Having medical insurance offers a great advantage for when your or your family’s health takes an unexpected hit. Some people refuse to get insured due to a preconceived notion that they will not need it.
The purpose of having insurance is, of course, to be sure that you are covered when the unforeseen actually occurs. Medical insurance prepares you for anything. Should the time come that you would need it, would you rather have insurance or not?
People who do have insurance, however, are sometimes unable to take full advantage of their policy—either because they were misinformed or because they just went for the cheapest plan they could find. Do not make the same mistake. Here are a few tips on how you can get the most of your health insurance plan.
Watch out for the term “deductible.”
Sign up for medical insurance with the lowest deductible. A deductible refers to the amount you will be paying for any medical expense using your own money, until the insurance provider steps in to pay for the remaining costs. Lower deductible means wider coverage from your insurance company. If you sign up for medical insurance, deductibles are definitely a major consideration.
Save money on group policies.
Insurance policies are available for both individual or group enrolment. Group policies are a good option if you want to get insurance for yourself as well as other family members. They tend to be easier on the pocket, so if this option is available to you, go for a group policy and save a huge amount of money.
Higher premium rate isn’t always a bad thing.
A premium is the price you pay for insurance protection for a specific period of time, for a specified risk. Many people look for policies that have lower premiums. Sometimes though, paying a lower amount on your premium might mean that you will be dealing with a higher deductible. In the long term, the higher premium rate may actually be the cheaper alternative.
Is your doctor in your insurance provider’s network?
Everybody has a favorite doctor. A family or personal doctor makes the whole experience of having a check-up less stressful. If you visit the same doctor regularly, make sure that your doctor belongs to your insurance provider’s network. Confirm with your insurance company through their website or by giving them a call. You can also simply ask your doctor for an insurance provider he or she can recommend.
Avoid the ER unless it’s an absolute emergency.
You will be spending more of your own money if you go to the emergency room. It is better to schedule appointments with your healthcare specialist instead of rushing off to the emergency room whenever something ails you.
The emergency room is for emergencies, and unless you have one, go through the proper channels of setting up medical appointments. This would save you money and allow you to use your health insurance card or policy.
You can further maximise your medical insurance by learning the ins and outs of your policy. Make sure to compare all the relevant details so you can get a health plan suited to your unique needs. Use our free and comprehensive comparison tool to save time and money.