As life expectancy increases significantly, new diseases that affect humans have been discovered. The rising cost of medical care can impact your financial health and burn a hole in your pocket. A health insurance policy is one way to prepare for health emergencies when they arise. How can you select a health insurance policy ?
There are a lot of considerations to make. You need to know what to expect or look out for before choosing a health insurance policy. This article will cover a few of the factors to consider. They include
Choose Health Insurance That Suits Your Needs
Health insurance has changed over the last decade. Today, it features a more comprehensive range of covers for different people. There are health plans for couples, students, senior citizens, young families, people with diabetes and heart disease, and others who already have a cancer diagnosis.
With such variety, it may be difficult to choose one for your specific needs. The first thing you need to do is to identify your main need. Consider what health insurance is supposed to cover. Do you have a pre-existing illness, and do you want cover for it ? Are you considering coverage for childbirth and maternity ? Do you want coverage for treatment abroad?
When you have decided on what you want the health insurance for, you can begin to choose a suitable one.
Read the Fine Print
After deciding what kind of coverage you want, you need to research the exact coverage you will receive. Reading the fine print will help you to choose better. You will be able to determine the limits of the plan as well. Here are some things to look out for in this section :
In-patient coverage
You need to look out for in-patient hospitalization coverage in the fine print. Inpatient hospitalization occurs when you stay in the hospital for treatment or medication for over 24 hours. Every insurance company should offer high coverage. Before selecting a healthcare insurance policy, check that the plan gives you 100 percent inpatient coverage.
Daycare treatment coverage
Some procedures can be completed in less than a day at the hospital. Some include chemotherapy, cataract, and tonsillitis treatment. Ensure that the selected plan covers a lot of daycare treatments. This way, you can be reimbursed for all short stays in the hospital.
Check Waiting Period of Plan, Exclusions, and Co-payment
Also, it is essential to read the health plan’s fine print to fully understand the co-payment, waiting period, and exclusion clauses that could come with the policy. Normally, the waiting period is a hibernation period, and during this time, no claims are admissible. In most cases, such a clause is applicable if you have a preexisting condition. Also, the period may vary between a couple of years.
The general rule is that it is better when the waiting period is lower. It would be best if you also looked out for a copayment clause. It is a part of the claim that you have to pay from pocket. These copayment clauses are common in specific need and senior citizen's plans. Look out for the exclusions or medical conditions that aren’t covered by the health plan. It could mean you have to beat the expenses by yourself.
Be sure to read up more about health insurance (seguros médicos) to get a clearer picture before choosing one.
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