A health insurance plan is an essential part of financial planning in this era of skyrocketing medical costs. Medical inflation has worsened in a full blown flame making the purchase of a health insurance plan that can take care of medical bills or expenses even more important.
It is important to evaluate and research the following criteria to get the best health plan for you and your family.
1. Check the waiting period clause
You should feel free to get insurance, but your health insurance does come with a waiting period clause for certain conditions. There is an initial period clause which states that any hospitalization claim will not be accepted in the first 30 days of the policy commencement regardless of accidental hospitalization, and pre-existing illnesses or conditions are not covered immediately after purchasing the insurance policy. A waiting period of 2 to 4 years depending on the terms of the plan in the industry. Also, there are some surgeries and treatments like hernia, cataracts, joint replacements, etc. which can be treated after a fixed waiting period of one or two years.
Therefore, it is important to check the waiting period condition before completing the health plan.
2. Check the submits
There are caps or caps in your health plan which states that a certain type of expense is to be paid by the insurance company up to a certain limit and beyond that the insured or customer must bear himself. For example: The room rental fee is set on a daily basis for various health plans. Some health plans also come with a mandatory co-payment where the insured bears the portion of the accepted claim and the rest is paid by the insurance company.
Check for sublimation in your health plan to avoid any last minute surprises at the time of the claim.
3. Check for network hospitals
Insurance companies that offer health plans have specific network hospitals associated with them. Any hospitalization or treatment in the listed or designated hospitals list is conducted on a non-cash basis as per the terms of the policy.
Check the list of network hospitals for the insurance company and make sure that there are network hospitals belonging to the insurance company near your place of residence in case of any emergency treatment at the hospital. Also, treatment in a non-network hospital may not provide cashless treatment, and some insurance companies have a co-payment clause if you are receiving treatment in an offline hospital.
4. Check the claim process
Different insurance companies have different claim procedures. Some settle or manage claims through Third Party Officials (TPA) and others have their own in-house claims settlement unit to promote fast and hassle-free claims processing. Also check the claims settlement ratio of the insurance company you intend to purchase a health plan from to get a clear picture of how many claims have been settled by the insurance company.
It is important to have helpful information about the claims procedures for a smooth and hassle-free treatment during times of recovery.
5. Compare and buy online
It is important to make a correct purchase decision that can be made by comparing health insurance plans available online. You can compare price, key features, policy benefits, value added benefits, eligibility, exclusions, etc. From multiple health insurance plans to make an informed decision right on your own without any intervention from agents. Buying a health insurance plan online is a hassle-free process that requires the least amount of documentation and fast policy processing. There are certain portals on the Internet that will enable you to make an easy comparison and help you choose the right health insurance plan.
Buying a health plan online is economical as companies offer discounts on the premium for buying an insurance policy online. The reason why an insurance policy would be cost effective if purchased online is because the intermediate cost of the premium component has been removed. When there is no middleman between them, the company saves the commission and the cost of issuing the document, which the company transfers to the clients.
Evaluate your need and make the right purchase decision by checking the above parameters.