Despite Having Health Insurance You May Have To Bear Cost Of Medical Expenses - Know Why

In every circumstance, the insurance company doesn't need to bear the cost of your treatment. There are some instances where the insurance companies are not obliged to bear the cost of the treatment.

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Due to the pandemic, people are buying health insurance more than ever. People buy insurance to get financial cover to deal with sudden medical expenses and unannounced emergencies. But in every circumstance, the insurance company doesn't need to bear the cost of your treatment.

There are also some instances where the insurance companies are not obliged to bear the cost of the treatment. It is very important to be aware of the exceptions before buying any health insurance or policy. If you have recently taken a health policy or if you want to purchase one, then it is important to know the following aspects.

Policyholders cannot claim during the waiting period

A waiting period is a specific amount of time before certain ailments are covered under your health policy. No policyholder can claim for expenses under any circumstances during the waiting period. This period is known as the waiting period. This period can be of 1 month or up to 3 months. This simply means that if you have purchased a policy today, you cannot claim until the waiting period is over.

These are rules if illnesses detected

If you have specific ailments while purchasing health insurance, then insurance companies may provide cover only after a waiting period of 36 to 48 months. Some companies have a waiting period of 36 months while others have a waiting period of 48 months. This means that you have to wait for a long time till the commencement of your cover. If your health deteriorates during the waiting period, then you have to bear the cost of your hospital expenses.

It is necessary to remain admitted for 24 hours

If you want to claim your insurance, then you must be admitted to the hospital for at least 24 hours. If your health deteriorates, you will have to stay admitted for 1 day in the hospital. You can claim the amount from the insurance company only after submitting its documents.

Pay option may be costly

What does the term Co-Pay mean? Co-Pay means sharing expenses. This option is also available while taking health insurance. This means that if someone's health deteriorates, the cost of the hospital is borne by the insurance companies as well as the insured person. If the insurance company pays 90 percent of the total expenses in the hospital, 10 percent has to be paid by the policy buyer. But the amount of discount offered is very less and this, this option may cost you dearly.