Health insurance is basically an agreement that is formed between you and the insurers with the intention of protecting you and your dependants against any financial problems or shortage arising on account of a medical emergency. Medical and preventive sciences have made huge progress in modern day world leading to increased expenses in health care and treatment. There is the need for every individual to fortify himself with the best health insurance cover to help him against any unforeseen calamity. Today in almost all developed countries of the world, the best health insurance companies are in the forefront in rightfully putting forward some of the finest health insurance policies structured in such a way so as to fight any medical contingency.
Before you buy a medical insurance policy, you need to ask yourself the following:
- What are the various types of health insurance options that are available to you?
- Which health insurance plan is best suited to suit the needs of yourself and your family?
- How do you choose the ideal health care plan?
- Among the vast choice of health care plans, what is best for you- is it a short term or long term policy, does it cover disabilities, does it deal with only health insurance?
- Can you have information on private insurance, public expenditure and uninsured members?
- What is the cost of health care and can you afford it?
- Would there be a medical insurance policy that would cover the services that you specifically need?
Today there is a wide range of affordable and comparable health insurance policies like as follows:
- The Traditional Indemnity Plans
- The HMOs or the Health Maintenance Organisation
- PPOs ( Preferred Provider Organisations) plan and
- POS (Point of Service) plan
The PPOs and POS plans are the hybrid variations of the traditional indemnity plans and the HMOs. The HMO is normally credited with providing the customer the cheapest and most affordable health insurance but the benefits are minimal. On the other hand the indemnity plans provide the customer with the maximum benefits but they are the most expensive health insurance plans.
How do you pick the ideal health plan: Specific features to look for
It in necessary to pay close attention to the specific features of the health insurance plan you prefer to choose. For instance:
- Are the prescription drugs that you regularly take are also covered?
- Do you need to pay application fees? (It is to be noted that generally none of the best heath insurance firms require the customer to pay either for enrollment or for application fees).
- Do you get insurance cover for both inpatient and outpatient costs? Do they both share a common deductible in a single calendar year? (A deductible means a sum of money that you pay every year, upfront, for your medical costs, before your insurance cover starts to pay up).
- Are the benefits cover on a fixed schedule? Are they reasonable?
- Is there a waiting period for such a cover you start using your policy?
- Are there any pre-existing clauses that you should know?
- The most important factor to consider is that is your health plan affordable?
For affordability of the health insurance plan, you should know the following:
- How much is your monthly premium?
- After you have paid your deductible amount, upto what percent of your medical costs would be reimbursed?
- If you use the services of a practitioner not included in the insurance firm's network, would you be reimbursed less? If so, how much?
- Do you need to ask for insurance cover for all of your medical costs or just for the major expenditure?
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