Checkpoints before buying health insurance

1. Checkpoints before buying healthinsurance Health insurance policies are the go-to solution to deal with the financial crisis which a medical ailment or injury brings. When a medical contingency threatens to blow up your precious savings, a health insurance plan acts as a shield and protects your finances. It pays for the medical costs that you incur and, therefore, allows you to afford quality healthcare. This intrinsic benefit of medical insurance plans has made them very popular amongmany. Health insurance policies, however, are a technical product. They have different aspects which, if not explored, might not give you the benefit that you expect. That is why, before buying health insurance policies, you should keep a lookout on some of the important aspects of the policy. These aspects are important checkpoints which give a clear picture of the plan that you are buying. Wondering what these checkpoints are? Here are some of the most important ones which you should consider– Coveragesub-limits Under many medical insurance plans, there might be sub-limits on room rent and other coverage benefits like on domiciliary treatments, AYUSH treatments, etc. If there is a sub-limit, the scope of coverage is limited. If your medical expenses exceed the sub-limit, you would incur out-of-pocket expenses which would defeat the whole reason for buying health insurance. So, always check for any sub-limits under the plan and try to avoid plans which have suchsub-limits. Pre-existing waitingperiod If you have pre-existing illnesses when buying health insurance policies, such illnesses would not be covered for a few years at the start of the policy. This period is called a waiting period and it might range from 2 years in some plans to 4 years in others. Look out for the waiting period in medical insurance plans. If you have any existing illness, choose a plan which has the lowest waiting period so that you get coverage for your illnesses at theearliest. Network hospitallist Health insurance policies really prove their mettle when they take care of your medical bills themselves without you having to worry about the costs. This is made possible through a cashless claim settlement which is available only if you are treated at a hospital tied-up with the insurance company. So, when buying medical insurance policies, check out the list of hospitals networked with the insurance company. See if the hospitals that you prefer and are in your vicinity are tied-up with the insurer or not. The higher the number of networked hospitals, the easier it would be for you to avail of cashless settlements of claims. Claim settlementratio The claim settlement ratio is the number of claims settled by the insurer out of the total claims made on it. The higher the ratio the better would be the chances of your claims being settled. A high ratio indicates that the insurance company has paid most of its claims and, therefore, earns the companythe

2. trust of its customers. You should, therefore, choose a health insurance provider having the highest claim settlementratio. 5. Policyexclusions Health insurance policies offered today are quite comprehensive in their scope of coverage. However, there are some medical costs, treatments, and injuries that are not covered under health plans. These are called policy exclusions and knowledge of the exclusions is a must so that you know what exactly is covered by your policy. So, read the policy exclusions to know when your health insurance claims would not bepaid. These are some of the most important things to look out for when buying medical insurance plans. If you buy a plan keeping the above-mentioned things in mind, you can avoid nasty surprises which your health insurance policy might spring on you in times of claim. So, be knowledgeable when buying health insurance and enjoy the benefits which the policypromises.