All insurance companies are using the same risk analysis tool to determine policy premiums and deductibles. In most cases, premium and deductible amounts have a direct correlation to the benefits offered by insurance companies. For example, companies that have high premiums are more likely to pay claims compare to plans with lower premiums and deductibles. Below are things to consider before buying health insurance plan.
Things to keep in mind:
Maximum coverage might not be what you need: There are different insurance companies that have maximum coverage of up to 100k. That might work for a comprehensive plan where the insurance will pay most of the bill, but not so much when it comes to fixed benefit plans since the insurance company have fixed amounts for different health care services.
Coverage per sickness or injury vs. per period of coverage: This is something that most people overlook when it comes to health insurance. There are some plans that offer high maximum benefits for the entire per period of coverage while others offer maximum benefits per each sickness or accident. The question is, would you rather get $10,000 per every sickness or get $20,000 for the entire period of coverage?
Fixed benefit plans: Read the plan and speak with an insurance representative to get an idea of how much the insurance company is willing to pay before buying the plan. These plans are normally cheaper than the comprehensive plans. These plans are great for healthy people who just want to have insurance for emergencies than people who seek medical attention regularly.
Acute onset: Knowing whether your plan is acute onset from the beginning will save you time and money down the road. If you purchase an acute onset plan, you will have to make sure that you seek medical attention on time to qualify for coverage. Insurance company will hope that you don’t go to the hospital on time so that they won’t pay the claim. It is wise to simply avoid plans with acute onset condition to be on the safe side.
ACE Network 80/20 is a comprehensive plan that will help you pay 80% of the medical bill after deductible. In addition to that, it has a network of experienced doctors and health care services that will provide discounted services to you and your family. This plan is highly recommended for older visitors (50+ years old).
It is important to understand and align your needs with the insurance plan when comparing different policies. It is very crucial to understand different insurance definitions when comparing insurance plans. Visit our website to view our health insurance plans or call us for more information about our plans.