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Features to Consider When Choosing a Health Insurance Plan

Nothing can be compared to the value of health. The duty lies entirely upon you to take care of your health if you wish to enjoy and lead a happy and healthy life. Despite the advancement in technology and invention of new and better ways of treating diseases, each new day still sees the discovery of a new disease. Only a few people will have liquid cash laying around waiting for you to get sick so that you can pay for the medical expenses, particularly during emergency times. This is when a health insurance will come in handy.

Insurance, in simple terms is defined as the agreement or bond between two parties that are legally bound and agree to share any forthcoming risk(s). In other words, it provides protection against financial constraint which is highly likely to arise in times of emergency medical care. Be advised that the policies, level of coverage, and plans of each insurance company will vary from one company to another. Generally, there are two categories of insurance plans – individual and group insurance plans. Before looking for specific health insurance coverage, it’s always wise to discern the difference between the two plans.

Group plans, as the name may suggest covers various people under one umbrella. The plans are normally issued to companies, society groups, and educational institutions groups. The plan works in favor of both the employees and employer and some of its notable features include:

- Has a very low premium level;

- Have tax benefit;

- Gives coverage on the basis of the pre-existing conditions;

- Covers all basic ailments and other main physical conditions;

- No maximum limit for hospitalization expenses;

- Through the plan, beneficiaries (read employees) are able to get extra coverage such as optical, mental, and dental care at a very affordable cost;

- More importantly, premium paid by the insured parties is always very affordable compared to an individual health insurance plan.

Individual health insurance plan on the other hand is acquired after careful examination as the cost of getting the plan varies greatly from one insurance provider to another. Individual health insurance plan coverage is quite costly and can also be referred to as private or personal health insurance. When selecting an insurance plan, you have to factor in the following tips.

- It’s advisable to first consult your personal family doctor before signing up for any insurance company;

- Know about co-pays and deductibles;

- Collect all relevant information about the coverage extended;

- Know the various rates and perks extended by the different insurance providers;

- Establish the credibility of the company.

While there can be some inclusions and exclusions on a typical insurance coverage, in general a policy will cover cost of physical examinations, outpatient and inpatient visits, ambulance services, medications, pediatric and maternity care, as well as laboratory tests. Always stay focused when selecting a plan if only to protect yourself and your loved ones in the future.

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