Guide To Medical Insurance

Medical insurance ensures that you receive the best possible health care and that you are protected if you become ill or sustain an injury. But, before you purchase a policy, there are a few things you need to be aware of. Read on to find out everything you need to know.

Before you start evaluating the different insurance companies that are available, there are a few things you need to understand about health insurance plans. Firstly, all policies have an annual limit. This is the maximum amount of money the insurer will pay out per year. Once you reach this limit, no further reimbursements are going to be available. You need to ensure you choose a policy that has a reasonable annual limit, as healthcare expenses can soon mount up. You can be looking at a small fortune for treatment, especially if you need to be transferred from one hospital to another. 

Another term you need to familiarise yourself with is ‘waiting period’ – this is the period of time you will need to wait for until you can experience certain benefits. For example, most health insurance plans have a maternity waiting period between 10 – 12 months. This is to make sure that people do not simply get pregnant and then take out health cover. Instead, you will need to have a policy in place before becoming pregnant. 

Finally, pre-existing conditions can impact your eligibility for health plans, yet you need to be 100% honest, otherwise your policy could be void. 

Benefit Options

One of the most important things you need to think about is the benefits you want included in your plan. Below, we take a look at the different options that are available from insurance companies.

The most basic form of medical insurance is in-patient. This refers to treatment whereby the patient needs to stay in hospital overnight. Out-patient refers to any type of treatment that is provided by a specialist, therapist, or medical practitioner, whereby the patient does not need to be admitted to hospital. 

Aside from in-patient and out-patient, there are numerous other benefits that need to be considered. For example, some health policies will include optical care, including the likes of contact lenses, spectacle lenses, eye tests, and laser eye surgery. Some policies also include dental care, which could be anything from simple fillings and annual dental check-ups to complex dental treatments, including dental prostheses, orthodontics, and gum disease treatment. Some even cover in-home senior care and services like this, despite not being a literal medical service.

Maternity care is often including in health insurance plans as an extra, which covers all medical expenses that are incurred during pregnancy and childbirth, including per and post-natal care, specialist fees, hospital charges, newborn care, and midwife fees. 

General well-being, for example, vital signs tests and cancer screening, can be included, as well as long-term care, vaccinations, and repatriation. All of these benefits are available to you depending on the plan and insurance company you choose. 

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