Friday, August 27

5 must know before buying health insurance plans


Health insurance is an insurance plan that covers the cost of your medical and surgical expenses. The health coverage will either reimburse out-of-pocket medical expenses, or the health insurer will make a direct payment to the medical provider.

Medical attention and treatment are required by everyone in their lifetime and on many occasions, in fact. A health insurance plan helps people access healthcare faster and easily.

5 Things to consider about health insurance

  1. Provider network: It’s important to know how many hospitals your health insurance provider has onboarded. If you need a specialist hospital, then, check that the health plan you purchase covers that hospital. A large network of hospitals allows you to choose the best hospital to receive healthcare. Also, you need to consider if your healthcare provider allows you to roam hospitals or you can only use your health insurance in specific hospitals.
  2. Pre-existing condition clause: Many health insurance policies have a ‘pre-existing condition clause’ which states how incidents of illnesses which you already have will be treated under the policy. It is important to be aware of this clause to avoid being denied access to care when you need it. Some policies do not cover treatment of such illnesses at all while others may require that you declare pre-existing illnesses at the inception of the policy. Examples of pre-existing illnesses include thyroid, blood pressure, diabetes etc, that one may have before buying a health plan. Ask your health insurer if the health plan covers pre-existing conditions, and if it doesn’t, ask how you can include it in the plan.
  3. Coverage of maternity expenses: The cost of delivery and maternity are high but buying a health plan that covers maternity expenses will save you a lot of money. Ask your health insurer if there’s a waiting period before you can use your maternity cover.  Also, choose a health plan that covers the new-born baby’s medical expenses apart from the delivery cost.
  4. Preventive health check-up: The cost of preventive health check ups for cancer screenings, MRIs & cardiovascular diseases have increased. If you can include it in your health insurance policy, why not do that? This will save you thousands of Naira. When choosing a medical insurance policy, choose a health cover that gives you access to preventive check-ups.
  5. Claim Process: When choosing a health insurer, it is important to choose a health insurer that offers smooth claim procedure and pays the hospitals on time. A smooth claim process means you can go to the hospital anytime without being turned back because your healthcare insurer has reimbursed the hospital the previous medical expenses. Do some research, read customer reviews, and choose a health insurance provider that is known for fast claims settlement and great relationship with hospitals.

The most important thing to do when buying a health insurance coverage is to read the terms and conditions so you can enjoy the full benefits of your health insurance plan.

Now that you’re armed with information, it’s time to purchase a health insurance plan for yourself, your loved ones, or your employees.