Things to Consider Before Buying a Health Insurance


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Purchasing an affordable health insurance plan is a superb idea to take good care of the wellbeing of your and family’s health. But selecting a right and reasonable health insurance or individual health plan that suits all your health care needs sounds like a tedious process. As a lot of local and international agencies are offering health insurance services, finding out a good one can be a daunting task especially for a fresher. Not only the penalty of plans and options to chose from, but scary jargons and terms also add misperception to the health insurance buying process.

Whether you are about to purchase a new health insurance plan or simply want to upgrade an existing one, below we have listed the things to consider before buying/upgrading a health insurance plan that can help you choose the best for you and your family.

1 The Efficiency of the Claims Process

Claim settlement time and ratio are the most important things to consider before buying a health insurance plan. Higher settlement ratio and quick settlement time show the reliability of the insurance provider. That is the reason, one should always think about these things when it comes to purchase an individual health plan or health care insurance policy.

2 Co-payment

Co-payment can be described as a specific percentage of the claim amount that policyholder will pay and the rest will be paid by the insurance provider. It is the most important and common clause in all health insurance policies. So, always be cautious about the co-payment clause before signing the final health insurance contract. Because a cheap insurance plan may not be offering the best co-payment percentage.

3 Check the Hospital in Network

When buying a healthcare insurance plan, be sure to check that either it includes the medical facilities that you often visit or not. Also, check what hospitals (in and out of the city) are included in case if you often travel out of the city. In this way, you will be able to keep your insurance plan with you whenever you are traveling for personal or business purpose.

4 Look for a Cashless Network

Networks with cashless payment options are great for many reasons. The process of claiming can be quick by eliminating the hassle of submitting loads of documents. Cashless health care points save a lot of time and efforts to provide you with easy and fast reimbursement.

5 Cover your Whole Family

When buying a healthcare insurance plan, be sure to cover your entire family in order to prevent additional medical bills and treatments. Most of the people skip their parents due to the high premium rate. Before buying a plan, evaluate the current medical condition and health status of each and every member of your family you are responsible for.

6 Apply as Early as you Can

You should buy a health insurance plan as early in life as possible before turning 40. As the majority of the people are less likely to avail medical treatments in the earlier stage of life, they can get additional benefit from a health care plan in terms of no-claims bonus upon the maturity of insurance plan. It is one of the best things to think about before applying for a health care plan.

7 Maternity Benefits

As delivery or pregnancy-related costs skyrocketed these days, checking for the maternity benefits in the insurance plan could be the best idea to get maximum from the insurance provider. As a newly married individual, one should buy a health insurance plan with great maternity benefits to decrease the overall health-related costs.

8 Coverage of Medicines

Every insurance provider has a list of medication that can be covered within the plan. So, be sure to check for the coverage of medication in your regular prescriptions. If any of the medications not available in the list of insurance provider that you consume regularly, it can cost you much in terms of expensive medical bills. Before applying for the insurance, make a list of common medications you use often and compare your list to the plan’s formulary to make sure it would be great for you.

9 Renewal

Before finalizing the health care insurance plan, one should check the renewal policies. A health care insurance plan with flexible and affordable renewal policies is always best to buy. That is the reason, always check for the renewal terms to stay on the safe side.

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