How Women Can Choose Their Individual Health Insurance Policy

With the advent of Obama Care and Medicare policy reform, medical insurance is set to be made mandatory for all Americans by 2014. In the context of sharply rising medical aid costs, the choice of a personal health insurance policy has never been more important. Many people are now trying to understand the importance of health insurance so that they can spend their life devoid of tension. The customer is spoiled for choice as there are myriad insurance companies that offer a veritable plethora of schemes and policies suited to your individual needs. The following are certain criteria that may help you get the best possible policy:

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Do some research before going for an individual policy

Before going for an individual policy do some research on the same on what type of policy suits you best and hat you should invest on. Different policies have been designed for different kinds of people. Watch out for the premiums, interest rates, benefits and the maximum limit of payout. Some policies also have hidden clauses which one should watch out for.

Renew ability:

A policy can be renewed only so many times and many insurance companies offer schemes that cannot be renewed if the nominee’s age is past 65. This clause will be hidden in the small print and so difficult to see, but you must look for it because if the policy cannot be renewed it is almost totally worthless. You will not have insurance cover when you need it the most, that is, in your old age.

Sub Limit:

The policy may cover only a portion of the medical costs that have been incurred in the course of your treatment. Some insurance companies sell schemes that limit the liability of the insurance company to just 1% or 2% of the medical bill, in which case you will have to pay for the hospital expenses almost all by yourself. Check the coverage of the policy before you purchase it thoroughly.

Co Payment:

Some policies will pay only a portion of the medical expenses, the amount being needed to be matched by the policy holder, so that you end up paying half of the hospital charges. A non co payment policy is always better, because the insurance company then has to reimburse you for all the costs incurred and not just an arbitrary portion.

Exclusion:

Read the small print and check very carefully what is excluded from the coverage. Most insurance companies throw in a ton of small print that will exclude the major and exotic diseases that are difficult to diagnose or treat such as leukemia, brain cancer, liver syndromes or congenital defects. Make sure your policy included all diseases or eventualities that you are likely to suffer including accidental injury.

Coverage:

The insurance company will not cover you for the treatment of a disease that is latent in you at the time of purchase. For example if you have influenza and buy a policy after that, the insurance company may not pay your hospital bills if it develops into pulmonary pneumonia.

So choose your individual insurance policy and enjoy the benefits of medical insurance care in the New Year.