According to expert Randon Morris, if there have ever been questions on the importance of health insurance, the COVID-19 pandemic has only but stressed how crucial it is to have adequate healthcare coverage at your backings. It’s not surprising that the number of people who have opted for the full insurance coverage plan has skyrocketed in no time.
The COVID-19 has not only taken a toll on health but also finance, society, economy, and every aspect of life. It is one life-changing virus that will never be forgotten in human history. However, the second wave seems to be more shattering than the first even though the long-awaited vaccines have been discovered. The whole world is still grappling with this reality and those who are battling with this life-threatening virus have other issues to face-finance. The pocket has been hitting a dip and it becomes difficult for many to access adequate health care.
This is why health insurance plans are crucial, serving as a safe financial tool to help out when medical emergencies occur. This goes beyond opting for COVID-related options that might not be comprehensive enough to meet health and financial needs. The point is many things can go wrong. Unplanned situations such as accidental injuries, sicknesses, or any other medical contingencies. That is why you need comprehensive family health insurance to get you and your loved ones covered. For this, Randon Morris, a booming entrepreneur and business consultant provides tips for buying health insurance during the COVID-19 pandemic.
1. Understand the Policy that Matches your Need
Health insurance is a great investment and you wouldn’t want to make the mistake of choosing one that isn’t adequately meeting your needs, says Randon Morris. There are various insurance policies with each coming in different variants. Hence, you might need to do some homework to choose the one that is right for you. From individual plans to the family, to critical illness to older citizen plans, the list goes on. Read these plans, understand what it entails and choose the ones that best meet your needs.
2. Opt for Comprehensive Coverage Benefits
Whether acute or chronic illness, a comprehensive coverage plan will provide you financial coverage in case of any medical emergencies. A comprehensive one unlike basic will cover both outpatient and patients’ medical needs including medical tests, hospital stays, and many more.
3. Compare Health Insurance Providers and Offerings
Various providers offer various insurance plans and services. Although there are insurance aggregators that have done the hard work for you, you still need to carry out individual research to know their offerings. Compare the premiums as well and see if it does justice to the services provided. Look for extras and any premium discounts offered to ensure you get the best plans at the best price.
4. Check the Hospital Network
Your health insurance provider should provide a list of network hospitals. These are hospitals that partner with Health insurance companies to provide cashless treatment and they can greatly relieve your financial burden than those without. Hence, your best bet is to go for a cashless hospitalization that is not only convenient but also clears up all your worries about medical expenses.
5. Understand the Claim Settlement Ratio
This is another important aspect that needs to be understood before making any decisions. You need to know the number of claims an insurer has settled as compared to the claim received. This gives an assurance that the insurer is committed to delivering results at the right time.
These important factors will help you to make the right decision when choosing an insurance policy. “While at it, always review your plans to ensure it is still meeting your needs and requirements, Randon James advises.