Whether you are buying an individual health insurance plan or choosing from the options offered by your employer these tips on buying health insurance, given in this article, will help you in choosing the best one for you and your family.
Recognize your needs:
You should recognize your insurance needs before choosing the best health insurance cover. Though you cannot choose a plan for every health problem but still you can choose one that may cover most of the medical needs for you and your family. It must cover the expected medical needs of your family members like pregnancy, traveling abroad or dependency on prescribed drugs etc.
Compare the policies:
Different health insurance companies offer different plans for their clients from which they can choose a suitable one. So you should compare them on the basis of their cost, benefits and other facilities provided by them. In this way you may not only get the best insurance plan but also save money.
Additional expenses than premium:
While comparing different health insurance plans you should also focus on additional expenses you will have to pay in addition to the premium of the plan. Most of the health insurance companies charge some out-of-pocket expenses on their various plans. You should inquire about them before buying one.
Evaluate the benefits:
You should evaluate the benefits of the plan before signing up a health insurance policy. Along with what you will get through the plan, you should also know what is not provided by them. The services not provided by the insurance company are usually provided in the exclusion section of the policy, you should read it carefully.
Price of the plan:
Though the price of a health insurance plan should not be the deciding factor but it should be considered as compared to the benefits and facilities provided by the other plans. The health insurance plan must cover all the major medical conditions otherwise it will be financially devastating for you if you have to pay for them from your own pocket.
Choice of coverage:
Though various types of health insurance policies offer you different types of facilities but you should choose one after comparing their pros and cons. The health insurance plan you choose should offer you flexibility of choosing Health care provider for you Type of coverage offered and services excluded Out-of-pocket expenses and the cost of premium on the policy
Assured coverage that can be renewed:
Some of the health insurance plans increase their rate of premium or cancel you coverage after you fall sick once. You should choose a policy that can be resumed even after your sickness and can be renewed year by year. Some of the companies offer conditional renewable policies for such clients.
Free observance clause:
Some of the health insurance companies offer ‘Free Look’ clause for free observation. It allows you to cancel your policy within a stipulated time period and get your premium refunded if you do not find its terms and condition suitable to you. You can get second opinion on your health insurance policy to understand it easily in the meantime.
Understand the answers of your queries:
You should ask your insurance agent or company to answer your queries to make you understand their plan. Buying a health insurance policy is one of the most important financial decisions that you take in your life. So you should know it thoroughly before making any payment.
Optimum benefits for lifetime:
You should know about the maximum benefits provided by your health insurance for your lifetime health coverage. The company should tell you the amount of money to be paid to you till the time you own the policy.