Tips to Choose a Health Insurance Plan
Most people with health insurance get it through their employer. If you’re one of those people, you won’t need to use the government insurance exchanges or marketplaces. Essentially, your company is your marketplace.
If your employer provides health insurance and you want to look for a different plan in the exchanges, you can. But plans in the marketplace are likely to cost a lot more. This is because most employers pay a portion of workers’ insurance premiums and because the plans have lower total premiums on average.
Undeniably, health insurance is one of the most essential insurance policies to have considering the spike in the occurrence of health problems at an early age in the current climate. Further, the astronomical medical treatment costs place clear stress on the necessity of having a health insurance policy.
Look for the right coverage
Choose a health plan that secures you against a wide range of medical problems and provides benefits including pre and post-hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family's medical history, etc. If you are buying health insurance for your family, check whether the policy meets the needs of each member of your family. Consider your requirements, compare plans on benefits and costs, and apply a little due diligence to choose a plan that caters to your needs.
Compare the types of health insurance plans
You’ll encounter some alphabet soup while shopping; the most common types of health insurance policies are HMOs, PPOs, EPOs, and POS plans. The kind you choose will help determine your out-of-pocket costs and which doctors you can see.
While comparing plans, look for a summary of benefits. Online marketplaces usually provide a link to the summary and show the cost near the plan’s title. A provider directory, which lists the doctors and clinics that participate in the plan’s network, should also be available. If you’re going through an employer, ask your workplace benefits administrator for a summary of benefits.
When comparing different plans, put your family’s medical needs under the microscope. Look at the amount and type of treatment you’ve received in the past. Though it’s impossible to predict every medical expense, being aware of trends can help you make an informed decision.
If you choose an HMO or POS plan, which requires referrals, you typically have to see a primary care physician before scheduling a procedure or visiting a specialist. Because of this requirement, many people prefer other plans. Due to the restrictions, however, HMOs tend to be the cheapest type of health plan overall.
POS and HMO plans may be better if you don’t mind your primary doctor choosing specialists for you. One benefit is that there’s less work on your end since your doctor’s staff coordinates visits and handles medical records. If you do choose a POS plan and go out of network, make sure to get the referral from your doctor ahead of time to reduce out-of-pocket costs.
If you would rather choose your specialists, you might be happier with a PPO or an EPO. An EPO may help keep costs low as long as you find providers in the network; this is more likely to be the case in a larger metro area. A PPO might be better if you live in a remote or rural area with limited access to doctors and care, as you may be forced to go out of the network.
Compare benefits
By now, you likely have your options narrowed to just a few. To further narrow it down, go back to that summary of benefits to see if any of the plans cover a wider scope of services. Some may have better coverage for things like physical therapy, fertility treatments, or mental health care, while others might have better emergency coverage.
If you skip this quick but important step, you could miss out on a plan that’s much better suited to you and your family.
Once you’re down to a couple of options, it’s time to address any lingering questions. In some cases, only speaking with a person will do, so it may be time to call the plans’ customer service lines. Write your questions down ahead of time, and have a pen or computer handy to record the answers.
Here are some examples of what you could ask:
- I take a certain medication. How is that covered under this plan?
- Which drugs for my condition are covered under this plan?
- What maternity services are covered?
- What happens if I get sick while travelling abroad?
- How do I get started signing up and what documents will I need?
A final tip: don’t forget to discontinue your old plan, if you have one before the new one starts.
Keep it affordable
While it is important to buy a health plan that meets your needs, it is equally important that it suits your pocket as well. A budget is a hugely important aspect when buying health insurance. But, you should consider the plan benefits before you consider the price of the plan. It is a wise decision to buy reasonably priced health insurance at the start to ensure you are covered properly and the premiums are also affordable. With time, you can review your plan and increase coverage appropriately with the rise in income, family size, and requirements.
Prefer family health plans over individual health plans
Individual plans are good for individuals who do not have a family to support. However, if you are buying health insurance with your family in mind, purchase a family health plan to enjoy maximum benefits at a more affordable price.
Choose a plan with lifetime renewability
When you buy a health plan, make sure to check how many years the plan will cover you or whether it offers limited renewability or not. Why? Because you will require a health plan the most during your later years of age, So, choose health plans that offer lifetime renewability.
Compare quotes online
You can compare health insurance policies online to ensure that you buy a health plan that caters to your needs. You can even request a quote online, which means you can enter your details on the website and get an estimated premium for your policy. Collect the best quotes and then compare them to arrive at a decision.
Hospital coverage through the network
Once you have selected a list of health plans, check whether or not your preferred hospitals and doctors are included in their hospital network. Always prefer an insurance provider that has a wide network of hospitals across the world. With IFFCO-Tokio, you can choose from 5,000+ network hospitals where you can avail of quick, convenient, and cashless claims settlement!
High claim settlement ratio
The claim settlement ratio is the number of claims settled by the insurance provider over the total number of claims received. Always choose an insurer that has a high claim settlement ratio. We at IFFCO-Tokio have settled a total of 8.61 lakh claims in FY2019 and have a claim settlement ratio of 92.65%. With us, you are in safe hands!
Use these tips to maximize your benefits when you shop for health insurance. It is an investment that you are making to safeguard yourself from the financial burden of high healthcare costs—make sure you make the most of it.
You can also use a health insurance calculator online
Yes, that’s right! You can use our health insurance calculator to get a better idea of the coverage we offer and the premium for your plan. All you have to do is visit our health insurance page and enter your name and mobile number. After this, just follow the four simple steps given below:
Other important covers to look for
Not all health insurance plans offer the same amount of coverage. Some insurance companies omit certain things to keep the cost of the plan on the lower side. However, this could end up hurting you in the long run. Therefore, when choosing a medical insurance policy, you must look out for these important features as well:
Ambulance charges:
Getting emergency transportation to the hospital is extremely important. However, it can also be quite costly! Keeping this in mind, the best health insurance in some countries will always cover ambulance charges. This ensures that, in a critical situation, you can get prompt help without worrying about the charges.
Day Care Procedures:
Medical emergencies do not always require overnight hospitalization. Several healthcare procedures are costly but require less than 24 hours of hospitalization. The best health insurance in some countries will cover a higher number of such procedures. In this regard, our plans cover 160+ day procedures.
Vaccination & health check-up charges:
It is important to look for health insurance in some countries that cover these costs. Not only do our plans cover vaccination costs, but they also cover health check-up charges!
Daily allowance:
Hospitalisation can lead to the loss of income, in this case, miscellaneous expenses can start to pile up! Keeping this in mind, the best health insurance plans in some countries will offer a daily allowance for the number of days you are hospitalized.
