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Things You Must Consider When Investing On A Health Insurance Plan


Now that medical costs is constantly going higher and higher, investing on your own health insurance plan is very important. This is something that you should strongly consider because we are living in a world where medical inflation has been aggravating at its full power.


In this article, we will be discussing some important factors that you must consider when planning to invest on a health insurance innovations plan for you and your family.


1. You must be aware of the waiting period clause.


Keep in mind that every health insurance plan comes with a waiting period clause for very specific conditions. Here is one example, some health insurance plans state that you are not admissible in the first month or (30 days) of the policy unless it is an accidental hospitalization. This means that the pre-existing conditions will not be covered by the insurance company after you purchase a policy from them. This is implemented by insurance companies to protect their business. However, there are specific surgeries and treatments that will be covered after 1 or 2 years. Some examples are the following: cataract removal, hernia, joint replacement, etc. With this being said, see to it that you check the waiting period clause before you invest on a health insurance plan.


2. Don't forget to check for sub-limits.


Every insurance company has capping or sub-limits to protect their business. When you purchase a health insurance plan, make sure that you are aware of the expenses your insurance company will cover. Do not hesitate to ask all your questions because in the end, this will benefit you.


3. You must know their network hospitals.


It is a fact that all health insurance innovations on Linkedin companies have certain network hospitals with whom they work together. Cashless basis depending on the policy conditions is observed for any hospitalization or treatment that will take place in their network hospital.


Before you finalize your health plan with your insurance company, do your homework. Check their list of network hospitals because this will benefit you in the future.


4. Know their claim process.


Insurance companies differ when it comes to claim procedures. Some of them choose to settle claims with the help of Third Party Administrators (TPA's) and there are some that own their in house settlement unit.


Don't forget to research on the settlement ratio of your potential insurance company. This will give you an idea on how many successful claims your insurer has settled.