Choosing a perfect health insurance plan is very crucial especially in today’s world with the worldwide outbreak of the novel coronavirus. You never know when you can contract the virus or any other disease so it is better to have insurance.
With medical expenses being so costly, everyone wants to protect themselves from unforeseen financial liabilities. It is better to invest in insurance than spending big money on hospitals or medical centers. Before picking up a policy, we highlight some important guidelines for you to look into:
- Always look for the services being provided in your package. It is better if the cost of medicines is covered in your plan. Each insurer has a list of medicines and if a medicine is not listed in there, it won’t be covered under your plan. The list is segregated into tiers so you could make a list of your medicines (if you are on any already) and then compare it to the list to see if they are covered or not. However, the additional out-of-network might cost you money from the pocket. Like in some countries, you have to pay a minimal fee on visiting a hospital which is not covered in any insurance plan.
- If you have gotten an insurance package from your employer, then the coverage might not cover all the medical treatments and you might lose the insurance after you leave the job. The reason for not covering all treatments is because offices usually buy group plans which come cheaper than individual ones.
- If you have a family or personal doctor, then you might want to see whether the package or insurance plan you’re opting for is limiting you to doctors in their network. The private plans usually have a wider network of doctors and hospitals but it costs you more. Some companies provide their employers the option of purchasing a group plan, which could turn out to be beneficial for you if you are already in bad health or have pre-existing conditions
Another important thing to look at is whether you could claim the cashless claim facility. It basically means that if you are ill or get into an accident and want medical treatment, then you just simply get treatment without paying a single penny in cash at the hospital or medical center. Many reputed providers with a well-connected network of hospitals provide this facility where patients can avail themselves of cashless facilities. Another option some providers give is that you pay at the time of treatment and then get it reimbursed later from the insurer. But the cashless option is much easier and feasible for everyone.
- There is also an option of co-payment clauses in the policies. It means that upon the treatment, the insured person covers up to 20% of the amount. So, if you have surgery or any other treatment, you could end up paying a lot of money. If you have chosen this clause in your package, then be prepared for out-of-pocket expenses. It could also include the prescription charges or medicines.