23.9 C
Sunday, May 22, 2022

Finding the Best Health Plan for One’s Family



Choosing the right health plan is a difficult decision. There are many different plans to choose from, and each one has its pros and cons. This article will focus on finding the best health plan for their family to make an informed decision about which plan works best for them. Here are some best tips that will help in buying the best health insurance plan for family.

1) Start with Whole Life Insurance:

As the name suggests, ‘whole life’ means that if one dies, their family members will get compensation unless they stop paying premiums. If due to any reason an individual stops monthly premium payment, their benefits under the policy stop too. This type of cover may not be suitable for all people as there could be situations where one needs money urgently and therefore cannot pay the premium out-of-pocket cost or delay monthly installment purchase.

2) Buy Term Only Plan:

Term plans are very affordable and cover only them for taking the health care plan. The term will typically be five to seven years at most. This type of plan helps in budgeting insurance fees, since it is only a monthly installment cost that needs to be paid.

3) Avoid Renewable Plans:

These types of plans are for people who want their policies to keep renewing automatically even if they don’t need them anymore. Sometimes, due to non-payment of premium or any other reason people withdraw from these kinds of policies. Of course, if one dies during this time, their family does not get anything but otherwise, they are quite lucrative for both parties involved, i.e. insurance companies and individuals.

4) Silver Lining:

Silver lining plans are again a type of renewable health care plan but feature an adjustable premium feature. The payer can adjust his monthly installment cost to add dependents or remove them from the list in this kind of policy.

5) Don’t Forget to Check out Riders:

Riders are additional cover that one can buy for their existing health care plan. The term rider is normally used in whole life insurance plans, but they also exist in term policies as well. Some common riders are accidental death benefit, critical illness benefit etc.

6) Make One’s Cover Portable:

One wants their medical insurance to be their companion at all times by making it portable, i.e. making it available anywhere at any time. The best way to do this is to buy a health plan from an insurer that has tie-ups with networks across the world, so that they get coverage everywhere.

7) Use Online Network:

Many people have professional knowledge about medical policies for their family. In addition, one may use online forums or even ask their friends to guide them in buying a good medical insurance plan according to their requirements and affordability.

8) Don’t Neglect Pre-Existing Conditions:

Ensure any pre-existing condition must be covered under one’s health care plan. This is because one might have taken a medical insurance for their family from a certain insurer and if that insurer does not cover pre-existing conditions, then it will be useless. Hence, find out about the policy term of the company before going ahead to buy a new health care plan.

9) Use Technology Wisely:

Make use of technology in the selection process as there are many platforms, e.g. apps on which on can compare plans offered by different health care providers at a single place. As a result, they will be able to compare prices and features and benefits of their respective policies, making it easier for them to make an enlightened decision regarding buying one for their family members or self.

10) Buy Health Care Plan that Covers All Family Members:

One should buy a health care plan that covers all their family members to not be left alone in difficult times.

11) Don’t Forego Pre-Existing Conditions:

Many people forego pre-existing conditions because it means paying less for the medical plan, but one shouldn’t do this since it is important to protect themselves or their family from any disease before it starts. For example, if someone has cancer, then treatment is curative and its cost is very high, but if one develops cancer after taking insurance, the cost of treatment will be borne by the insurer only.

12) Compare Benefits & Features of Different Plans:

There are many factors like sum insured (in case of term plans), benefits, pre-existing conditions, etc. Therefore, one should consider before buying a health care plan for their family members. That is why it is essential to compare the benefits and features of different plans at one place, i.e. online platforms or through apps that will help them make an informed decision about buying a new insurance plan.

A very reputable company called Care Insurance takes care of all of the above tips in their service.

Image by Hailshadow
Mick Pachollihttps://www.tagg.com.au
Mick created TAGG - The Alternative Gig Guide in 1979 with Helmut Katterl, the world's first real Street Magazine. He had been involved with his fathers publishing business, Toorak Times and associated publications since 1972.  Mick was also involved in Melbourne's music scene for a number of years opening venues, discovering and managing bands and providing information and support for the industry. Mick has also created a number of local festivals and is involved in not for profit and supporting local charities.