Health Insurance Buying Guide

While medical emergencies do not strike frequently to most people, one cannot afford not to have a Health Insurance with medical inflation running in double-digits in India. Health Insurance is often ignored by young professional and their attitude towards Health Insurance has been somewhat lax. Young professionals show their disinterest in it and most of them give cold shoulder when are advised to get one.

However fiercely competitive corporate environment, extended working hours, unhealthy food habits, lack of exercise, never ending stress and unhealthy habits such as smoking and alcohol are the becoming routines of professional lives today which raises the need for a full fledged insurance plan.

Choosing a health insurance plan which best fits your requirement is an important decision not just for you but also for your family. There was a time when there was no ‘right’ health insurance plan as there weren’t many in the first place. But as health insurance needs of individuals have evolved, insurance companies have been quick to innovate by launching better plans offering a range of options.

Tips to select the best insurance plan:

Start as soon as possible: Procrastination is not your friend when choosing a health insurance plan. Since many people wait until the last minute, websites may be slow and customer service lines may become backed up closer to the deadline. You also may have a lot of options to compare. The more time you have to scrutinize each, the better your chances of finding the best fit.

Evaluate the network of different plans: Take the necessary help from your family doctor, which insurance network they’re included in. As an alternative, you can search the specific online directories for each plan you are looking for.

Find your market place: Look to the Affordable Care Act marketplaces for Health insurance.

Pinpoint maximum premium budget: Before deciding on a premium budget (how much per month you can spend on health insurance ), you’ll want to consider your regular monthly expenses and your typical health expenses. Since lower premiums often mean higher out-of-pocket costs, the cheapest plan available may actually prove very expensive if you access lots of health services throughout the year. If possible estimate last year spending on health care and choose your next plan accordingly. If you can’t afford a very high premium, consider a high-deductible health plan with a heath saving account, or HAS.

Compare out of pocket cost: Any plan’s summary of benefits should clearly lay out how much you’ll have to pay out-of-pocket for certain services. The market place gives a snapshot of these costs of comparison.

As far as what plans cover, options vary, so your next goal is to narrow down choices based on out-of-pocket cost sharing.

Some may prefer low premiums while others with less out of pocket at a time and high premiums. So the choice is all yours to select your insurance plan accordingly.

Compare covered benefits: A particular plan must include all or major points of the following:

Emergency services

Hospitalization

Laboratory tests

Maternity and Newborn care

Mental health and substance-abuse treatment

Outpatient care (doctors and other services you receive outside of a hospital)

Pediatric services, including dental and vision care

Prescription drugs

Preventive services and management of chronic diseases such as diabetes

Rehabilitation services

Everybody at some point in their life, and often on many occasions, will need some kind of medical attention and treatment.