5 Keys to Choosing the Right Individual Health Insurance Plan
The internet has made it easier to compare different health insurance policies and shortlist health insurance plans. With the right health insurance policy, one can make substantial savings if a family member gets sick. Although there is no golden rule to choose the right individual plan, however, some shared tips help in the decision making course of action. Five keys to choosing the right individual insurance plan have been listed below:
• Determine your need and your affordability: already before you start your online search for insurance plans, one needs to be sure about the details of the plan. You need to make sure that the benefits offered by the plan covers what you need for yourself and your family. However, the perfect plan will also come at a important cost. As an informed customer, you need to do a proper cost assistance examination to make sure your trade-off between price and assistance is in the appropriate proportion. If we take into account, frequent trips to the doctors, medications and dental coverage – such scenarios eliminate unsuitable plans and makes the comparison course of action much easier.
• Don’t overbuy: The scenario is similar to buying a luxury car where the monthly EMI equals your home loan payment. There is no point in purchasing a health insurance policy with benefits which are doubtful to be used at a high and unviable cost. For comparatively young and healthy individuals, a policy with a high deductible is more appropriate. Deductibles are the amount paid by insurers before certain benefits kick in. A plan with a decent deductible will cost considerably less per month and could save money in the long run.
• Walk by several plans: It is always advisable to go by several plans. In the time of action, benefits associated with different health insurance plans can be reviewed and analyzed for better decision making. At first to peek briefly, some plans may look alluring. Later, the same plan turns out to be a costly affair due to cost sharing arrangement. The burden of medical cost in the future will be a big headache. Hence, going by and analyzing several plans is the best way forward.
• Co-insurance and co-payments: Several health insurance plans require the holder to contribute to the coverage payments. The contribution is called co-insurance and is the portion the customer has to pay after deductible. A co-pay is a flat fee one has to pay while paying a visit to a doctor or specialist. While choosing a personal health insurance policy, consumers should look into co-insurance and co-payments factors.
• Reputation matters: After identifying the price and need of the plan, reputation of the company should also be in the reckoning. Ideally, a company with a long haul in the market should be trusted and relied upon. There are many ways to estimate the standing of insurance companies and their health insurance policies.