- Your monthly premium pay
This is one the most important things you need to consider when selecting an insurance policy. Different insurance companies offer different monthly or annual payment requirements for you to be covered. Although it is important for you to get the best policy plans, it is equally important for you to be able to afford those plans. You need to compare the different insurance providers and see the best policy you can afford. Although health insurance is important and it should feature in your budget, it needs to be affordable otherwise you may end up failing to pay the premium which will result in your loss of insurance.
- Affiliation of hospitals and pharmacies you use to the insurance provider
It is very important for you to find out if the hospital you go to accepts payment through the insurance provider you intend to use. It would be unfortunate if you commit yourself to a particular insurance provider only to find out that the hospital and pharmacies you use do not collaborate with the insurance provider you have selected. It will not matter that you have the best policy plans if you will still be required to make payment from your pocket to see your doctor.
- The medicines covered by the policy plan
This is especially important for people suffering from chronic illnesses. The main reason why you need insurance is for you to have easier access to medical care. It would make no sense to be insured using the best policy plans only to find out that you still need to pay for some of the medication you need for your blood pressure. Always ask for the list of medicines, if any, which are covered by the plan. This way you will know that you never need to worry when you run out of medicine because you are covered.
- What kind of cover is it? Is it a co-shared insurance?
There are different policies offered by the different insurance companies. Some of the policies are comprehensive while others only cover you as an out-patient. It is important for you to understand your obligation in the plan that you choose. If the insurance company will not cover all of your medical expenses you need to come up with scenarios in order to understand what your responsibilities will be for better planning of your finances.
- Are there any deductibles?
Some insurance policies only come to play once you have spent a particular amount of money in your treatment. For example, if your deductible is $500, the insurance company will only pay any amount above $500. You really need to understand this to ensure you get the best policy plans to suit your needs.
