Medical emergencies can happen at any point in one’s life. Rather than spending time arranging finances for bills at the last moment, it is always safe to have a backup ready. And, for that, we have health insurance. These insurance policies provide coverage for the cost of medical expenses incurred by an individual or a group.

If you have health insurance, it can also cover a range of medical services, including doctor visits, hospitalisations, surgeries, and prescription medications. An individual is expected to pay a monthly or annual premium to an insurance company in exchange for this coverage. In the event of a medical need, the insurance company will pay for some or all of the medical expenses, depending on the terms of the policy.

This is not only beneficial in providing you relief in case of an emergency but also keeping you tension-free in terms of expenses even when there is inflation in the market.

Before buying health insurance, here are three important things you should consider:

1. Coverage: You need to check what is covered and what is not. Look for a policy that covers the medical expenses that you are likely to incur. Consider the type of healthcare services you need, including outpatient care, inpatient care, prescription drugs, and mental health care. Be aware of the limits of coverage for each type of service, as well as any deductibles.
2. Network: It is essential to check whether the health insurance policy has a network of healthcare providers and hospitals that you can use. If you already have a preferred doctor or hospital, make sure that they are part of the network. You can also consider if you need to have the flexibility to see out-of-network providers.
3. Cost: You should understand the cost of the health insurance policy. Consider the premium you will need to pay for the policy, along with any deductibles, co-payments, and coinsurance. Also, consider whether the plan offers any discounts for paying annually, or for being part of a group plan. Be sure to choose a policy that fits your budget while also offering adequate coverage.

In addition, health insurance can offer peace of mind knowing that you and your loved ones are covered in case of an unexpected illness or injury. It can also help you maintain your financial stability by avoiding medical debt and bankruptcy. Health insurance is a valuable investment in your overall well-being.

• News18 Business
• 07/04/2023