exclusions and more. With a variety of health insurance plans, you can make your own informed choices without the intervention of an agent. Buying an online health insurance plan is an easy process that requires minimal documentation and fast policy processing. There are online portals that allow you to easily compare and help you choose the right health insurance plan.
Buying health plans online is economical because companies offer premium discounts for buying policies online. The reason why buying an insurance policy online is cost-effective is because the intermediary cost of the premium portion is eliminated. With no middleman, the company saves on commissions and policy issuance fees, which the company passes on to the customer.
Please evaluate your needs and make the right purchase decision by checking the above parameters.