When it comes to insurance, affordability does not guarantee good quality service.
Unfortunately, most people associate affordability with substandard services.
Do most people often ask why they should take up a health insurance policy yet they rarely get sick?
Well yes, they do, a health insurance policy seeks to help you spend less in case of illness or an accident that may result to need of medical care, and in some cases, the insurance covers you completely unless your cover is depleted.
It is wise to note that a healthcare insurance policy is not only important for individuals with terminal illnesses but also you and me.
As years go by, health insurance policies are becoming more expensive by the day since their demand is rising with the increase in diseases and infections among other variables that drive the cost of insurance to skyrocket.
Since there are many health insurance providers you should always consider doing thorough research first, then, and only then will you be able to be at a position to make a conclusive decision on which health insurance policy you will settle.
Here are a few tips compiled to enlighten you on what consists of good affordable health insurance to give you a smooth experience as you shop for a policy. Whatever you need to know; we got you.
So, what is good healthcare insurance?
- Good affordable health insurance is one that offers increased access to good facilities and care. This is where the premiums and out of pocket health costs are minimal despite the quality of the healthcare services being good. This is where quality meets the minimum cost.
- Balances cost and coverage well. Cost in this case refers to the amount of money that you may be required to pay when you are receiving medical care also referred to as out of pocket cost. Coverage on the other hand is the amount of money that the insurance provider caters to in your policy. For instance, in case of an admission (inpatient) to a hospital; a good and affordable insurance policy will ensure that part of the bill is covered and the other part is out of pocket billing from the individual. If the insurance caters for bed and food; the out of pocket cost covers the medication.
- Good and affordable insurance is one that puts the needs of the beneficiary first. However, it is the sole responsibility of the beneficiary to know what their exact needs are and to research on different policies before settling for one that fully meets their needs. This is because different health insurance policies could have a similar premium cost but have different provisions. For example, the premium amount of X could be similar for two bouquets. Bouquet A could have more out of pocket charges but the healthcare facilities on that bouquet could be privately owned. The bouquet could have less out of pocket value but the healthcare facilities on the offering are mission or community-based. Affordability in this case will be fully independent of the individual’s income and amount of need.
- Good and affordable health insurance is also designed according to the majority needs of the people. We can all admit that health insurance or any other kind of insurance varies from country to country. This is because there are first to third world countries whose economic status and abilities are quite different and what is considered affordable in one country could as well be luxurious and expensive to the other. Therefore, every health insurance policy provider should tailor their plans according to the economic capability of their customers and that will ensure the provision of a good affordable insurance plan.
- Flexibility is another characteristic of good health insurance. The greatest limitation when it comes to health insurance is flexibility in payment. This is how often you pay the premium. Most people receive their paycheques monthly therefore, it is more convenient and flexible to make monthly deductions from your paycheque than a one-off annual fee.
- Good and affordable health insurance is also dependent on the credibility of the insurance provider. Service delivery is the utmost determining factor for measuring the credibility of an insurer. A good policy carried by a brand that is not credible is not worth taking since health insurance fully depends on service delivery. Always look out for company reviews from their clients before purchasing your health insurance policy. The affordability of your insurance should not mean that you get poor services. You should take into consideration the reputation of the service providers you choose. The credible provider will equal good service.
- Good health insurance can also mean one that has a lower cost but with improved services. This will help low-income earners benefit from good affordable health insurance services and many small and medium enterprises provide good policies for their employees. This will encourage more people to take up health insurance covers for themselves and their loved ones.
The cheapest kind of health insurance policies are not necessarily the ones with the least cost of premium but the ones that are affordable but still offer the beneficiaries the necessary amount of coverage considering your medical needs and health.
As we earlier mentioned affordability does not mean bad quality.
It is very possible to have a good affordable insurance policy for you and your loved one. Though it may require you to delve in in-depth research and combing through different policy providers to get the best and affordable policy for you; it will be worth it.
With the numerous policy providers offering good affordable health insurance policies, we encourage you to consider taking an insurance policy for you and your loved ones.
This is one of the most important insurances that one ought to take and it should not be overlooked.
You may not see the need to enroll yourself for a health insurance policy for now but at one point in time, you will need it.
Good and affordable health insurance is very similar to vehicle insurance, you don’t wish for an accident to happen but you are safe in case of an emergency.
When looking for good affordable health insurance; consider your needs e.g. do you need refill medication?
Do you suffer from a recurrent illness?
Do you have a minor under your cover?
What is your dependents health status?
Once you can answer all those questions then you can proceed and start looking for health insurance.
You want a cover that can fully fulfill your needs and that can only be made possible if you know your needs and those of your loved ones.
‘Tom’ went and got himself good affordable health insurance.
Tom is smart. Be like Tom.