5 Must Know Things About Health Insurance

Buying health insurance can be a daunting task, with several options in the market, choosing one can seem confusing, more so if the information you have is incomplete. To confidently make a decision, here are 5 things you must know about health insurance:

• Network Hospitals:

When buying a health insurance policy, it’s important to know how many hospitals are part of the company’s network. This is important as it enables people to have access to cashless hospitalization in the network hospitals as the company settles the bill with the hospital itself. Hence more the hospitals in a company the easier it is to avail cashless hospitalization.

If the policy holder gets treated at a non network hospital, they have to pay the expenses out of their pocket first and then the company reimburses them for it after collecting the necessary documents.

• Waiting Period:

Most Health Insurance plans have a waiting period of 30 days for all ailments except injury after purchase. This means that after the policy is purchased, the policy holder has to wait for the time period specified by the company before they can make use of the insurance, however this does not apply to injuries.

Pre-existing illnesses also have a waiting period that varies from company to company, ranging from 12 - 48 months after the purchase of the policy. Hence its wise to purchase a health insurance plan in advance rather than at the time of an emergency.

• Multiple Plan Options:

Most health insurance companies offer different plans that can be especially designed for certain age groups, diseases and groups.
There are plans that are specific to children or senior citizens and patients of cardiac diseases or diabetes etc. along with plans that cover an entire family instead of just an individual. These plans are tailor made for those specific requirements and hence its wise to seek out plans specific to your needs rather than opting to buy a general health insurance policy as they are likely to support you more efficiently.

• Free Look Period:

Most Insurance companies offer a free look period on their policies, ranging from 15 - 30 days. This is beneficial to the customer as they can utilise the period to familiarize themselves with the plan's features and benefits to understand if the plan suits their needs. If the customer decides the plan is not for them after all, their money will be refunded by the company and the plan would cease to exist.

• Riders:

Health Insurance companies frequently have the option of adding additional covers to their base health policies which allows you to have extended coverage.
The covers frequently offered are Critical illness cover, Maternity Cover, Personal Accident cover among others.

Conclusion

To purchase the health insurance plan that best suits your needs, you need to be well informed about them so as to make a better decision. The Top 5 things you must know about health insurance plans is that most of them have a waiting period, a free look period, multiple plan options for specific situations along with add ons to extend coverage. It's also important to keep a note of the number of hospitals in a company's networks as that will offer convenient access to cashless hospitalization.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.