Health insurance has become really necessary these days. There are many viruses and diseases that are coming every day. For this reason, the need for health insurance has become a must. Almost every company provides its employees with an opportunity to gain health insurance benefits. In fact, even their family is covered under these insurance policies, which makes them financially relaxed in times of any ailment. But what about the ones who are self-employed, business owners, or business employees? They do not get any assigned policies from the authority. In this case, such people can opt to buy health insurance for themselves. Yes, it is possible! All you have to do is look keenly at the policies, rules, payments, and benefits of health insurance and not fall for medical insurance policies. Isn’t it easy? But before you begin to purchase health insurance, here are a few things that you should know prior to avoid any loopholes.
1) Understand the difference between health and medical insurance: Health insurance and medical insurance are two terms that you will come across when you plan to buy insurance. This might cause you a lot of confusion, and you may end up buying an inappropriate one. And that is why you should first understand the difference between the two. Health insurance plans include extensive coverage for many health conditions, while medical insurance plans are just limited to specific emergencies such as accidents, illnesses, or injuries. For instance, in case you are hospitalized for some minor concern, health insurance will be of use here as it covers all the expenses, right from ambulance to medicines used during the hospitalization period. Have you now finalized the type of insurance you will be taking?
2) Advantages of buying individual health insurance: Every policy has a different cover altogether. There are certain payments to make in order to buy insurance which varies from person to person. The biggest advantage of buying health insurance for yourself is that you get to choose from a variety of plans and decide on one as per your ability to pay. As this health insurance will be totally owned by you, unlike jobs, you don’t have to worry about work changes or existing company policies. Also, you have the advantage of verifying whether your preferred hospital or healthcare provider is included in the plan or not. Do you have an existing medical history? You can add riders to your health insurance which might not be possible even with the best medical insurance plan. Aren’t these benefits tempting?
3) Places to buy health insurance: Have you ever received calls from executives who urge you to buy insurance? These brokers or agents are ones whom you can rely on to purchase health insurance. They have many types of insurance and policies such as medical insurance policy, bike/car insurance policy, house insurance, mediclaims, and a lot more. Many insurance companies grant an array of policies and plans from which you can compare and choose the best. If you decide not to buy health insurance from these companies, you can directly shop from the federal or state marketplace as well.
4) Things to check before buying health insurance: As said above, buying appropriate health insurance can be quite tricky. The chances of a person falling into marketing gimmicks are very high. To avoid this, there are a few things that you need to keep in mind before you buy health insurance. Firstly, look at the best health insurance companies as they are reliable and will provide you with the best premiums. Secondly, you need to pay attention to the sub-limit and co-payment options. Many companies have a clause wherein the medical bills while chipped, and a certain percentage has to be paid by the person. This nullifies the purpose of purchasing health insurance. Therefore, this clause needs to be checked.
Once this is cleared, you need to decide on the sum that you plan to insure. Low-sum insured gives fewer premiums as the risk covered is minimal. Simultaneously, also look for a comprehensive plan that covers everything. Compare it with the best mediclaim policy, medical insurance, and other related insurances to ensure that your health insurance is totally different.
5) Know the Application process: Selecting health insurance is easy than the entire buying process. Trust us; it’s very easy! All you have to do is take the help of brokers or other insurance companies to buy you a plan, or you can do it all by yourself. Wondering how? Buy health insurance online from a renowned firm – simply choose the plan you want, read the instructions, look for coverage, decide the EMI and make the payment. That’s all that you have to do! There are many consulting services that can do this work for you as well.
By now, you probably know that you can buy health insurance for yourself. In fact, the benefits are far more than those of company employees as their insurance is tied to the stringent package that their firm offers. There is a chance of flexibility when you buy it solely. Unlike medical insurance, you can opt for group health insurance, wherein the percentage of premiums and EMIs increases with great benefits. It is also recommended to seek advice from your accountant or legal advisor for the best existing policy and better guidance. Once you know everything – buy a plan at the earliest!