How to choose the right health insurance policy

There is nothing more important than your health. But, unfortunately a lot of people do not realise how vital having a health insurance policy is until it is too late. A medical insurance plan will not only protect you in terms of your well being, but financially as well. Read on to discover all you need to know about choosing a health insurance policy.

You have a vast assortment of health insurance policies to choose from. Firstly, you can choose between local and international policies. The latter tend to be more beneficial, as you will gain from a wider range of cover and local policies are merely limited to one country. Aside from this, you also have the option of a high deductible health plan. The deductible is the amount you need to pay before the insurer will cover your treatment. For example, if you’re deductible amount is £700; you will need to pay this sum before the insurer will cover the rest. This could either be per year or per treatment. The benefit of going for this type of plan is lower premiums. Nevertheless, you of course need to make sure the deductible is set at a sum you can afford.

Aside from this, there are other factors that may influence the amount you have to pay. These are as follows…

  • Co-insurance – The best way to explain co-insurance is with an example. Lets say your co-insurance is set at 15 per cent and you have a treatment that amounts to £200 you will have to pay £30 (15 per cent) and your insurer will pay the remaining 85 per cent, which is £170.
  • Age – The older you are the more likely you are to require health services, and thus your premiums may increase.
  • How you pay – If you pay on a yearly basis as opposed to a monthly basis you may experience a discount.
  • Annual limits – All policies have a yearly limit. This is the maximum amount the insurer is willing to cover you for. If you exceed this limit you will need to pay for any further treatments.
  • Non-covered services – There are some treatments your policy will not cover and thus you will have to pay the full cost.

How to choose a good plan for health insurance in Hong Kong:

  • What are your must-haves? Make a list of everything you want from your health insurance plan. Don’t overbuy. Determine what’s right for you. After all, you may want a plan that includes optical care, whilst someone else may deem this unnecessary.
  • Choose an insurer with care – Don’t only assess the quality of the policy but also the insurer as well. Take the time to research them and to be sure that they have a good reputation in the industry.
  • Look into annual limits – Medical costs can easily add up and thus it is advisable to go for a high annual limit.
  • Assess the network – Make sure you are happy with the network of hospitals, facilities and professionals you will have access to. After all, one of the main reasons for taking out health insurance is to have access to the best care.
  • Can you afford it? – It’s vital to get the balance between premiums and deductibles right so that you can afford all eventualities.

Needless to say, the world of medical insurance can be confusing. Taylor Brunswick Group has the experience and expertise to help you find the best policy for you and ensure that you are protected adequately. They can also assist with other insurance plans, such as life insurance.

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