Selecting the best value for your money when it comes to health insurance can be difficult. Insurance premiums, deductibles and other benefits all have to be considered in order to choose the policy that is right for you. The following section will help you on how to get the best insurance policy.
Basic insurance terms
The premium is a set amount you will be asked to pay the insurance policy provider to keep your account active. This is determined by undergoing a physical examination which is a requirement before the insurance policy provider can offer you a policy. The examination also helps to determine how risky a client you are. If you are a high-risk client, the provider may require you to pay a higher premium.
The deductible is the initial amount you will be asked to pay after which the policy provider will pay for the rest of the cost. If your policy has a five-day deductible, costs for your stay in the hospital after the fifth day will be covered by the policy provider.
Other benefits to be considered when looking for a health insurance policy include subsidies for medication and doctor’s visits, allowances for wheelchair purchase, and additional coverage for family members.
Selecting your policy: an overview
Usually, the biggest consideration to be made when selecting a health insurance policy is how much the premium is versus how low the deductible is. Generally, the higher the premium, the lower the deductible. A single insurance policy provider may offer you two completely different policies: one that has a premium of $40 per month and a deductible of ten days, and another with a premium of $80 per month and a deductible of three days.
Another thing to look closely into is whether you have a medical condition that needs consistent medication but may not require hospitalization. In this instance, your biggest consideration will probably be whether or not the insurance package offered to you includes assistance with regard to doctor’s appointments and medicines.