Buying health insurance can be a bit like navigating through a rough storm. With thousands of different offers, the amount of options you have is almost endless. If you have to hand pick and customise your health insurance cover you have a lot of option, but this can actually make things more complicated. The truth however is that buying health insurance need not be that difficult.
You need to make absolutely sure that you know exactly what you are insured for. This is the real key to buying health insurance since it directly affects your payments. There are 3 things that you need to understand and look into when buying a policy.
1.Hospitalisation Cover: While you can cheap out on general medical cover, the one area where you need to make sure your policy has sufficient cover is with hospitalization. Hospital costs are amazingly high and in case of an accident or emergency, just a week in hospital can ruin you financially.
2. Your Deductible: The one area where most people try to save is with their deductible. The common trend is to carry a low deductible, but in the end it will cost you more. Its much smarter to go for a mid range deductible and $1000 is pretty much a good number to go by – but this depends on a lot of factors. The point is to not just blindly opt for the lowest deductible possible.
3. Co-Pays: This is one of the least understood aspects of health insurance and most people don’t look at this closely enough in their policies. The co-pay is basically the amount of money that you will be responsible for before the insurance kicks in. This concept was introduced by insurers to prevent people from running to the doctor for everything. What it means for you is that your health cover won’t be responsible for minor medical expenses in full and that you will have to pay a percentage. A typical example is a 80-20 co-pay which means that you will be responsible for 20% of the costs. This is usually only for minor expenses and not the case for hospitalisation or anything major.
Saturday, April 10, 2010
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2 comments:
These are the tips which are very helpful in buying health insurance in deciding cover and deductibles. Nowadays people can easily have the health insurance quotes online and can compare different health insurance offered by different companies.
Health insurance in your life it becomes more important that we make sure to compare insurance quotes before making a purchase. Choose an insurance policy like how to buy life insurance
and second to die life insurance that best fits your needs and your pocket and is definitely a tedious task that requires much effort and research as well. Thus it is necessary to go to a detailed comparison of quotes available online on sites with different suppliers.
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