The most secure way to prepare yourself against diseases that can easily strike unawares is by buying a personal health insurance. Some of you might have already known the benefits or the reason why because you have already subscribed for one. But to many that are yet to register for one, the big question you might be asking yourself is, "do i really need to?" And my answer for you is "yes, you do". That is why in this post i shall be giving you some essential tips you need to know when buying a personal health insurance.
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Basically, health insurance or private medical insurance covers the cost of private medical treatment for acute conditions (i.e disease, illness or treatments that can respond to medications or treatment). According to Money Saving Expert, they said and i quote..
Private health insurance may be a luxury, but it is a necessity
One thing you must have at the back of your mind is that health insurance are not designed to cover all health issues. Just like i stated earlier, it only covers acute conditions that occurs after a policy begins. Which actually means that most health insurers will not cover or cater for pre-existing conditions.
How does personal health insurance works?
Personal health insurance works under the methodology of a subscriber paying a monthly sum to an insurance company (premium) under the premise that the company will provide the subscriber with essential treatments as at when due, including hospital care.
Now take a full note of the following essential tips:
Types of insurance plans
There are different kinds of insurance plans to choose from. Some basic policies covers essential treatments while comprehensive policies include specialist therapies and medicines such as acupuncture.
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Consulting an agent
Before buying a personal health insurance plan, it is normal and ideal you get in touch with an insurance agent for him or her to give you a rundown of what and what it entails. This is because the insurance agent is already knowledgeable and he or she knows the cost and other things involved for each plan. The insurance agent can give you details of the average costs of examinations, hospitalisations, and medications and also suggest a plan that you can easily afford while getting the desired services.
The price of personal health insurance is not always fixed and the premium will vary depending on the holder's age. A 70 years old subscriber will have to pay more premium compared to a 40 years old. Normally, premiums rise on a yearly basis above the rate of general inflation. One of the major reason for the rise in premiums is because diagnosing tests are becoming more expensive and these costs are passed on to the policy holders.
Be cost effective
According to experts, bringing down the cost of ownership of a policy depends on two basic steps, which are:
- Making comparisons with benchmark products
- Taking advice from an agent who has good domain knowledge
Numerous types of personal health insurance plan exists in the market, so you must endeavour to choose wisely. You should also note that some health insurance policies offer options for you to choose your preferred hospitals. There are flexible plans that add more treatments, Therefore, health insurance policies need to be judged on the value it offers to the policy user.
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Areas you need to apply caution
When buying a health insurance plan, you need to be cautious about pitfalls too and some areas that needs clarification.
For example, if there is an insurance which offers cosmetic treatment, accident and emergency treatment, it may not work if an organ transplant comes up. So make sure that the health plan delivers at the right time.