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Essential Tips to Buy Health Insurance


The health insurance landscape has undergone a massive change and over the years people have slowly woken up to the fact that health insurance is indeed necessary for them and their family. With skyrocketing medical costs, it is imperative to opt for a health insurance plan that not only protects your finances but also provides you access to the quality heath care. However, buying a medical insurance policy is not a snap decision.

Top Tips to Buy Health Insurance

Review your Financial Health

Before you can start shopping around for a health insurance policy, it is important to test your financial health. Do you live paycheck-to-paycheck or do you have savings in your account? This will enable you to make the right decision about the insurance you need, whether you can afford the premium for the cover and how much you can afford to pay out of the pocket in a year.

Assess Your Healthcare Requirements

Do you have any pre-existing conditions? What type of health care will you need? What prescription drugs do you take? How much did you spend on health care last year? The healthcare needs for an individual influences the type of health insurance plan you choose. So if you spend more on health care then make sure that the plan you select covers these services. You could also consider getting additional covers such as critical illness cover or surgical cover for an added sum to your premium. If you don’t spend much on health care, then you could save money with a plan that provides less generous coverage for office visits or prescription drugs.

Consider Your Family Situation and Age

Compare the different health insurance plans, its coverages and benefits. Remember that health insurance policies are not necessarily one-size-fits-all. This means that you need to buy health insurance that matches your stage of life. If you’re young, single and healthy, you can opt for an Individual health plan with a lower premium, even if it means a higher deductible.  If you’re buying for a family or if you’re older, a plan with a lower deductible will likely help you save on out-of-pocket expenses.

Compare Coverage, Prices and Benefits

Take your time to shop around for different plans and compare them. Get personalized quotes from the top health insurance providers and then do a side-by-side comparison of the benefits and prices of the plans. Ensure that the health plan you choose is based not just on the lowest premium offering but also has the necessary benefits that you have identified. Check if the plans fall in your budget and make sure that the deductibles, co-pays and other policy features match up before you look at the premiums.

Remember that it is not just enough to buy a health insurance plan. You must ensure that the policy covers changing health care needs and inflation as well. So keep these tips in mind to find the right cover without any hassles!

There are different types of health insurance policies to suit individual needs. To find the best cover for yourself, check out our health insurance plans.

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Published on:24 Nov, 2014

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