Most people think of buying a health insurance policy but when it comes to a long list of terms that you must decode make you lazy. Specialists think that if someone does not have a clear concept about various terms in a policy, then they would not use them effectively.
In this article, we have demystified a few handful essential terms so that you can pick the right policy easily. However, if you want to purchase the cheapest health insurance in Oklahoma, then contact a trustworthy agent and consider all the factors.
Cashless Claim
The insured person can claim without paying money for the medical treatment at the specified network hospitals.
Disability Insurance
If the insured person suffers from temporary or permanent disability because of either injury or illness, which affects his or her capacity to work and earn, then the insurance company must pay a monthly income to him or her.
Waiting Period
The insured person must wait for a particular period before claiming some or all benefits of his or her health insurance policy which is known as a waiting period. The terms and conditions of the waiting period may vary from company to company. Generally, an individual has to wait for 30 days. After that, he or she can start using her health insurance.
Grace Period
If an individual forgets to pay his or her health insurance premium on the due date, then he or she may get an extension of 15 days to complete the payment. The insured person may lose continuity benefits and the risk cover may lapse if he or she does not pay the premium on the grace period.
Coverage Amount
The coverage amount is the maximum amount that an individual needs to pay in the event of a claim. The amount of premium of the health insurance policy is based on the coverage amount the insured person chooses.
No Claim Bonus
If the insured person does not claim anything in the policy year, then he or she gets a bonus or a discount on the Basic Premium. Keep in mind that if you do not claim it for years, then the bonus gets accumulated every year.
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Purchasing health insurance plans became more popular after the Covid 19 pandemic. During this time, people get to learn the importance of insurance policies. If you want to get the cheapest health insurance, then consult with the experts of Oklahoma Health Options.
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