If you’re looking at obtaining health insurance, there are a few important things you’ll need to know.
From understanding the health insurance policy’s coverage benefits to informing yourself of its claim waiting period, as well as how to make a claim, and also, what the insurance premium is, there are a lot of moving parts to consider.
Stay with us as we take you through them.
1. What Are the Policy’s Coverage Benefits?
When comparing different health insurance policies, it pays to look into the coverage benefits.
Different policies will often cover different things, and the benefits that are included within each policy may not be suited to your needs. A 20-year-old male, on the one hand, is highly unlikely to require pregnancy hospital cover. Similarly, if you have perfect vision, you will not necessarily need to account for coverage benefits relating to optical appointments or procedures.
Also – in general, the more benefits your health insurance offers, the more expensive the insurance premium can be. In that case, you may find that you don’t really need all the bells and whistles. You may choose to opt out of health insurance ‘extras’ like optical and dental and save yourself some money by opting for basic hospital coverage instead.
2. What is the Insurance Premium?
Just like comparing each policy’s coverage benefits, it pays to compare the insurance premium. To clarify, the health insurance premium is the amount you will pay for the policy. Often, you will have the choice to pay your insurance premium outright for the year. Alternatively, you may be able to choose to pay it off in monthly installments, for example.
There are a few factors that influence the cost of an insurance premium. One of these is the health insurance excess. Excess refers to the out-of-pocket amount you’ll need to pay if you make a claim, that is not covered by insurance. For example, if you are admitted to the hospital, you may need to pay an out-of-pocket excess of $250. It’s important to note here that choosing to opt in for a higher excess can reduce the premium you pay for the policy. As such, you may instead choose to opt in for a $750 excess, which of course means you’ll need to fork out more money upfront if you do make a claim. In this case, though, your insurance premium could reduce considerably compared with if you were only to choose a $250 excess.
3. Are There Any Waiting Periods?
Suppose you’re planning to undergo a specific medical procedure. In that case, it’s likely that you’ll need to wait a while before you can make an insurance claim for a visit to the surgeon or specialist, or to see healthcare professionals like doctors and licensed nursing practitioners who have completed industry-recognized accreditations such as online RN to MSN programs.
So, how long are health insurance waiting periods on average? It depends on the policy, and also, the medical procedure you’re planning for. In some cases, you may only need to wait 6 months. In other scenarios, you could be waiting up to a year before you can make a claim. Be sure to look into your selected health insurance’s waiting period policy to ensure it lines up with your requirements. Some policies may have different waiting periods than others, so do your research to make sure you’re making the best choice for you and your needs.
4. What is the Insurance Claims Process?
Finally, it’s important to be aware of your health insurance policy’s claims process. Is it relatively simple, or will you need to jump through hoops to prove you need to make a claim?
To better familiarize yourself with your chosen health insurance policy’s claims process, consider reading word-of-mouth reviews from other customers. That way, you’ll be able to learn about their personal experiences with the claims process, which will help you determine how easily the health insurance company allows customers to claim.
Armed with this information – as well as looking into the other considerations we’ve outlined today – you can undertake the necessary research to help you find the best health insurance policy to suit you.
Also Read: Breathing Easier: A Guide to Choosing the Best Health Insurance Plan for COPD in India
