While some diseases or conditions can be affordable to treat, you never know when they may get serious. Sickness can happen when you least expect it, and the last thing you need is digging into your savings or seeking financial support from friends to cater to your medical bills.
It would be imperative to find a reliable and reasonable health protection cover. With many insurance organizations willing to offer you their packages, it can be daunting to decide which one suits your family’s needs. Here are tips for selecting the best insurer.
1. Know your financial capability
Everyone wants the best packages with the highest premiums. However, not everyone can afford them. You already know how much money you are willing to spend on insurance. Before deciding which package is right for your family, check out the price of the plan.
You can start with what you can afford at the moment and increase after confirming that your income will sustain it. The size of your family and additional requirements should also determine the type of plan you intend to pay for.
2. Do your due diligence on your insurer’s reputation
While the policy determines the type of treatment you will receive in hospitals, your insurer’s reputation is equally essential. You want an insurer who will respond to your questions and create reasonable alternatives to suit your situation.
Nowadays, it is easy to know if your prospective insurer is the right one for you, thanks to referrals from friends, social media platforms and online customer reviews. This helps you go for someone with an overall remarkable rating.
3. Go for a plan guaranteeing lifetime renewability
The number of years your policy will serve is as significant as honoring your payments. For example, if you go for a plan with an age limit of 50 years, that means you will need to start over upon hitting your 50th birthday. Renewing your policy comes at a cost. Fortunately, a package with lifetime renewability takes care of that.
4. Confirm if the waiting period clause matches your financial capability
As is expected, health insurance products cater for prenatal and postnatal expenses and specific diseases like diabetes, high blood pressure and hernia, depending on the waiting period. Some have a waiting period of 1 to 5 years from the date you signed the documents. Therefore, it is essential to check out the waiting period after certain diseases can be catered for. If the plan has a minimal waiting period of, say, 24 months, go for it.
5. Find out if it has a provision for including new members of the family
Your family can grow at any time, which is why a healthcare plan that easily allows you to add a new member of the family is worth your money. The same should apply if one of your members dies or is no longer qualified for it. This makes it easier for the rest to continue with the coverage without losing any benefits.
6. Opt for an all-family health plan
While health insurance providers are ready to offer individual plans for each family member, the cost will be higher than an all-family plan. On the other hand, floater coverage handles the medical costs for each member and attracts lower premiums, saving you money.
7. Go for optional coverage riders
Some insurers offer optional coverage riders for clients, which attract an extra premium. Riders’ coverage applies in situations like critical illnesses, maternity and child-deliver care, outpatient department cover or personal accidents. Before opting for this product, ensure you read and understand the clauses. Go for riders that relate to your needs.
The insurance product or service you choose greatly determines the treatment you will receive in healthcare facilities. Doctors and health care providers may face complexities when matching their patients’ insurance needs with the conditions governing the validity of coverage. Kemberton endeavors to ensure a smooth flow of insurance processes so that you can concentrate on your practice without having to worry about the complexities involved with insurance.
As you read through the health plan’s features, take your time to find out if your insurance agent is well-versed with how individual and family healthcare plans work. The more they are willing to shed more light on how each package can benefit, the easier it is for you and your clients to make an informed choice.