Health insurance or medical insurance is a contract between you (client/customer) and an insurance company that provide health insurance service to its clients. The client may be your employer, who buys health insurance for its employees, as mandated by Governments of various countries. Sometimes Govt. also provides health insurance cover to its citizens. In many countries having health insurance is compulsory for every citizen. Even if health insurance is not compulsory in your country, it is advisable to have health insurance. We all should have health insurance and protect our health.
This is one of the most important aspects to consider. The premium of health insurance you buy should be within your limit and affordable to you. One cannot buy a health insurance policy that is beyond financial limit. Select a health insurance that cover most of you healthcare needs and is affordable for you.
Exclusions are the medical conditions that are not covered under a health insurance policy. For example, in most of the cases, pregnancy is not covered under health insurance. There may also be many other medical conditions that may not be covered in a health insurance policy. If you have a medical condition that is not covered under a health insurance policy, there is no use buying such as health insurance plan. If you suffer from any medical condition that is included in exclusions, you have to pay from your pocket for treatment of such conditions, even if you have health insurance.
Common exclusions include ageing, puberty, menopause, pregnancy and delivery, contraception, change of male to female or female to male, plastic surgery procedures, dental treatments, dyslexia, various chronic medical conditions, HIV/AIDS etc. The list is much longer and various health insurance policies have different exclusions. Look for exclusions carefully, before buying health insurance.
Copayments is the amount of money the insurer has to pay from his/her pocket, before availing a service through a health insurance plan. For example, you may have to pay £20 for doctor’s visit. Make sure to find out about co-payments before buying a health insurance plan.
Network of service:
Make sure that your nearest hospital/clinic or your favorite hospital or doctor is on the network of the insurance company before you buy a health insurance plan. There is no use, if your nearest medical facility is not in the network of you insurance provider, as you can not avail the service. If you avail the service, you have to pay from your pocket, despite having health insurance.
If you are a resident of United Kingdom, you have several insurance companies that provide health insurance such as AXA, Aviva UK, Bupa, Prudential Health and many more. In the United States the list of insurance companies providing health insurance is much longer and include Allied Insurance, Berkshire Hathaway, CAN financial, Erie Insurance group, FM global etc. to name a few. The full list is much longer.
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Every individual should heave health insurance and it is one of the necessities of life. You may not need life insurance, but you will need health insurance, because it is certain that you will get sick (suffer from disease of potentially life threatening) many times in your life. Health insurance is very important in life because no matter how healthy you may be, it is for sure that you will suffer from some diseases, may be major or may be minor. So you need to have some health insurance cover.
Insurance is a field many people are not comfortable with as they think it is waste of money. But health insurance facts are different from what many people think about it. Health insurance provides very valuable cover and protection for any health problems, depending on the health insurance policy and specialization of the service the health insurance provide. The benefits of health insurance are peace of mind (most important), protection and health cover, regular health check-up facility etc. to name a few. But while buying health insurance you need to do some research which will be best for you. The lowest premium may not be the cheapest health insurance for you and you should know it. You should always go for the health insurance according to your specific needs and not for the saving a few bucks.
One of the disadvantages of health insurance as many people think is its cost. But the fact is how much it cost to buy health insurance; it is costlier not to have health insurance. Medical bills are very expensive these days and the cost is skyrocketing and without any hope of ever decreasing. So it is very un-smart not to have health insurance which will prove to be more expensive in the long run.
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