Health insurance has become a key component of any preparation against any kind of medical emergency and considering the exponential rise in costs associated with the treatment of illnesses or NY surgery could drain out the life savings of the person. Choosing the right health insurance policy from a gamut of health insurance policies can be a daunting task. However, PolicyBoss can help you with the things to know before buying health insurance policy in India. Selecting a wrong health insurance plan for yourself can lead to disappointment. Choosing a health insurance plan that is best suited to you is a prerequisite for a secured future.
Seven Things to Consider Before Buying Health Insurance:
Type of Plan and Provider Network:
It is imperative to note that in network medicinal and services costs are covered under the features of the plan, however for out-of-network services and medicines are not covered and they are not counted towards a plan’s out of pocket maximum. One needs to check whether health care provider and pharmacy near policyholders place is included in the plan’s network.
Premium is the amount a policyholder would have to pay to the insurance provider for the sum assured whether or not he uses the pharmacy and medical services. One needs to note that there are also other costs associated with the coverage. Premiums can be paid in monthly, quarterly, half yearly or yearly mode. A default in the payment of premiums can put the policyholder at risk of losing health coverage.
If you have specific medical which need the services of specialists in the future, find out whether you will be able to use specialist and the procedure to be followed. Check to see if the specialist you are in contact with will be accepted.
Pre Existing Conditions or Waiting Periods:
One needs to be extra careful when checking that whether the pre-existing diseases would be covered in the health insurance policy and if there are any waiting periods for these pre-existing diseases to be covered.
Co-Pay or Co-Insurance:
Find out the deductibles you would have to pay before the health provider would pay for the costs. One needs to find what percentage of costs, a health care provider would pay if one needs to take services of doctor, hospital or an emergency room in hospitals which are out-of-network. Some of the health plans have lifetime limits on how much health insurance provider would pay or a yearly limit.
Coverage of Medicines:
Every insurance company has a formulary or list of the medicines that are covered under the plan. If the medicines is not under the coverage of the policy then policyholder would have to take up a potentially lengthy process to take coverage. The list of the medicines are broken down in tiers which determines how much of co-pay or coinsurance one would have to pay. It’s better to compare your current medicines and to compare it with plan’s formulary and understand out of pocket expenses which could be associated with them.
One of the most ignored section but a crucial one for prospective policyholders, one needs to look carefully on the plan’s exclusion list to find out what is covered and what is left out and to check if any of conditions one is expected to have has been left out from the list.
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