10 Top tips for when choosing a Health Plan

Like most insurance products, we do not realise how good or bad a policy is till we need to claim – which is the worst possible time to realise this. So, to ensure you take out the best possible Health Plan we have put together 10 tips to help guide you.

1.    Select your provider carefully
This may seem a little obvious, but choose your Health Plan provider with care. You want to choose a reliable provider who will not vanish or let you down when you need them the most. Choosing a well-known company that has been established a while will be wise here.

2.    Keep the future in mind
When choosing Health Plan do not just think of the immediate future, always think how your needs may change in the future. If you are newly married, will you may need cover for pregnancy or new born babies?

3.    Choose the right type of cover
There are different types of Health Plans available, do some research, do some comparisons, talk to experts and ensure you choose the most suitable product for you and your family.

4.    Ensure you have the correct “Sum Insured” figure
Sum Insured is the maximum amount that a person who is insured can be reimbursed or covered for in one policy year. When choosing this take medical costs into consideration, but be careful not to over quote else you will be paying too much for your policy.

5.    Which hospitals are on the insurer’s panel
Before purchasing the policy check which hospitals are on their approved panel. This will help you when it comes to visiting hospitals, clinics and other medical service providers. Ensure the hospitals are local to you and have a decent reputation.

6.    Ask how the premium was calculated
A common formula is used when calculating your Health Plan Insurance, but sometimes there are variables such as excess and the Sum Insured, so it is wise to check what these figures are.

7.    Always read the small print
As with all insurance, always check and carefully read the small print. Make a note of all the clauses, and if you are not happy with them then question them. Ultimately if you are not happy with the clauses, question them and if you are still unhappy then simply walk away.

8.    See what others say
The purpose of a Health Plan is to have peace of mind and knowing that you would be protected if the worst were to happen. Before choosing the plan and provider read reviews about both, online reviews are great, but also ask around friends and family who may have the same policy/provider.

9.    How flexible is the provider
A health plan is a long term commitment not just by you but by the provider also. Ask how flexible they are willing to be if your financial and health situations changes.

10.    Ask if the company offers a no claims discount
Like Motor Insurance, many Health Plan providers give you a discount if you do not use the policy. Accumulated these discounts can have a big impact on your premium.

 Culled from www.axamansard.com