3 Things You Need to Do Before Purchasing Individual Health Insurance Policy

3 Things You Need to Do Before Purchasing Individual Health Insurance Policy

Health Insurance is an essential part of our life. It gives us comfort and peace of mind knowing that our medical bills won’t rip us off. But choosing the best individual insurance policy is not an easy task. You have to compare every plan carefully so you can get the best benefit. Here are 4 important things you must consider before purchasing a policy.  

Choose Plan that You Need the Most
It is best to know your thorough medical condition before shopping for health insurance. Make sure you choose insurance plan that will cover all your medical needs. If your family has a history of fatal disease, you might want to choose a plan that will cover this medical condition. But if you are in a good condition, maybe you want to switch to another plan.
This is important since the plan you choose will directly affecting the monthly premium you want to pay. It is okay to prepare for the worst, but overbuying will only burden your financial condition in the future.

Look Carefully at the Network
Every insurance company will have their own network of doctors and hospital. If you are lucky, your doctor will be in your insurance company’s network. But if you aren’t there are two options you can choose. Firstly, you can switch doctors following the insurance network. But make sure you research the quality of the doctors first.
Or you can choose the second option. Ask your doctors in which network they are a part of and you can consider to purchase that plan. Some insurance companies allow you to switch to doctors or hospital outside their network, but you will need to pay high additional price. Therefore, make sure the insurance company you choose has your preferred doctors in their network.

Compare the Monthly Premium with the Out-of-Pocket Costs
You may be tempted to choose health insurance premium with lower price, especially because insurance premium rate is currently skyrocketing. But don’t be tricked with low monthly premium. Low monthly premium means the insurance only has limited coverage. If someday you were sick or got into an accident, it’s possible that you will pay more out-of-the-pocket cost. Add it with the premium you must pay monthly, you might end up losing more money.
If you have serious medical condition or you’re planning to have a baby, paying higher premium can be more beneficial. Premiums can be very expensive, but if you choose the best plan and coverage benefits, you can get the best out of your healthinsurance.