Best Health Insurance Tips 2020

What is Health insurance?

Health Insurance and Medical Insurance are the same and cover the eventuality in case one cets ill and are in need of money to pay for medical expenses which include consultation, hospitalization, medicine and treatment cost during liness or injury.

Why is Health Insurance important? 

It is deemed the most important insurance coverage for an individual which ensures that you have sufficient financial coverage during such unfortunate events.

It is also commonly confused with Life Insurance which covers the eventuality of death, where the sum assured oes to the Nominee.

The money would be handy for the dependents in case of your untimely death and not for medical related fees

Choosing the right health insurance for yourself might be a bit confusing a first but once you know the basics and essentials, you may discover that the process of buying these insurance policies really isn't that complicated.

Follow these tips so that you know where to get started

a) Understand your policy

Your health insurance can help you keep your healthcare costs manageable. But many individuals and families may not be maximizing the benefits their insurance provides and could ultimately be paying significantly more than they need to for healthcare as a result

Keep those benefits documents you get when you sign up for your insurance plan safe, secure and handy. They will be very useful for providing information when you need referrals to see specialist and need intensive care. Study up and educate yourself for you to get quality care at significant savings

b) Understand the benefits

Everybody is different. Literally. We all have different needs. With this in mind, know that there is no ultimate plan that works for everyone, meaning that you need extensive research to acquire in-depth understanding before buying insurance of any kind - not only for health insurance

The following are basic benefits in health insurance policies which are very important to understand beforehand:

i)Annual limit and Lifetime limit

The annual limit is the total claimable amount by the insured per year while the lifetime limit means the total claimable amount by the insured within the policy period.

ii) Hospital accommodation

The benefit limit for hospital stay, Upgrade of wardroom which results in exceeding the benefit limit is subject to terms and conditions listed in your contract. Needless to say, take note of these small details.

iii)Intensive care unit

This refers to the benefit limit for confinement in intensive care unit

iv) Outpatient treatment

This refers to the costs incurred when your treatment is done without staying in hospital including day care procedures, kidney dialysis, diagnostic test and cancer treatment among others

v) In-hospital/ inpatient related services

Fees incurred by costs not related to accommodation and food, such as surgery, hospital supplies and services, anaesthesia, operating theatre and specialist consultation, when you are being admitted to hospital

Admitted to hospital means you are spending at least a night at hospital due to your current injury or condition

c) Look for package deals

Some companies offer package deals for insurance Basically, there are some offers that include health insurance and life insurance with a single price.

On top of that, some even include 3-in-1 policies that cover health and life insurance, along with a saving plan-where at a certain age, you can cash out a certain amount of money over a period of years of buying the policy.

In short, be smart and compare different policies, take not of the terms and conditions of each one as

d) Increase premiums for extra coverage

Every health insurance policy offers different coverage for their customers and it's too broad of an area to menton all in a list, but these are some of the major factors that could increase your premium according to your condition.

  • First time buyer
  • Gender and ace group
  • Being a Smoker
  • High risks involved in your job
  • Family history disease
  • Past medical history

However, there are some cases where your premium can be increased depending on your choice.

So be diligent and around and do some research on the insurance companies around you and choose which suits you do best.

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