Medical Insurance: What to Consider Before Taking One

Posted on 2012-11-21 09:00:11

Before you delve into getting health insurance, there are some things to consider:
  • What is my budget? How much will I be willing to set aside for insurance in my annual budget?
  • What kind of risk am do I want to be insured against? E.g. I can get medical insurance to cover my medical expenses only if I am admitted in the hospital or get medical insurance to cover my inpatient and outpatient expenses.
  • Which insurance should I choose? This will depend on what kind of medical cover you are seeking and your budget
  • What are the conditions being offered by the medical insurance company?
This is what is famously referred as the fine print. This is the first question you need to ask when you are being sold medical insurance. This is applied to companies buying insurance for their employees or for individuals buying their own insurance. This ‘fine print” is usually the cause of bitter disagreements between clients and the medical insurance companies. Questions to ask include:
  • What is the maximum amount the medical insurance will cover in the event of an illness or an accident?
  • What benefits does my medical insurance cover? Does it cover for dental treatment or maternity services?
  • What is excluded from the medical insurance policy?
  • Which hospitals or Doctors does my medical insurance allow me to see?
  • Can I visit the hospital or Doctor of my choice?
  • Do I have to co-pay for medical treatment or does my insurance cover for all costs?
  • Does my insurance cover chronic diseases like cancer, diabetes and HIV?
  • Is there a waiting period for the medical insurance to take effect?
  • What are your conditions for pre-existing illnesses? Do they have a waiting period?
Even after asking question, you need to read the medical insurance policy document before you sign it.