Last Updated on 22/03/2022 by Deepak Singla
For many people, getting health insurance seems ominous. However, if you probe further into it, you will realize that getting proper health insurance can end up saving you a lot of money, especially if you are opting for private treatment for any injury or illness.
When it comes to choosing the right health insurance plan, the options are overwhelming. How do you understand which policy is right for you? How can you pick the most affordable health insurance? Well, here is everything you need to know about it.
What is health insurance, and do you need it?
Health insurance can help you pay for private treatment of health conditions. People opt for health insurance for several reasons, such as:
- The treatment for your illness or injury is not available on the NHS
- You might want treatment immediately, whereas, with NHS, you would only receive it after joining a waiting list
- You would like to enjoy the extra comfort of private treatment and hospital
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How to pick the right health insurance policy?
Once you finally begin your search for health insurance policies, you will find several types available. Depending upon the company, the policy as well as the coverage, your health insurance plan will vary. With so many options to choose from, how do you finally decide the best health insurance plan?
Well, you might want to consider that although a comprehensive policy will help cover an extensive range of treatments, it might also not be the best value for more.
Instead, several health insurance policies allow you to pick and choose from different options. You can add things that you need, and omit the ones you don’t require. This can help you save money as well as choose the best plan, covering the treatments you need at the cheapest policy rate.
How to pick a health insurance policy for your needs:
With so many options to choose from, the process of picking the right health insurance policy can become intimidating. However, you can follow a simple method to help you make this choice.
- First, you need to decide what kind of injury or illness you want to cover
- Secondly, check the kind of treatments which you want to cover. These can be dental treatments, physiotherapy, or terminal illness treatments, etc.
The next step is to compare the various health insurance policies by different health insurance companies. Keep in mind that each company will offer variations on the same policy, so be sure to check all the details before you finalize it.
Another option you can explore is to speak to a broker. A professional broker will be able to provide you with the details of different health insurance policies and their quotes. You can get in touch with them either via phone or by using their online services.
How do you compare different health insurance policies to find the most affordable cover?
Once you have all your options at hand, it is up to you to finalize the best health insurance cover for you. You will have to go through the details of all the policies and compare them with a fine-tooth comb to decide. Here is how you can do it:
1. Find out if the policy offers you all the cover you need
The very first thing you should do when comparing different health insurance policies is to check the kind of cover they are offering. While some policies will provide quite an extensive or comprehensive protection, others might allow you to pick and choose just what you need.
Comprehensive covers may seem like the best option. However, they are not always cost-effective or give you value for money. In this case, it is better to opt for a policy that allows you to pick the kind of cover and treatments you need specifically.
2. Find out the cost of the premium
Typically, you have to pay a premium cost per month when you opt for a health insurance policy. These, too, differ from policy to policy and company to company. Compare the prices of the premium of different policies and pick the one which fits in within your budget.
3. Be wary of optional extras
Many health insurance policies will offer optional extras like dental care, optical care, and even psychiatric treatment. Of course, all of these are valuable additions to your health insurance policy. But keep in mind that the more extras you add, the more the price increases.
If your main priority is to keep the costs low while still getting benefits from your health insurance policy, then be careful of these optional extras. Decide if you do need the extras, or you can do without them. If yes, then opt out of them, as they will help you cut costs.
4. Increase the excess to reduce the monthly price
There is another option for you if you wish to keep your premium costs low. You can choose to increase the excess that you pay upfront. On doing this, immediately, you have to pay lesser each month for your premium. If you research enough, you will find several health insurance companies offering different options on excess payment.
You must read all the terms and conditions before you opt into anything. Keep in mind that these companies always wish to make profits so that they might add little details in tiny print. If you cannot understand the legal documents, then hire a professional who can help you with this.
Most health insurance companies will charge you the excess in two different ways- either they will cost you an excess yearly. Or they might charge you an extra every time you make a claim.
For obvious reasons, it will turn out more affordable if you choose the former option. Make sure that you read all the details and terms and conditions carefully before making a choice.
5. Reduce your hospital lists
When looking for affordable health insurance, this is another excellent option to help you keep costs down.
Reduce the list of hospitals from which you would want to receive private care. Of course, this option will make more sense if you come from an area where you have a lot of hospitals to choose from. You can also choose to opt for only local hospitals, as this will always be a more affordable option.
You can also look into providers that offer you a choice between a network of hospitals that provide advantageous rates. How does this work? Well, the providers have to pay less on your claims with this network of hospitals. In turn, this passes on to you, and you can pay lower premiums.
When it comes to your health or your families, you can never be too careful. Many people often shy away from health insurance policies, thinking that the cost of premiums would be too high or unaffordable. However, this doesn’t necessarily have to be the case. With a little bit of research and patience, you will be able to figure out the right ways in which you can find affordable health insurance plans for yourself. You should look into taking the help of a professional who can guide you through this process and help you choose the most affordable policy cover.
