Things to Look for Before Buying a Medical Insurance

Medical emergencies are one of the many uncertainties our life is filled with. With the increasing cost of healthcare, the need of getting medical insurance is more important than ever. However, there are so many options that it might be confusing for you to find the one that works for you. That is why we will be laying down the top 5 things you should know before buying medical insurance.

• Age

This is one of the most important factors you need to consider while buying medical insurance. The age of your family members who have to be insured should be kept in mind while making the decision. This is because, in a family floater policy, the age of the oldest member of the family will determine the cost of the premium.

• Combination of coverage and premium

Health insurance that has the lowest premium might seem like an attractive option at first. But, there is more to it than what appears. A policy that comes with less premium might be good if it is also offering your extensive coverage. You don’t want to miss out on insurance coverage to get a lesser premium. What you need is a policy offering adequate coverage that doesn’t compromise on the premium or benefits.

• Waiting period

Knowing the waiting period clause will help you make a better decision while buying medical insurance. The insurer won’t be accepting claims that have arisen from specific illnesses during this period or pre-existing illnesses. This waiting period can be anywhere between 2 to 4 years depending on the plan and the insurer you have selected. When the waiting period is over, you can claim the benefits. This waiting period applies to pre-existing illnesses that you might have before you bought the policy such as diabetes, blood pressure, thyroid, etc. This period is also applicable to some illnesses and treatments such as arthritis, cataract, varicose veins, etc. That is why it is important that you select a plan with the smallest waiting period. This allows you to claim the benefits quickly during a health emergency.

• Cashless benefits

Medical insurance companies often have tie-ups with hospitals where you, as an insured member, can get cashless treatment during a medical emergency. This way, you don’t have to go through all that tedious paperwork required during claim and admission. Also, the insurer pays the money to the hospital directly so that you don’t have to make arrangements for money and then file for reimbursement. Make sure that you ask your insurer for a list of hospitals that they have tie-ups with.

• Coverage pre and post hospitalization

Health plans usually only cover the medical expenses incurred during hospitalization. What you need is a plan covering the expenses incurred pre and post your hospitalization. This way, you will be able to save money on medical tests, doctor fees, medicines, ambulance charges, etc.

Now that you know the top things to look for before buying medical insurance, you will be able to make the right decision. Please note that the Phoenix Family Medical clinic accepts most medical insurance. Our Providers and Physicians at Phoenix Family Medical Clinic treat and provide care for kids with ADHD, depression, and other disorders.

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