Majority of us don’t understand the vitality and necessity of good health insurance policy till they face situations when they can’t do without one. Even if some of you have a health insurance policy, thanks to your company’s group policy which has helped you get one for yourself and for your family members. It is sad enough to note that despite staying in a country where medical costs are rising out of control, there are many who still don’t know how to select the most appropriate health insurance policy which suits their needs and finances.
Experts say that it is better to get a minimum coverage once you reach 31 years of age and if you don’t you have to qualify for a 2% lifetime health cover loading – iSelect which will heighten your premiums through all the years you’ve stayed uncovered. Let’s check out few tips to choose the best policy.
The insurance company should be chosen wisely
Companies which offer health insurance are either life insurance or general insurance companies. The financial advisors are of the opinion that it is better to choose a general insurance company over one which specializes in life insurance. Are you wondering why? Well, a company which offers life insurance is certainly dealing with policies which reimburse the deceased’s family members and hence they won’t focus on health insurance. Health insurance, if taken from a life insurance company, will cost more.
Keep your future requirements in your mind while planning
Before choosing a life insurance plan, you have to make a list of your future needs. With age, your needs and requirements will keep changing and hence you have to get a clear list of your needs even during your old age. Do you have a family with ageing parents? Or did you recently start a family? You have to make sure the policies that you take cover maternity costs and also aged parents.
Weigh your decision while choosing the health insurance type
Your health insurance company must be providing you with all kinds of options and before you choose one, make sure you go through each one of them. Ask the right questions and choose a family floater plan in case you have a family as this is going to be more economical and thrifty in the long run. Likewise, preferring a cashless policy over a reimbursement policy will suit many but not all. Make sure you ask the right questions to the insurance company.
Understand the process of premium calculation
What is a premium? It is the sum that you pay towards the insurance company while purchasing it. The insurance company includes factors like the total assured sum, the number of times you used it and for how much money. Speak to the insurance agent regarding the total amount of premium you would have to pay in a year.
Now that you’re familiar with the tips to choose the best policy in the market, what are you waiting for? Consider the points and end up choosing the most appropriate one.