Health insurance provides risk coverage against expenditure caused by any unpredictable medical emergencies. In current times of high medical increase rates, failing to hold plenty amount of health insurance cover can prove to be a major personal finance blow. This could lead to either poor health care because of non-affordability or twisting an individual into financial misery due to high medical bills.
There are two common mistakes when it comes to buying life insurance and health insurance.
• People don't get insured in proper time
• When they realize that it’s getting late, try to over-compensate by buying too much insurance.
So, for your benefit don’t you think that you must get insured at the right time? You definitely have question, why should I buy health plans, should I get benefited or not and many more. So, we give the reasons, let’s check those.
Top 5 things to know of health insurance
1. Different health insurance policies can offer different benefits, and some can limit which doctors, hospitals, or other providers you can use.
2. You may have to reimburse a deductible each plan year before your insurance company starts to pay for care you get. For example, let’s say your deductible is £200. You have a £1,250 emergency room visit. You pay the first £200 to cover the deductible, and then your insurance starts to pay its share.
3. You may have to pay co-insurance when you get a medical service, like a doctor visit, hospital outpatient visit, or a prescription. Co-insurance is usually a percentage amount (for example, 20% of the total cost). It is usually a fixed amount.
4. Health insurance plans contract with networks of hospitals, doctors, pharmacies, and health care providers. Depending on the type of policy you buy, your plan might only pay for your care when you get it from a provider in the plan’s system, or you may have to pay a better share of the bill.
5. Starting in 2016, most people are required by law to have health insurance, or pay a fee with their income tax return.
We also have an upper age limit for the policies which means he or she would have limited options after his or her retirement. So, they can enjoy the benefits of our cumulative bonus, by renewing the policies without any claims.