Well, health insurance is what you get so that if you get sick, there’s money reserved to pay most or all of your expenses.
Of course, before you purchase health insurance, there are many more specific details you need to have. However, what I have listed below are the main things you need to consider when purchasing any health insurance plan:
Ensure that both preventative medical costs are included (like dental, vision, doctor visits, pharmaceuticals, annual check-ups, etc.).
Ensure that major medical expenses are covered, like surgical costs, specialists tests, prosthetics, etc. As well, I would not take any coverage for less than $250,000.
You’d want to know how much you can claim up to per year per feature of your plan. For example, if you have a plan that covers dental care, there would be a limit for the year that your insurance company would be willing to pay.
You’d want to know what that limit is for all parts of your preventative care plan. (Once in the network, they will honor your plan. If not someone in your network, then it’s a reimbursement. Providers not in our network may be more expensive)
4. What is the waiting period BEFORE you can make claims? Example
Vision, dental and annual health check-ups.
Is the plan a co-pay and how much [do you pay a portion of the expense along with the insurer] or is it a full reimbursement plan
Can you use the plan with your existing / preferred doctor(s) or only with pre-approved practitioners or institutions?
Individual health insurance premiums are typically not monthly payments. They’re done either annually (once per year) or semi-annually (twice per year). You need to ensure you know which payment plan is being offered as this impacts your out-of-pocket expense when taking out health insurance.
If annually, you’ll pay one lump sum. However, if semi-annually, you’ll pay in two parts which will add up to a little more than your annual payment, but will be more manageable.
Can the plan be used internationally?
Can you add people to your plan? If you have children, under 18, this matters because no one under 18 can have their own health policy in Trinidad & Tobago.
So it is very important to know whether or not you can add your children, or your spouse, to your plan if you should choose to do so.
As you may well know, in some insurance plans, if the unfortunate happens and there’s a deductible of $500, then if the eventual expenses come up to $2000, you will pay $500, while the insurance company will pay $1,500.
Conversely, if the circumstance came up to $450, you would pay for it, and there would be nothing due to you from the insurance company. In other words, they only enter the picture after the $500 mark is reached.
Make sure to investigate how claims are processed, the ease of filing a claim, and the level of customer service provided. A complicated or slow claims process can make accessing your benefits a hassle.
One of the major complaints with many insurance companies is the speed with which claims are paid.
Of course, before you purchase health insurance, there are many more specific details you need to have. However, what I have listed below are the main things you need to consider when purchasing any health insurance plan.