Health insurance is a necessity in today’s world. However, finding the right coverage can be a complex process filled with jargon, complicated terms, and confusing concepts.
Here are some tips to help you choose the right health insurance plan for your needs.
1. Doing research is essential
When it comes to choosing health insurance, doing research is essential. If you’re not aware of insurance policies, this means consulting a seasoned professional who understands the ins and outs of your choices.
You can consult two kinds of professionals—an insurance agent or an insurance broker.
Insurance agents work exclusively with one insurer; they may be able to offer you lower prices, but they can only do so with their specific plans.
A broker’s advantage is that they work with multiple insurers and can shop around for the best price on your behalf.
Once you’ve secured a reliable resource for advice, keep several things in mind during your search for coverage.
First of all, don’t be afraid to do some independent research online—this will help put your consultant’s advice into context and give you a better understanding of what questions to ask them before making a decision.
Also, make sure that whatever plan you choose offers more than just low prices. Check their website to see if they are patient-friendly (by offering such conveniences as paperless bill payment) and have strong customer service credentials (good reviews from existing customers).
2. Ask for help from an insurance agent
When choosing health insurance, the most important thing to remember is that you’re not in it alone. There’s no reason to feel like you need to make all the decisions or know all the answers yourself.
In fact, if you try to go do it alone and figure everything out on your own, we can almost guarantee you will miss something or choose a plan that doesn’t fit your needs.
There are plenty of resources available that can help walk you through the process of comparing plans, including licensed insurance agents.
Insurance agents or brokers can help you understand what various plans offer and how they compare with one another.
Most importantly, an agent should be able to break down complicated terms for you to make sense of what your options actually mean once they hit your wallet each month.
3. Shop around for your plan and ensure it’s affordable
Before making a final decision on the health insurance plan you’d like to sign up for, make sure that you’re choosing a plan that’s right for your medical needs and your budget.
When choosing an affordable health insurance policy, consider a deductible, copayment or coinsurance, and out-of-pocket maximum.
The premium is the amount you pay each month to have health insurance (either through your employer or independently).
The deductible is the amount you have to pay before your insurance starts paying out benefits—for example, if your deductible is 3,000 AED and something happens where you need care that would cost more than 3,000 AED, then your insurance would kick in.
A copayment is a fixed dollar amount (say 30 AED) that you pay at a doctor’s visit or when picking up prescription drugs; coinsurance is when you typically pay a percentage of the total bill (like 20%).
Your out-of-pocket maximum is another way of saying what’s the most money you could possibly spend on healthcare in this calendar year. Once you reach this limit, all of your care for the remainder of the year will be covered entirely.
4. Compare the plans you qualify for
The next step is to look at the insurance plans you qualify for and determine which one is right for you. Consider how much a plan costs along with its coverage details, such as the deductible, copays, and coinsurance.
You want to make sure the plan covers your health needs, whether that means covering the doctors you see or your prescription drugs. And be sure to check that your preferred doctors accept that insurance before enrolling.
Finally, think about how much money you can afford to spend each month on premiums and out-of-pocket expenses when you need care. Most people have more than one option for an individual health insurance plan that they can purchase directly from a health insurer.
Finding the right health insurance plan is important for your future and security. Similar to how you should consider every aspect before purchasing car insurance or travel insurance, the same goes for your health.
You may also seek the help of a financial advisor to gain proper insight into different insurance plans for your needs.