The importance of health insurance plans can be easily understood in today’s era. Almost all of us are aware of how it benefits in medical emergencies. However, we cannot enjoy the benefits optimally unless the concept of health insurance is clear. The following are the basic queries that bug the average individual concerning health insurance plans.

•   What is health insurance, and how is it important?

Health insurance helps you prepare for unforeseen medical mishaps and avoids the possibility of a financial crunch. By paying a fixed monthly or annual premium, you can get financial coverage in a hassle-free manner. In short, health insurance  aims to free you from future financial worries.

•   What is the waiting period for a health insurance policy?

You must be aware of the nitty-gritty to understand the concept of health insurance entirely. Waiting period refers to the time gap, during which you cannot claim any insurance. The insurance company needs a certain amount of time to pass before initiating medical coverage. It differs according to the policy, but generally, it is set to 30 days.

•   What is a pre-existing condition in health insurance plans?

The term pre-existing condition refers to any minor or significant medical condition already affecting an individual at the time of purchase of the policy. The insurance company generally does not cover any such situation that was already prevalent. You must check whether pre-existing conditions are included or excluded in the policy before buying it.

•   What to do if the policy lapses?

Your health insurance may lapse if you fail to pay the premium on time. In such cases, you should make the payment within the grace period ranging between 15-30 days. In case the payment is not made within the grace period , then it cannot be renewed. The only option left is to buy a new health insurance policy.

•   How to claim coverage for medical expenses?

The concept of health insurance aims to give both medical and financial aid to you. The insurer files the request in the hospital for the settlement of the claim you have made. Then the insurer verifies your authenticity and the coverage applicable for you under the policy. To avail benefits, you must retain all the medical bills and documents pertaining to the policy for future records.

•   How to get the best medical policy?

By understanding what health insurance  is, you can determine the best policy for you. The market is replete with many policies tailored to your needs. You need to analyze your needs, current as well as future financial states, and then go for a particular policy. The best medical policy is one that fulfills all your requirements without exceeding your budget. Today, most of the health insurance providers come up with online policies, where you can check all the offerings and exclusions on the insurer’s website.

•   What are the exclusions?

Exclusions refer to a range of medical services that will not be covered by the insurer. It can be a pharmaceutical drug or some surgery. It varies from plan to plan and generally, a pre-existing condition is a part of it. Usually, any suicidal activity, drug inhaling, life-threatening hobbies, etc. are excluded

•   What are the documents required for claiming reimbursement?

You need to fill the claim form carefully and sign it for flawless claim proceedings. A written consultation from the doctor, the hospital bills, diagnostics report and identity proof are essential and need to be attached with the form. You should be prepared with all the medical files that may come handy.

Having said all of that, the terms and conditions vary depending upon the types of health insurance plans . So, go through your health insurance plans carefully to obtain maximum coverage and face minimum fuss.