Everything You Need to Know in Buying a Health Insurance

In 2020, $3.2 billion dollars was allocated to the health sector by the Philippine government and $1.3 billion went to health insurance corporations. So, if you don’t have a health insurance plan, now is the best time to get one. However, with the rising number of health insurance plans in the Philippines, it is increasingly difficult to pick the best plan that fits you. There are many processes you have to go consider in availing the right plan, and reading out all the policy wordings can make this process a bit challenging.

However, fundamental factors would help you pick out the best health insurance plan with the features you really need. This informative piece underlines everything you need to know about buying health insurance to help you make the right choice.

1. Be Honest About Your Medical History

The first step in buying yourself health insurance is knowing your health history and being honest with it. Vital information like age, pre-existing ailments, and family medical history would help your Financial Advisor assess the appropriate health insurance plan for you. Concealing your pre-existing condition to get your preferred plan at the least possible cost may become a problem when you need to claim against it. Insurance companies are keen on investigating a claim and we don’t want to end up having the plan being void. 

2. Know the Claim Process

The claim process is fundamental and should be one of the most important questions you should ask your preferred Financial Advisor or Health Benefit Agent. A reputable insurance company should have a simple and straightforward claim process.

Once the claim process is smooth, it makes the settlement process faster. A reliable health insurance company should also have a fast and responsive customer care service to enable you to resolve any issues you may have.

3. Know Your Income

Before picking the right insurance plan for you and your family, you must know your income level to help you make the right choice. Your yearly income level will help you choose a good plan that would not be exorbitant in the long run.

Also, if you are young with no recurring ailment, you may not have to pay so much for the right health insurance plan. Thus, you must discuss these factors with your Financial Advisor to help you make the right choice.

4. Know the Plan’s Network

In choosing an HMO provider (e.g. Maxicare) to take care of your in-patient, out-patient, and emergency care, endeavor to check out the way a plan works before you choose. 

You should find out the plan’s network of hospitals if you’re opting for an HMO. While the plan will cover your total health expenses, it does so in a select network of hospitals or health care homes.. So, it would do you much good to get a hold of all the plan entails before choosing a plan. 

A company with an extensive network of hospitals like Maxicare would make it easier to settle claims in hospitalization and medical emergency cases. The insurance company settles the medical bills with the hospital, and you would not need to worry about the process.

5. Know the Extent of Coverage

Major insurance companies in the Philippines offer a myriad of different features to cover any possible health scenario. There are health insurances that offer critical illness coverage up to age 75 or 100; 10 to 100 types of critical illnesses; offer minor critical illness claims or gender-specific claims; 3x claim for major critical illnesses, and even returns all the premiums paid at a certain age when you weren’t able to do a major critical illness claim. With a competent Financial Consultant, the right health insurance plan vis-a-vis budget can be availed. 

Final Word

The following tips would help you get the best out of your health insurance plans. Health insurance comes in handy during medical emergencies, and you must work with reputable health insurance companies for a great experience. 

Whether you opt to have health insurance or an HMO, it is best that you consider these tips to protect you from devastating medical expenses.