Nobody plans to fall sick. However, we all need medical care at some point in life, which can be quite expensive if you incur out-of-pocket costs. It’s, therefore, advisable to consider getting medical insurance. The healthcare industry uses specific terminology when talking about insurance coverage. Understanding these terms is equally important when shopping for health insurance to know what services your plan will include and how much it will cost you. At Fast Health Quotes, we provide you with in-depth information and quotes for affordable medical insurance.
5 Things to Know Before Buying A Health Insurance Plan
Purchasing a health insurance policy needs careful consideration. Picking the wrong health plan will leave you in shock during emergencies and with too many out-of-pocket costs to settle. So, before you buy any policy, here are five things you should know:
- The Waiting Period Clause
The waiting period is the time between purchasing a health plan and when it takes effect. Depending on the plan and insurer selected, the period can range from 24 to 48 months. Knowing this can help you make better decisions. You can only claim the benefits after that period is over. Claims on pre-existing conditions like diabetes or arthritis are usually not accepted during that period either. Therefore, choosing coverage with a minimum waiting period is a better option as you can claim the benefits when an emergency arises.
- Claim Process
The benefits claim process can be exhausting. Problems may arise, and you may end up disappointed by how little or late the coverage comes. Therefore, before purchasing a policy, you should do your research. You can go online and check the company’s customer reviews. Find a health insurance provider that is known for its smooth claim process.
- No-Claim- Bonus (NCB)
No-Claim-Bonus is the discount offered for all the years you haven’t filed a claim. Most health providers specify a limit here, but it is an important factor to know before purchasing the policy. This bonus can greatly increase your coverage when you need it. Always ensure to check the policy commentary for the NCB clause.
- Co-Payment Clause
The co-payment refers to the percentage you’ll have to pay when claiming benefits before the insurer comes in and pays the rest. This amount might affect your claim, and you should, therefore, check what the policy says about it. You can apply for a plan with no sub-limits if available. However, insurers will probably include a co-payment clause if you have a pre-existing medical condition.
- Pre and Post Hospitalization Coverage
Normally, medical expenses incurred during hospitalization are included in the health plan. However, some expenses come in before and after hospitalization. These may consist of ambulance charges and medications. It is crucial to consider buying a plan that covers all these expenses.
Comprehensive Insurance Quotes
At Fast Health Quotes, we’re ready to answer any questions you may have regarding your health insurance policies. We understand the need to find the best health plans in the market for you and your loved ones. To get affordable medical insurance quotes, call us today at 844-325-2023.
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