Buying a Health Insurance policy can be a tough decision-making process. This is because there are a lot of companies to choose from. These companies throw out mouth-watering offers with benefit to lure customers and confuse them.
Before you make that tough decision on insuring your health, There are a few things you need to consider.
What to Do before buying health Insurance
#1 Checkout the Claiming Process
To avoid risking your life or the life of your family members, you need to find out the claiming process of the insurance company. Filing a claim shouldn't be complicated. Find out the procedures involved in filing a claim, if it looks too complicated then don't buy. A complicated claiming process will not only cause a huge delay in settlement, but it also puts one's life at risk during emergencies.#2 Customer Support
If the insurance company isn't offering a 24/7 customer support service, I advise you not to buy. Health is a very sensitive matter and issues can arise at any time of the day. In case of any misunderstanding in the hospital, customer care should be reachable to handle the situation.#3 Waiting Period
Waiting period as to do with the time an Insured person should stay before being able to file a claim for benefit of their Insurance. If you have a previous disease or a disease history in your family, you will be affected by a waiting period. Waiting period varies for different insurance companies. However, it could also depend on the type of disease and the age of the person. Waiting period ranges from one year to around six years. To avert a waiting period issue, it is better you buy your health insurance at a young age.#4 Family Health Insurance
Before you buy a family health insurance, ensure you take note of their age, previous disease, family medical history as these can affect the insurance policy you want to buy.#5 Lifetime Renewal
A lot of people who purchase health insurance make this mistake. There is a higher chance of you getting ill at old age than when you are young, hence you need to buy health insurance that offers lifetime renewability.#6 Pre/Post Hospitalisation
Before being hospitalised, you may have visited a doctor, gotten some medicines from the hospital, and undergone a test. After being hospitalised you might also need followup treatment, which includes a regular visit to the doctor, buying drugs and so on. Ensure your health insurance plan covers all these expenses.#7 Choosing the right Insurance price
Choosing the right insurance price depends on several things, your health, your age and more importantly your income level. Consider also that whatever amount you are choosing covers your health expenses for a year. The amount shouldn't be too exorbitant and at the same too low in price as you wouldn't want to be in panic during emergencies.#8 Network Hospitals.
Another important thing you should look into before you select an Insurance agency is their network with hospitals. There are three types of Insurance network with a hospital. There is the HMO - this is the most restrictive network. You are only allowed to use the hospital within their network. There is also the PPOs - they let you work outside their network but at a higher cost. And lastly, the POS - Insurance companies who fall under this type of network will only allow you go outside their network if you get a referral from a doctor within their network and you will pay extra charges.As a piece of advice, go for insurance companies that have a higher network hospital or better still choose the insurance company that has a network with your doctor or the hospital closer to you.
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