How to choose the right private health insurance for you?
While public health insurance is subsidized or paid for entirely by public (government) funds (financed partly by contributions on salaries and other income), private health insurance is paid for by the individuals being covered. Public insurance can mostly not be chosen, however you can find multiple providers for private health insurance. What are the factors to be considered when choosing the right one?
Your age and health situation: The stage of life you’re in would be the first factor to consider. Young and healthy people need other insurance plans than families or patients who are on a chronic medication. Make sure that medicine you need are on the list of products covered by the insurance company. Take note of any pre-existing conditions. Think also about hereditary conditions or genetic disorders your wider family group has experienced. Ask questions about the possibility to change options during the insurance period.
Cost: Price is always an important consideration when choosing a private insurance. Pay attention to the overall cost of the insurance plan, including monthly premiums. However, be aware that the price also reflects the coverage. The cheaper the premium is, the less you will usually by covered for. Make sure if benefits are per plan or per person, this may be important in case your want insurance for your whole family. Is your insurance offering programs and incentives to improve your health and wellbeing? Do they have exclusive deals with partner businesses (fitness clubs, for example) where you can get rebates?
Waiting time: Some insurance plans foresee a certain period of time at the beginning during which you cannot make claims. Some waiting periods will depend on the insurer and the type of treatment you need. Others will apply when you upgrade or have a pre-existing condition. Look here for the plans with the shortest waiting periods.
Own payments: Some insurance plans are designed to lower your premium when you agree to make an out-of-pocket payment, from your own money, when you follow particular treatments, for example when you are admitted to a hospital.
Exclusions and restrictions: Always check the list of illnesses and injuries covered by the insurance company before making a final decision. Ask questions, in particular, about what is excluded or what restrictions apply to certain treatments. If the information is not comprehensive, do not hesitate to ask questions. Be vigilant if the replies are evasive and not concrete. Take an example of one of your recent treatments (the most relevant here are those you undergo regularly), and ask specifically what reimbursements and benefits the insurance would grant.
Imposed choice of providers. Ask your insurance company if they force you to consult only selected providers, or if you have the right to choose. On the other hand, ask the insurance if they have a network of providers which they recommend, this would be helpful if you are travelling and have a case of emergency in a country where you have no relationship with particular providers.
Travel frequency. If you travel a lot, make sure that the insurance plan you select grants coverage wherever you go, and that your providers choice is not limited. Ask what benefits the insurance plan is offering for emergency care services.
Meopin is offering help and advice when choosing private health insurance. We make sure that the choice you finally make will be a simple and smooth process and represent great value for your personal situation. Contact us by email to get a free estimate.