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5 Things You Should Note When Buying Health Insurance

Do these five things before you buy a health insurance.

By: Karen Cayamanda | March 26, 2020
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Any type of insurance plan protects you from certain life events or “risks” such as sickness, accident, catastrophe, or even death. These events obviously incur big costs if you’re not prepared for them. This is why health insurance is a beneficial product to consider.

Health insurance, more commonly referred to as a health card in the Philippines, is a type of coverage or plan that can shoulder the medical and surgical expenses of the insured. Insurance documents may include technical terms that are hard to understand, making it overwhelming and time-consuming to choose an affordable and credible health insurance policy. Then again, finding the right health card for you need not be difficult. Here are some basic things that you should do before you get one!

1. Start early.

health insurance

As with savings, the earlier you start with your insurance, the better. After all, your health is your greatest treasure and an insurance is considered an investment—something that you can use should the need arise. Many procrastinate, thinking they are prepared enough for any unlikely event, only to regret it when an accident or illness occurs. What you should realize is that starting early means having more time to look at the nitty gritty of the insurers’ products and having a better shot at protecting yourself and your loved ones as early as possible.

2. Do your research.

health insurance

It really pays to look around and get as much information as you can about health insurance providers. This may be the hard part initially, but you will be spending some hard-earned money so it’s worth the effort of looking at different providers and determining what they offer.

Word of mouth is likewise helpful, as getting feedback from previous and current clients of an insurer can give you valuable insights as to how plans are managed. Ask family members, friends, and/or colleagues—they might be able to tell you details that are not discussed to you by the insurers.

3. Determine your budget.

health insurance

How much can you pay on a regular basis? Knowing how much you can afford can help you narrow down your options. Take note that health insurance policies have lock-in periods, so make sure that you can cover the premiums for the entire coverage period.

4. Identify your employment status.

health insurance

If you are employed, your company most likely provides health insurance. Many providers or health maintenance organizations (HMOs) offer corporate packages and they will let you know about your coverage depending on your job position. Usual packages include inpatient, outpatient, and emergency room benefits as well as access to a large network of accredited hospitals, clinics, and other medical professionals. Of course, you can get your own health insurance, in which case you’ll have to manage the regular payments yourself.

If you are self-employed, you need to do all the work—from finding different insurers and comparing their insurance plans, to understanding the coverage and paying premiums. A medical insurance enables you to have your own choice of doctor, clinic, or hospital for reimbursement, as well as benefits as an outpatient.

The selection process can be a bit daunting at first, considering the amount of information that you need to understand. The good thing is that reputable insurers make it very easy for you to understand the benefits you are entitled to in terms of health coverage. Moreover, most insurers have advisers who are more than willing to assess your needs and even recommend the right plan for you. All you have to do is study everything you can on your part.

5. Check your health status and lifestyle.

health insurance

These will play a significant role in determining the type of health insurance plan as well as the coverage that is suitable for you. For instance, most providers take pre-existing conditions into account. These are illnesses that you may already have before availing the health insurance. If you have any pre-existing condition, it may not be covered by the insurance. As with lifestyle, if you are smoking and/or drinking, this will also greatly affect the type of health coverage that you can get.

Taking care of yourself is of utmost importance, especially if there are people who are relying on you. Choose a credible and affordable health insurance so you and your loved ones will not have to worry about the future.

Go to Yoorekka for more practical tips and life hacks!
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About Karen Cayamanda
Karen has more than 10 years of experience in writing for the web. She has covered a very wide range of topics - from health, lifestyle, and life insurance, to sports, real estate, basic interior design, and current events.
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Disclaimer: All articles in the Consumers Magazine of Yoorekka are for general information and entertainment purposes only. Although careful research has been made in writing them, Yoorekka does not make any warranty about the completeness and accuracy of all information presented in our articles. Our content is not intended to be used in place of legal, medical, or any professional advice.
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