October 25th, 2019 | Updated on February 18th, 2020
Health insurance is one of the most essential things to have if you want to live stress-free. Life is uncertain and any moment can come with a surprise, sometimes unpleasant. Health emergencies are one of the most unpleasant surprises.
It might not just diminish you physically abut also burn a hole in your savings. Hence, it is always advised to get a suitable health insurance done to cover such emergencies.
Selecting a health insurance policy in California can be quite challenging and overwhelming as there are a lot of different health insurance companies, each of them having a strong portfolio of health plans.
Going through all the health insurance California quotes can be quite confusing. If you are looking to buy a health insurance in California, here are a few points that should be kept in mind while finalizing one.
Buying Health Insurance In California: Points To Note
1. Compare The Types Of Health Insurance Plans
There are a variety of health insurance policies you will come across most commonly HMOs, PPOs, EPOs or POS plans. The type of health insurance policy you will choose will determine the type of doctors you will see and the out of pockets costs and expenses.
2. Choose The Precise Sum Very Carefully And Wisely
Depending on your marital status and age, an individual should plan accordingly. The chances of risk are less at a young age, but the risks slowly develop after 40. At this age, people will start to develop major diseases like diabetes, BP etc.
3. Planning Ahead For Pre-Existing Illness
All health insurance policies have certain rules and regulations for pre-existing illness. It means if an individual has an illness prior to purchasing the policy, the insurer might take some time to provide cover for it.
4. Comparison Of Out Of Pocket Costs
A summary of a health insurance plan should clearly state the amount a customer has to pay out of his pocket for health services. The consumer’s portion of costs consists of the deductible co-payments and coinsurance. Generally, the higher the premium, the lower will be the consumers out of pocket costs.
5. Maximum Age Renewal
An individual may not need a health insurance policy when he/she is younger, but they will surely need health insurance when they grow older. So an individual should take up a plan which he/she can renew at 75-80 years of age.
6. Claim Settlement Record
The claim settlement record of an insurance company is reflected by its claim settlement ratio, which is basically the number of claims settled against the number of claims registered.
A higher claim settlement assures the policyholder that the claims that will be made by him will have higher chances of getting approved.
you should also check for the specific benefits available in your locality. Cost of buying a health insurance in Orange county might be different from other counties.
Buying health insurance is a critical decision and should not be taken hastily. Always make sure to understand the fine points and analyze all the aforementioned points before settling for one.