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With the wide choice of health insurance plans available today, making the right decision may be confusing. Most people feel intimidated by the complex terminology, jargon and other terms and conditions related to these plans. Below are outlined a few factors that can help you choose the right health plan.
Employer plan may not be the best
While being covered under a health plan offered by your employer has many benefits, it may not be the ideal coverage. For an individual who has a pre-existing condition or is not in good health, being covered under the employer group plan is advantageous.
However, for an individual who is generally healthy, it is more prudent to opt for an individual plan. Group plans base the premium on the average health condition of all the members. For a healthy person, this may mean paying a higher premium, which does not make the group coverage the best health insurance plan.
Physician may not be covered
Before you choose the best health insurance plan for your family, it is recommended that you check whether your physician’s fees are covered under it. While some insurance companies do not allow you to use the services of doctors who are not empaneled with them, a few may allow this for a higher fee. Checking this condition before signing the dotted line is crucial.
Lowest premium plan may not be the best
Driven by the imperative to save money, people are drawn towards plans that have the lowest possible premium. However, compromising on the quality of the health insurance plan to save money is not advisable. It is not uncommon for such plans to come with several limitations and exclusions, as well as compromised coverage and benefits. Moreover, factors like the deductibles and co-payment clauses can make these so-called low premium plans more expensive as compared to regular plans.
Do not avoid high deductible plans
Many people fear going for plans with higher deductibles, especially if they are used to comprehensive plans with low or no deductibles. However, if you are in good health and are able to maintain it, higher deductibles can effectively help you save a huge amount in the long run.
From the above discussion, it can be concluded that buying a health insurance plan entails several considerations. It is recommended to commence your search with the group plan offered by your employer. The next step is to narrow your choices based on the other factors such as the inclusion of your personal physician and the status of your own health. Finally, you can make your decision based on the premium, deductibles, and other related expenses that you can comfortably pay towards the health insurance plan. If you decide to choose an individual health insurance plan, it is prudent to compare various plans online, study the features and choose the best health insurance plan that suits your requirements.
Buy and compare health insurance plans at 5 Paisa Insurance.