Monday , December 4 2023
Health Insurance

5 Things to Consider Before Choosing a Health Insurance Plan

Everyone in this world is living under the after-effects of the coronavirus pandemic. Health risks are a part of life with and without coronavirus. 

Choosing a healthy lifestyle is always a good choice but people do not value their health in their busy schedule life unless sickness comes knocking on their door. 

Be it the unhealthy habits of choosing junk foods over healthy foods, rising pollution or even a hectic lifestyle and much more, all these are the reasons why we carry diseases within ourselves. 

Even though at the same time, there are treatments for every health issue but cancer has become harder to afford. So in the absence of financial backing one has to compromise on the quality of treatments done. 

Undoubtedly at this moment a decent health insurance cover is the only way of staying away from healthcare costs. So the better plan is to invest in health insurance policy as the entire concept is to protect people from unforeseen financial liabilities. 

And with that comes the truth, that choosing the right health insurance plan isn’t easy. However, here I have mentioned 5 of the most important tips that you must keep in mind before buying one.

  • Type of plan and provider network

It is important to note that network medicinal and services costs are covered within the plans network. It is also important to make sure whether hospitals and pharmacies near policyholders place, and healthcare providers do fall within the plans network. 

In addition, do not hide any critical information from your insurance company, rather declare your medical history clearly and correctly before purchasing a health insurance plan. 

  • Right policy coverage 

Every insurance company has a list of the medicines that are covered under the plan. The medicine lists are divided into tiers to determine how much coinsurance or co-pay one needs to pay. 

Therefore if any medicine is not under the coverage of the policy then one would have to take up a lengthy process to obtain coverage. Thus, it is advisable to compare your current medicines with plan lists and understand the out-of-pocket expenses associated with them. 

Try choosing a plan which requires facilities such as medical coverage, transportation expenses, pre, and post-hospitalization expenses, etc. 

  • Premiums

The amount you pay an insurance company for coverage, even if you use or don’t use medical and pharmacy services, is known as premiums and is usually paid monthly. 

If one stops making payments then he/she may lose the coverage. Keep in mind you will also be responsible for cost-sharing and for paying deductibles. 

Ones who select a plan with a high deductible have a lower monthly premium and those who have lower deductibles have higher monthly premiums. 

Therefore, you are suggested to make sure with your insurer if your plan has a single, combined deductible for medical and pharmacy services or a separate deductible for prescriptions. It will help you to know how much you’ll have to pay before medicines are covered.

  • Flexibility to add new family members

Whether you’re buying a floater or family plan, you may want to add your children as members. So make sure your insurance plan has the flexibility to add new family members. 

In a family floater health insurance plan, both parents and children are covered together under one single premium in the same plan. 

On the other hand, individual health plans are bought in the name of each person such as a spouse, children, parents, etc and therefore the premium depends on each individual’s age and respective sum assured. 

Thus, it depends on your needs and requirements and so it is recommended to analyze your health insurance needs before buying suitable health cover.

  • Credentials of the company

And finally, beyond everything choosing a company with the right credentials is extremely important. 

So it is advisable to look for the following aspects :

  • Brand reputation and lineage
  • Financials of the brand
  • Customer service
  • Claim settlement figures

Therefore understand the aspects and be well informed while choosing an insurance plan which suits your needs and usage.

In conclusion, hoping that the aforementioned tips will be helpful before zeroing down to the best-suited health insurance policy for you. 

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