With sky-rocketing prices and household expenses going haywire, health insurance is indeed the last concern in the priority list of every individual today. However, this oft-ignored priority can go on to become a grave concern in the long run, leaving one pressed for money in times of medical emergency. Having a health insurance in the present times is more about security than money. Most of us tend to take our health for granted these days. It is only when a disaster strikes that we realize the worth of having a health policy. Medical expenses are barely affordable these days and an appointment with a doctor is all it takes to leave our wallet exhausted. In today’s world, where meeting daily expenditure has become a battle, imagining the horror of having to shell out unexpected exorbitant emergency medical bills all on your own can surely run a chill down your spine. Health insurance is an important investment and it does pay to know a few crucial things before committing to one. Here is a list of few useful tips to consider before buying your health insurance. Read on to make an intelligent choice.
Things To Consider Before Buying Health Insurance
- Planning to get a medical insurance for yourself or your family? If yes, then considering your needs before making a choice will help you make the best deal, especially if you are expecting a baby in the couple of years or traveling abroad frequently. Not all policy covers every contingency. Thus, it is best to find a policy that includes the essentials and satisfies most of your medical needs.
- Compare and consider your insurance options before putting your money down. Nearly all health policies come with singular conditions, costs, benefits and exclusions. Checking out with the various agents and considering diverse health policies, before making your pick will not only help you save more on your insurance premium, but also help you find the best policy with greater benefits.
- When buying a policy, it is important to understand exactly what are you paying for and what you aren’t? Also, it is important to consider the benefits and exclusions carefully, before making a go. Be sure to read the exclusions section of the policy very carefully, as many health benefits are strictly optional, and will vary from one plan to the next. It’s best to check out if the policy covers pre-existing conditions, prescription drugs, ambulance service, preventive care and more. Nothing can be more painful than falling ill only to find out that your policy does not cover your particular condition, leaving you with an empty wallet.
- Having an insurance means having to shell out some out-of-pocket expenses every month on monthly premiums, as far as your healthcare goes. Thus, it is important to consider these expenses even before you buy a health policy. What is the co-pay on the policy? If there is a deductible or co-insurance, what are the amounts? What is the maximum amount you will have to pay every month? These are the few important questions to be considered, before you get yourself a health policy.
- At the time of buying the health insurance, stop to consider the following points - flexibility in choosing your health care provider, cost of insurance premiums and level of coverage offered and the benefits excluded.
- While choosing a health insurance plan, always consider the benefits before the price. It’s best to go for health policies that offer maximum coverage for most major medical conditions. In that way, you can save yourself from the trouble of shelling out huge money in times of emergency, which would be really enormous as compared to what you pay for your premiums. Often the plan with the lowest premium may not prove to be the cheapest plan. The least expensive plan is the one that offers the best price for the particular coverage that you need.
- Look out for policy that comes with a 'free look' clause, meaning the one which provides 10-day period cancellation term with no premium and zero penalty. The main advantage of this kind of policy is that it allows the insurance holder full time to review the policy terms and documents and agree to the conditions and coverage offered.
- While going for health insurance policies, always dig for policies that come with guaranteed renewable coverage. Some health insurance companies can hike the rates, if one fall’s sick. Thus, to avoid one such worry, it is best to go with policies that non-cancelable coverage, guaranteed to renew each year.