It is said that ‘Health is Wealth,’ and it is true; keeping a healthy lifestyle is essential for a happy existence. The sedentary lifestyle of today has increased the number of people suffering from lifestyle-related illnesses. Furthermore, medical costs are always rising, making it harder for people to receive quality healthcare. In such cases, investing in health insurance schemes is critical, and it is the greatest method to provide financial protection against rising treatment costs.
What is Health Insurance?
A health insurance scheme is a form of insurance that pays for medical expenditures incurred due to an illness. These expenditures might be connected to hospitalization, medication, or medical consultation fees.
What Should You Consider Before Choosing Your Health Insurance Scheme?
Choosing a health insurance scheme can be a challenging task. Here are some considerations to bear in mind when you choose a health insurance scheme:
1. Plan Type and Network Hospitals
Are the healthcare providers and hospitals you choose covered by the plan’s network? If not, then you may not be able to avail of cashless treatment at the hospital. The cashless facility makes it convenient for policyholders to go through the medical procedures without worrying over the financial aspect of it. The bills are directly settled between the insurance provider and the network hospital.
Hence, check to verify if your chosen primary care or specialty physician, as well as a pharmacy close to your house, are part of the plan’s network. This can save you a lot of trouble and time in case of a medical emergency.
2. Premium Costs
How much will you pay for coverage each month? Premiums are the fees you pay to an insurance provider for your health insurance scheme, regardless of whether you utilize medical or pharmaceutical services. Premiums are generally paid monthly, and if you miss a payment, you may lose your coverage.
Remember that these are not the only expenses connected with coverage. For most health care services and treatments, you will also be responsible for paying deductibles and cost-sharing, such as co-pays and coinsurance. So, make sure you are aware of any such clauses for your health insurance scheme so you can plan accordingly.
3. Deductibles
What is the minimum amount you must spend out of pocket before your coverage takes effect? Patients who choose a plan with a high deductible will almost always have a lower monthly premium, whereas plans with smaller deductibles will almost always have a higher monthly premium. Most medical or pharmaceutical treatments are not covered by insurers until a deductible is reached.
4. Medicine Coverage
Is your insurance plan covering your usual treatments? Each insurer has a formulary (a list of medications) that is covered by the plan. If a medication is not in the formulary, it may not be covered, forcing patients to go through a potentially lengthy procedure to get coverage. The list of approved medications is also separated into tiers, which affect how much of a copay or coinsurance you may be required to pay. Make a list of your existing medications and compare it to the plan’s formulary to ensure your medications are covered and you understand any out-of-pocket charges.
5. Renewable Health Insurance Scheme
It can be a wise move to choose a health insurance scheme that can be renewed indefinitely. Your goal is to obtain a health insurance policy that will cover you in old age if you get sick, and that protection is only feasible if your policy is renewable for a lifetime.
6. Waiting Periods
For pre-existing conditions, all health insurance schemes include a waiting time. Check the waiting period in the plan that has been recommended to you. The waiting period ranges from 2 to 5 years, depending on the policy terms and conditions. It is generally best to choose a firm that has a short waiting period.
These are a few things one needs to consider before opting for any health insurance scheme. Lastly, you should remember to go for a trusted insurance provider such as Care Insurance to avoid any disappointments in the future. Head to their website to check out their health insurance schemes!
