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Top 8 Tips To Choose The Best Health Insurance Plan

With medical costs are skyrocketing, getting a health insurance plan is becoming a trend nowadays.  Proper health insurance is a lifesaver. It keeps your healthcare cost reasonable. You don’t have to worry about medical expenses anymore.

Finding the best health insurance plan is not an easy job. A wrong decision could make you suffer for life. As health insurance is a big part of your life, we thought some of our tips could be helpful to you to choose the best plan. But before revealing the tips, let’s have a clear idea about the health insurance plan.

best health insurance plan

Health Insurance Plan: What and Why?

The health insurance plan is insurance coverage that covers the medical and surgical costs of the insured individual. Health insurance will protect you from unexpected high medical costs. It usually includes preventive health services like a vaccine. It is excellent for emergency services.

You must know that health insurance is not cheap. Though it seems expensive, it has future monetary benefits.

8 Tips To Pick The Best Health Insurance Plan-

Tip 1: Know your health condition

A health insurance plan is costly. So you must consider your health condition before buying one. Your health condition will determine whether you need a plan or not. Some medical conditions need constant care and attention, like diabetics. Some conditions cost a lot like kidney disease. 

You may also want to consider your age and family history of the disease. Regarding all these facts, you will get a clear idea about what types of health insurance plans will suit you the best.

Tip 2: Know your options

There are many types of health insurance out there. Not every insurance will bring you the best outcome. You must be well aware of your options before choosing one.

For example, there are different types of health insurance in Canada– individual health insurance, dental insurance, Group health insurance, Disability insurance, Critical illness Benefits, etc. You need to consider your employment nature too. There is some excellent health insurance offer for employees.

know your health insurance option

Tip 3: Consider the waiting period

A health insurance provider and policyholder need to set a time gap after which the policyholder is going to get the service. This is called the waiting period. You have to choose the waiting period wisely.

If you have a pre-existing health condition, you need to choose a plan with a lower waiting period. If you anticipate an adverse health condition in your 50s or 60s, then an extended waiting period is okay.

Tip 4: Beware of the sub-limits

Some health insurance plans have other features. It may sound lucrative these sub-limits. However, try not to fall for these kinds of traps. Sub-limits limit your claim amount. In this way, your primary purpose may not get fulfilled.

Tip 5: Read the benefit list

Read the list of benefits that your insurance plan is going to plan for you. Make sure that it covers hospitalization, lab tests, emergency services, outpatient services, dental services, and everything you need. If something gets overlooked, you may regret it later.

read the health insurance benefit list

Tip 6: Check the drug list too

Drugs can be costly. Some health insurance plans would cover some specific drugs or include no medications at all. If you need medicine regularly and it is considerably expensive, then you have to make sure that this drug is on your insurance plan’s list.

Tip 7: Reevaluate the plan early

It’s not wise to just buy a plan and forget about it. There may be new offers, or better opportunities lie in the future. You may miss it if you don’t reevaluate your plan from time to time. There is a specific time of the year when you can change or renew your policy. It’s called open enrollment. Think of changing your plan if you get a better one.

Tip 8: Keep an eye on the four factors

Your location, your area, the number of your family members, and tobacco use- these are the four factors you should give attention to when you buy a plan. These factors will determine how much a policy would cost you.

The Bottom Line

A health insurance plan is a sensitive issue. Your life and your family member’s life is involved here. One wrong move can cost you dearly. Though tips are helpful, you also have to think about your situation. You know yourself better than anyone. Therefore, you are the one to know what suits you the best.