27 million Americans lack health insurance.
Unfortunately, you never know when you’re going to get sick and need health insurance.This is one of the most vital aspects of your life, and one that you should not overlook.
The question is, how do you know which health insurance policy is most ideal for you? Shopping for health insurance can be incredibly daunting because you have to consider pricing, premiums, and policies.
It’s a highly personalized endeavor, but in this guide, we’re going to look at some of the most important factors you should consider when choosing a health insurance policy. Let’s dig in, shall we?
1. Consider the Type of Coverage You Need
One of the most important aspects of choosing the best health insurance plan is considering all your needs. For starters, do you need a family floater plan or an individual plan? If you’re not yet married and don’t have dependent parents, you may want to go for the individual plan that covers one person.
If you do have a family, then the family floater plan is the ideal choice. This plan will cover the whole family under one umbrella, and the premiums will be lower compared to having individual plans for every member. This means that the first step of getting the right health insurance policy is deciding what type of policy you need.
2. Consider the Age Criteria
Age is one of the most important deciding factors when it comes to choosing a health insurance plan. You need to consider the age of every family member who will be insured under the policy because the premium could depend on the age of the oldest member. You also need to check the health insurance company’s age criteria because some of them have limits of up to 60 years.
Other companies have plans that include a minimum age limit of 25 years and a maximum of 50 years. Of course, there are those that don’t have any restrictions on age at all, so you need to consider your options depending on your needs.
3. What Is the Waiting Period
If you’re currently suffering from a pre-existing health condition at the time of purchase, you won’t be allowed coverage for the first few years. The thing is, all insurance policies have a waiting period for pre-existing conditions. However, the tenure differs with each company.
While some policies will have a 12-months waiting period, other companies will extend it as far as 48 months. This is an important consideration when buying a health insurance policy if you currently have a chronic illness. Choose the plan with the lowest-rated time and start enjoying the benefits earlier.
4. Consider the Limits and Sub-Limits
When comparing health insurance coverage features, make sure you check the limits and supplements action. Most health insurance policies come with a supplement or room rent, which you need to be careful about. You see, if the room rent is higher than the supplements, the entire hospitalization claim will be reduced.
Check whether there are limits with the coverage features as well, such as the maternity cover, the ambulance cover, domiciliary hospitalization, among others. If you can find an insurance policy that offers maximum coverage without any applicable limit, even better. It will help you reduce out-of-pocket expenses during a claim.
5. What Is the Coverage Amount
When getting a health insurance plan, it’s always ideal to get maximum coverage. However, the more coverage you get, the higher the premiums will be. Of course, the amount will depend on what kind of policy you get and how old you are.
For instance, if you’re a young couple, the possibilities of being hospitalized are very low at your age, so you can start off with lower coverage. If you are employed, and already covered by your employer, you should also consider getting a lower coverage.
However, it’s advisable to consider a higher coverage if you have a family history of genetic ailments or a pre-existing health condition. For instance, there could be a history of heart disease, skin disease, and high blood pressure, or you could have a pre-existing chronic illness.
Beyond that, consider whether the policy offers international cover if you happen to travel a lot. Keep in mind that not all health insurance policies will automatically cover international health plans.
If you need one, ensure you read the fine print to ascertain it’s available and at what cost. Also, if you’re a young couple, you may want to consider a maternity cover, but this is usually not necessary for most people.
6. Consider the Coverage Features
Health insurance plans come with a wide range of features that make them more attractive, comprehensive, and competitive for different needs. Some features include health checkups, alternative treatments, second opinion, OPD, etcetera. It’s crucial for you to know what kind of coverage will benefit you the most, then compare several policies based on the offered features.
Some features will add to the cost of the policy. Make sure you go through the fine print to ensure you’re only paying for what you need and nothing you will possibly never use.
7. Consider the List of Tied Up Hospitals
Cashless claims are currently trending, and they don’t require individuals to take the burden of the hospital bills. Once you file a claim, the insurance company directly settles the claim with the hospital. However, insurance companies only pay the hospital they’re tied up with.
This means if you want your insurance policy to make payments directly to the hospital, you have to be treated at the hospitals they have listed and nowhere else. This makes it vital for you to understand which hospitals are available to you and whether they are within your vicinity or your preferred providers. This will ease any insurance claim you make tremendously, but you have to be sure about it when buying the insurance plan.
How to Find the Best Health Insurance Policy
These are some of the most important considerations you have to make when choosing the best health insurance plan. Finding the right policy has gotten easier with online resources, so you should be able to compare all the details that you need.
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