Guide to Buying Individual Health Insurance
Accidents and health issues can threaten financial security anytime—an unexpected hospital stay and a medical care plan might not be enough to cover all the medical services needed. With health insurance ph, the insured’s medical expenses are covered should they get sick or injured.
The insured can also access preventative care such as doctor visits and various tests, preventing the onset of any potential diseases. In most cases, people with existing policies pay nothing after receiving medical care. However, it does not always cover all the expenses.
Illnesses, especially ones that need regular treatments, can be costly, and most people do not have the means to pay healthcare bills solely out of their pockets. Hence, one of the reasons for consumer debt and relevant financial difficulties.
There are various health insurance plans in the country, including one run by the government. In the Philippines, Philhealth membership is mandatory for employees with contributions from the employer and the remaining from the employee’s salary.
Most people have individual health insurance. Private health insurance is bought voluntarily and can offer benefits much more than government insurance.
Before shopping for a health insurance plan or consulting an insurance agent, here are some guides to buying individual health insurance.
How Do You Buy Individual Health Insurance?
Private health insurance policies are generally purchased through licensed insurance providers. A wide range of trusted insurance providers in the Philippines provide benefits for different needs and budgets.
You can contact insurance agents or brokers recommended by friends or relatives. Today, purchasing an individual health care plan is possible online by simply completing an online application via trusted websites. Then select a policy based on what coverage level you can afford.
What do the Individual Health Plans Cover?
Individual health insurance is a policy bought by an individual either for personal use or for family needs like car insurance ph. Depending on the insurance provider, health plans can vary widely.
While it can cost some amount of money, various insurance policies can allow the insured to tailor their plan according to their budget for paying a premium. Before, some insurers deny people’s application for insurance given their worse health condition. However, an individual health plan can cover all the essential benefits regardless of pre-existing medical conditions.
How to choose the health insurance for you?
Most Filipinos choose the cheapest products regarding what it offers, and it usually goes the same when selecting insurance. However, more affordable premiums provide only limited services and access to various physicians or hospitals. Remember to consider the potential health issues you will likely face, as it can help cut costs for availing coverage.
Every insurance provider has accredited physicians, clinics, or hospitals. If you prefer a specific physician or specialist you see regularly, select a plan that covers them. Choosing an in-network provider can help in avoiding extra costs.
Choosing Health Insurance Plan Deductible
The deductible is the amount the insured needs to pay before the health insurance can cover medical billings costs. Regardless if it is your first time enrolling for a health insurance plan or renewing existing coverage, consider between paying a high-deductible or low-deductible plan. Paying for a higher amount of deductibles means getting the benefit of lower premiums.
In contrast, low-deductible health insurance policies carry a lower deductible, which requires less out-of-pocket money before the health plan starts paying. However, it means you will pay more for a monthly premium. Deciding what to get between the two depends on your health situation.
What are Optional Benefits?
There are additional benefits that you can avail of that is not part of your coverage. Availing of such benefits means paying for an additional premium. Optional benefits people can make use of include Dental, Optical, and Maternity benefits. While it entails additional costs, it can help save high costs should the unexpected happens.
What Insurance Company Can I Trust?
Regardless of insurance type, choosing the right insurance company includes checking consumer reviews, and financial standing is essential in ensuring legitimacy. Some engage in fraudulent acts such as unfair claims practices. You can either choose to buy directly through an independent agent or from an insurance company.
Comparing insurance rates from different insurers can help in cutting costs. Before purchasing individual health insurance, it pays to help people find the best coverage in the market today. Moreover, comparing is conveniently done by visiting iChoose.ph with the top and trusted financial providers.
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