We cannot deny the fact that taking health insurance for you and your family, is as essential as taking life insurance. Many people have this misconception, which if they have a life insurance policy they do not need any additional insurance policy to take care of their health. However, how health insurance works for your betterment is entirely different from life insurance.
Overview of health insurance
Health insurance is a pact made by your insurance provider between you and the insurance company. In exchange for you making the premium payments, the health insurance company agrees to pay the medical expenses that you may incur under the terms of the contract.
Health insurance is essential today, since paying a massive bill for a mere accident or a severe illness could end your savings and sink you into debt. There are many reasons to buy health insurance for you and your family, but financial security is the most important because medical expenses can cost you thousands or more for a simple injury or illness. Also, costs for hospitalisation and treatment of injuries continue to grow at a rate that exceeds inflation.
Features of health insurance to consider
Choosing health insurance, like any insurance is a complex task. Now, it is essential not to make mistakes in the selection, or we would end up paying a lot of money on our own, even after having health insurance policy. But, what are the most relevant aspects you need to consider when selecting health insurance?
#1 The coverage of the contract makes the difference.
Your needs and those of your family will guide you when it comes to knowing what coverage suits you: primary care, specialties, preventive medicine, pediatrics, diagnostic tests, outpatient and hospital surgical procedures, emergency services, dentistry, chiropody and more.
The best would be asking them to provide you with a list of all the benefits of the policy. You can also find out if they apply only in your Autonomous Community, throughout the national territory or even abroad (in case a mishap occurs during a trip). Frequently, health policies are complemented by other insurance that covers compensation for hospitalisation or travel expenses. Hence, evaluate if you are interested.
#2 What is a medical need? How is that different from a covered service?
A medical need is not same as a therapeutic benefit provided in your health insurance policy. A medical need is something your doctor advises you as a necessity. On the other hand, a medical interest is something that your insurance plan is committed to cover.
Hence before going for health insurance, it is better to have a medical checkup. This way you can better understand your medical care needs and select the cover that is best for you and your family.
Later, before selecting any health insurance plans, you can make sure it covers all the possible test, medication and services you may require in general for any illness or accident.
#3 Ask if the company is solvent and health expert.
The first thing you must certify before hiring health insurance is that the insurer you choose has a proven economic and professional solvency within the sector. Find out if they are specialised in the health field because this way they can offer the services you are looking for. If you are confused by doubts about the offer that a particular company proposes, compare it online with other health insurance providers.
#4 Find out the grace periods.
What if you miss a monthly premium payment someday? It is crucial for you to know that if you are unable to pay your monthly premiums your health insurance company can end your coverage.
There comes in the picture the “grace period”. It is vital that you take the maximum grace period days into account before signing an insurance contract (especially if you go with a previous health problem). Almost all insurers handle the very similar period of 15 to 30 days, but it may vary. So be careful while choosing your health insurance.
#5 Read the fine print.
You should not ignore the clauses of the policy. It gives you information on the limitations of the policy.
#6 Find out about all exclusions.
Before purchasing your health insurance it is advisable to know what is excluded from the plan, so that you also know how beneficial the health insurance plan is going to be, for you and your family.
By far, it is clear to us that how important it is to have health insurance for a peaceful living. This is because having a room just for you in a clinic or an appointment with the specialist when you want can cost you a lot. This leads you to opt for private health, but before hiring, check the features as mentioned above thoroughly.