Having health insurance is highly beneficial. But finding the right insurance can be difficult. There are lots of options out there and the jargon can seem daunting. To help you find the right health insurance that works for you, here are seven things you need to pay attention to.
The below seven points are mentioned in all health insurance and they can have the biggest impact on your policy. When you are comparing health insurance, you should pay attention to these clauses and make sure you fully understand what they mean.
Limits on the sum insured
You should always focus on the sum insured because it will provide you with the easiest way to understand the cost and the benefits of your policy. Sum insured refers to the limit on what is covered and notes the sum above which you will have to pay for your own medical needs. It’s often not possible to change the sum insured after you’ve taken a policy so it’s best to get insurance as soon as possible. The sum and its limits can change depending on your previous claims history or even your age and lifestyle habits.
The extent of coverage
The other main thing you need to focus on is the extent of coverage. It’s important to consider this when buying the policy because most make the mistake of focusing only on the cost and not the coverage. The more comprehensive the coverage the less you’ll have to worry about getting sick. You definitely want to consider every detail of care from maternity extensions to the use of ambulance services. The rule of thumb is to cover your own specific needs and make a realistic risk assessment – you don’t want to end up in a financial disaster just because you wanted to save a bit of money with monthly installments.
Any co-payments or deductibles
The final important cost factor to consider is the possibility of deductibles or co-payments. Co-payments are those where the insurer will pay a specific percentage of the claim while you need to pay the rest. With deductibles, there will be a cut-off cost that you have to pay before the insurer will pay. It’s important to understand which one is used and how it would affect your situation.
Pre-existing disease exclusions and waiting periods
It’s possible to have a pre-existing condition and not be aware of it at the time of taking medical insurance. You might even have existing health problems and you’re now trying to find better insurance or change policies.
How your health insurance provider deals with this situation can change but it’s important to know about it in advance. Generally, you’ll have a waiting period during which you won’t be covered for any pre-existing condition.
The waiting periods can vary a great deal from a few months to a few years. Furthermore, you might not ever receive coverage for certain pre-existing conditions and you have to be aware of this prior to taking the health insurance policy.
List of exclusions
There will be exclusions in all health insurance policies and it’s important to be fully aware of those when you’re buying a policy. This is because it will ensure you can make plans for how to cover any ailments that might not be covered – you will essentially have a better ability to save for those unexpected things.
You definitely want to take a lot of time going through this and clearing questions with your policy provider, as a full understanding of exclusions will help you get the most out of your policy.
The policy cover in terms of individual or floater
You have the option to either pick an individual policy, which means that your policy will only cover you. On the other hand, with a floater policy, you could have additional family members part of the same situation.
The right option depends highly on your family’s situation and you should consider carefully which is the correct option in your situation. In general, individual policies always work well because you don’t need to worry about flexibility as much.
The company’s reputation
The final point you should consider when buying health insurance deals with the company itself. You should do research when comparing health insurance and look into the providers. If the company has lots of unhappy customers complaining about claims, then it might not be a good option even if the plan seems good.
It’s important to remember that no company can ever please everyone and just because you find one bad review, it doesn’t always mean the company is bad. However, you do want to have an idea about the overall reputation to ensure you don’t pick a bad company.
When you’re shopping for health insurance, the above checklist will help you focus on the most important things in the policy. With that in mind, you’ll be able to find a policy that works for you and your family.