May 11, 2021

Step by Step Guide to Choosing a Health Insurance Plan

Everyone acknowledges the importance of buying health insurance, but choosing the right policy can be a challenging job. Most of us don’t know which factors weigh more while considering health insurance. Our health experts at Caresocius have made the process easier for you by bringing forward a few important steps that you need to follow while selecting health insurance. 

Here are the five steps to guide you in choosing the most viable health insurance plan: 

Step 1: Analyze your requirements:

First and foremost, you should list down and prioritize your requirements whenever you are going to buy health insurance either for yourself or any other family member. Steer clear if you have any pre-existing illness, or upcoming maternity or anything that requires looking for a suitable policy for you. 

 

Step: 2 Estimate Coverage Amount 

Once you have listed down the requirements, you can compare different available health insurance with respect to coverage amount. The coverage amount must be decided after checking out the particular needs of an insurance holder. All you need is to ensure that your requirements and coverage amount are estimated appropriately and then, you can choose insurance with adequate coverage for yourself or members of your family.

 

Step 3: Read and Understand the Fine Print 

The importance of reading and understanding a fine print while buying any service or product cannot be stressed enough. Once you are confident about your requirements and coverage amount that you’d need for it, check out the fine print of documents provided and understand the given terms and conditions of your policy. There are key factors that form the basis of major comparison between different health insurance policies. Such as you need a health insurance plan that provides 100% or maximum coverage for an inpatient hospitalization, daycare treatment for critical treatments, allowance for room rent and before/after hospitalization coverage. 

There are other important factors that determine your decision to purchase particular health insurance. This involves a waiting period during which you are not permitted to claim against your policy. Also, there are defined waiting periods for particular illnesses and procedures that you must know to make your decision. 

Yet another notable factor is the co-payment clause, where health insurance covers partial payment for the insurer, and the ratio of payments to be paid by each party is pre-defined. At times, the conditions like the waiting period and co-payment clause are interrelated, so do your homework and see what suits you the best. 

A health insurance policy also comes with caps on particular treatments commonly referred to as sub-limits. Such as on maternity dues, contaracts on the eye, and a number of dialysis in a year etc. Besides all the factors mentioned herein, you must also specifically check out the exclusions of each available health insurance policy before making your final decision. 

 

Conclusion: 

People are often mistaken about the perks and entitlements with a given health insurance policy because they are only looking at the lowest premium amounts. While the monthly/yearly insurance premium may be as important as any other factor, you must look for what pays the best value for your money. 

 

 

 

Subscribe to our newsletter