In today’s age of rapidly increasing healthcare costs, buying health insurance is a must. People are becoming more and more aware that taking care of health is a necessity, and you shouldn’t neglect its importance.
If you missed the Medicare enrollment period, and don’t know what to do now, you’re not the only one. Unfortunately, still, so many of us have no idea what makes an insurance policy worth buying. If you have doubts about this matter too, and you want to learn about the attributes of a good health program – keep reading. You will be able to make an informed and conscious decision the next time you’re about to purchase health insurance.
Searching for the perfect health insurance plan might not be easy. There are so many different offers. Something that may come as a surprise to you is the fact that price differences between various companies might be big, even when they offer the same coverage! In this case, compare the plans that meet your needs, and pick the one that is financially the most attractive. Why would you pay more for the same services?
Also, make sure to compare not only individual but also family health insurance offers. If the eldest family member is no older than 40 years old, it’s worth it, as you’ll save some money. Take your time, do the maths, and in case you have any doubts, go for the offer that is the best money-wise for you.
By the way, don’t forget to make sure that your policy plan is the same as others. There are cases when insurance companies offer worse coverage to the people who inhabit smaller cities (in comparison to the biggest cities). Always keep this factor in mind.
Medical condition history
A pre-existing condition is any illness or medical condition that you already had before you applied for the health insurance policy. Learn what the list of pre-existing medical conditions of your health insurance provider is. They will usually not be covered for a certain amount of time after you buy the policy.
The waiting period might take up to 4 years, however it often is much shorter. Ideally, there should be no waiting period clause in the policy that you’re about to buy. However, if it’s not possible, make sure that you choose an offer that has as little waiting period, as possible.
Copay is an amount of money that you have to pay for covered medical services. An insurance company covers the rest of the bill. This feature is obviously a disadvantage for beneficiaries, so if it’s possible, go for a plan that is copayments-free. If you want to choose a policy that includes copayments make sure that the cost of it isn’t too high. They shouldn’t be more than 10%.
Claim settlement ratio
An extremely important factor that you mustn’t forget! If a company offers a high claim settlement ratio, you can relax. The best companies provide 90% to 95% claim settlements. If the number is lower than that, you have to be alert. Never choose a company that has less than 80%, because it’s an indicator that insurer often causes problems to the customers.
Most of the times, health insurance companies don’t cover any costs related to maternity. Moreover, they often include pregnancy as a pre-existing condition. However, if you’re planning to have a baby in the future, let’s say in a few years you should think about getting maternity cover right now, as it will help you greatly before and after the delivery.
“An ounce of prevention is worth a pound of cure” as they say in medicine. Sometimes health insurance companies offer free preventive check-ups. If you’re exposed to occupational or civilization diseases, it’s worth to have this feature in your policy.
A healthy lifestyle makes it less likely that you’ll suffer from various diseases. Health insurance companies are well aware of it, and that’s why some of them decided to introduce free membership to gyms, wellness, fitness services, and other fun physical activities. It’s a nice addition, and you should definitely consider this when you’re trying to decide which health insurance plan is the best for you.
The components above are of course not everything, but they should give you a bright idea of what is most important when you’re trying to decide what health insurance policy is the best for you. Never rush, take your time, analyze the pros and cons of each insurance, and you’ll make the best choice for sure!