A health insurance plan has become a key component of any portfolio. It can protect you against any kind of medical emergency. Considering the increasing cost of healthcare and medication across the country, an illness can drain out all your savings. Therefore, choosing the right medical insurance plan is an extremely important task. With a wide range of plans and insurance providers to choose from, you need to compare health insurance policies and select the one that is best suited to you. Keep the below-mentioned factors in mind before you buy health insurance.
Type of plan
Primarily, you need to focus on a plan that is the most suitable as per your health and financial condition. You need to understand the extent of coverage and other offerings of the health insurance plan. You will be required to keep your age, health, and medical history in mind when deciding on the type of plan. There are different types of insurance plans you need to consider before you make a final decision.
Premium
Premium is the amount that you pay to the insurance provider for the health insurance coverage. Premium is an important factor to consider, and it will vary from one lender to another. Your age, lifestyle, profession, and medical history will have an impact on the premium amount. Hence, when you compare health insurance, you need to compare the cost against the benefits.
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Waiting period
You need to be very careful about the waiting period when comparing health insurance if you have a pre-existing condition. It is a period of time, which should pass before your health coverage begins. During this period, your claim will not be accepted by the insurance provider. Find an insurer who offers a shorter waiting period.
Co-insurance
Co-pay or co-insurance is an important part of a health insurance plan. This is the amount, which you need to pay from your personal sources before the insurer pays the medical/hospitalization expenses. You will have to compare the percentage of co- insurance amount you have to pay and the sum that will be paid by the insurance company. There are some plans, which have lifetime limits on the amount the health insurance provider would pay.
Medicines included in the plan
Many insurance policies have a list of medicines that are covered under the plan. If the medicines are not included in the plan, you will have to go through a long process to avail of coverage. This list of medicines is divided into different tiers, which determine how much portion of the co-insurance amount you would have to pay. You need to compare various plans and choose the one that provides cover for the maximum number of medicines.
Exclusions
Exclusions are usually ignored when comparing health insurance. However, this is a very crucial aspect. You need to compare the list of exclusions under the health plan to understand what is not covered.
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In order to choose the right health insurance plan, keep the above factors in mind and make a comparison. In order to get maximum coverage, you need to research and choose a plan that is customized as per your needs. Never rush this decision because it can affect your finances in case of an illness, accident, or injury.
