7 Things To Consider Before Buying A Health Insurance Policy
The coronavirus pandemic has underscored the necessity of health insurance, but choosing the best plan for you and your family can be a daunting process.
CNBC outlines a few factors you should consider before purchasing a health insurance policy:
With treatment and hospitalization costs on the rise, health care experts say you should try to find the plan that offers the most coverage. However, it’s important to ensure the cost of premiums aren’t so high that they take a significant toll on your wallet. Online aggregators can help compare policies in terms of premiums and returns.
Every policy has a waiting period for pre-existing conditions. If a policyholder has a disease prior to purchasing a plan, a certain period of time must pass before they are able to make a claim to treat that disease. Health care experts encourage those with pre-existing conditions to go for the policy with the shortest waiting time.
Make sure the hospital you prefer is in network and capable of handling emergencies.
Maximum Age Renewal
The likelihood of having health issues rises with age. Health experts encourage you to choose a plan that can be renewed later in life.
Health insurance co-pays are when a policyholder is responsible for a set portion of the medical expense and their insurance company pays for the remaining cost. A co-pay that is too high defeats the purpose of a health insurance policy. Be sure to look at the co-pay clause and choose a plan with lower or no co-pay costs.
Claim Settlement Ratio
A claim settlement ratio is the percentage of claims that the health insurance company has paid throughout the fiscal year. The higher the ratio, the more confidence a policyholder will have in their insurance company.
The faster a claim is processed and settled, the better for the policyholder.