Premium Wise, Benefits Foolish:Valuing Premium against Benefits

When an illness knocks you down and forces you to a hospital stay with an ever-increasing list of prescriptions, MRI Scans and continued treatment, you feel thankful for the endless benefits health insurance has to offer. But if you had taken a minimum health insurance plan lured by low premiums, you soon realize how foolish you were about the benefits.

Ever since nations grappled with the pandemic, preventive health and wellness have turned a non-negotiable aspect of life. Medical situations coming your way are hard to predict and as service costs continue to rise, sudden expenses put you under immense financial strain. As health insurance plans cover expenses incurred on hospitalization and medication, they provide you with much-needed financial help in emergencies and protect your savings.  Hence, it’s wise to buy a comprehensive plan that covers unforeseen expenses and gives you the greatest benefit – peace of mind. 

Here are ways to go smart on benefits against premium when choosing insurance plans: 

Search for the right health insurance plan   

When it involves insurance, choosing a plan with the lowest premium is not always the right approach. Ensure you are thoroughly evaluating the coverage to determine if it meets your needs. Look for comprehensive benefits coverage and zero in on the right policy for you and your family.   

Look for comprehensive coverage

Make sure the plan you select offers the necessary coverage for all possible medical expenses. Moreover, when considering the benefits review their relevance to your needs. E.g if you’re newly wedded ensure your plan offers wide maternity coverage. If you are an asthmatic patient, check if the insurance policy covers specialized treatment and allied medication. 

Check exclusions, terms and conditions

No matter how comprehensive your plan is it’s advised to study the terms and conditions and check the list of exclusions before you sign a policy. This way you’ll be aware of waiting periods for pre-existing conditions which could range from a month to 6 months or even longer for pertaining claims to get accepted. 

Compare premiums vs coverage

Premiums you pay for various plans differ as every company has its unique pricing policy. Coverage benefits impact the premium rates. So, when buying health insurance, you must compare different policies based on premium pay vs coverage offer, as low premiums plans may fail to offer extensive coverage in times of emergency.

Family floater plans

As medical emergencies can strike any member of your family, you need to extend coverage to your family members. If anyone falls ill, the policy comes to your financial rescue.

If you’re looking for family insurance, go in for family floater plans that provide umbrella coverage for the entire sum insured. Family health insurance plans are usually cheaper than opting for individual members. There are also senior citizen plans for your aged parents that offer necessary benefits like outpatient treatment coverage, pre-existing disease coverage and more.

Do keep these tips in mind when buying an insurance policy. Remember to review the coverage during yearly renewal to ensure it stays relevant and you enjoy uninterrupted coverage at all stages of life.

Has your health insurance plan got you fully covered?

In the insurance sector, policies aren’t all about medical and medicinal coverage. Often there are riders on policies to help improve coverage or amend the terms of your policy. To gain provision to an exhaustive list of benefits, talk to experienced insurance brokers in UAE who can fetch insurance policies suited to your specific needs. They’ll make picking the right health insurance plan simple and easy like never before.