5 Things to Consider Before Buying Health Insurance Policy

Even though there is an increase in life expectancy, there is a number of diseases that affect us and they are on a rise. As health insurance plans can be quite expensive you have to take care of your financial health as well. If you want to be financially prepared for health risks that might await you, it is time to buy health insurance. 

What is a health insurance policy?

It is a formal agreement between two parties, an insurance company and the policyholder. The policyholder makes regular payments to the insurance company and in return this company covers medical expenses. These expenses may include day care, medication, hospitalization, etc. It is possible that the policyholder will have to pay these expenses themselves and then the insurer will return this money. 

Here are five tips that should help you find the right health insurance policy: 

1.Purchase health insurance that meets your requirements. 

Health insurance advanced greatly in the world over the last several years. There are plans available for couples, young families, students, senior citizens, people with particular diseases even for those who are diagnosed with cancer. It is easy to get lost in these options, so you should establish for yourself what kind of needs you have. It is possible you have a chronic illness, or maybe you need a plan that will cover childbirth. When you know exactly what you need it is easier to find a suitable policy. 

2.Find cashless hospitalization plan that includes treatment in hospitals. 

It is a type of a plan where you do not have to pay the bills yourself, but the insurance company pays them directly. This type of insurance varies from the insurer to the insurer. You can check with the insurance company which hospitals are covered, as usually the plan might not cover all the hospitals in the area. Keep in mind to check if the best hospitals are included in the plan. 

3. Aim at extra coverage. 

Carefully read all that the insurance policy offers to make sure you are covered. In a nutshell there are 4 main elements of any plan coverage. 

A. In-patient hospitalization coverage. Such coverage implies that you should stay at the hospital for more than one day. Make sure that the policy provides you full coverage for in-patient hospitalization.

B. Day-care treatment. There are measures that take less than 24 hours to be taken care of at a hospital. Therefore, look for the policy that covers day-care treatments. 

C. Expenses coverage of pre and post hospitalization

These expenses include prior to the hospitalization period and post hospitalization. Usually the time frame for these periods are 30 day for pre hospitalization and up to 60 days for post hospitalization. However, some policies might have some limitations. Choose plans that have a full coverage for pre and post hospitalization. 

D. Limits for certain expenses. 

Some policies might have limitations on certain treatments. For example, the maternity services will always imply sub limits, depending on whether a baby is delivered normally or there was cesarean delivery. Make sure to be aware of these sub-limits. 

You should examine these 4 elements before buying an insurance plan. There are other treatments such as physiotherapy, for example, but we kept them aside as they are not as essential as the ones mentioned above. 

4. Revise plan’s waiting period, exclusions and co-payment

The waiting period is the time when no claims will be accepted. It is applicable only if you have pre-existing conditions. And of course the shorter the waiting period the better it is. Exclusions apply when there are medical conditions that are not covered by the insurance. And finally co-payment is when you have to pay for a part of the treatment by yourself.

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