5 Essential Tips for Choosing Health Insurance.

Waiting times in the public healthcare system, in the event of illness or accident, often do not reflect the urgency of patients’ and citizens’ needs. Furthermore, in an emergency, being forced to seek care from a private provider without any insurance coverage results in high out-of-pocket costs.

To protect yourself from these types of situations, the solution is to have individual health insurance that guarantees access to the private healthcare system, naturally reducing wait times and the costs of doctor’s visits, medical exams, lab tests, and other needs.

But how can you be sure that you're purchase health insurance ideal?

Given the countless options available on the market, choosing the right health insurance can be a complex task—not only financially, but also in terms of selecting coverage, medical networks, paperwork, and so on.

It is especially important to pay close attention to coverage, exclusions, deductibles, and waiting periods.

Choosing health insurance tailored to each person's needs

5 Steps to Choosing the Right Health Insurance

1. Assess the basic coverage and exclusions

Most insurance plans offer predefined packages of coverage limits and benefits. Coverage for hospital stays, outpatient care, or specialist visits is typically the most important and is included in most plans.

However, in addition to these, there are others that may be important, depending on each client’s family or even personal history. It may be necessary to include supplemental coverage, such as dental care.

It is equally important to check the exclusions in the various policies. Many insurance policies exclude pre-existing conditions at the time of enrollment, accident-related expenses, psychiatric treatment, infertility treatment, etc.

2. Compare proposals

In order to find the coverage and plan that best suit your needs, it is very important to compare the various health insurance plans available on the market. To do this, you should consult an insurance broker, such as EXS, and learn about the different insurance options that may be right for you or your family.

Using an insurance broker is the most viable option. These professionals help you compare plans, assess your individual needs, and recommend the health insurance plan best suited to your specific situation.

3. Choose how to access clinical services

There are generally three ways to access clinical services:

• Online service: Insurance companies have a network of clinics, hospitals, and laboratories. In this case, you pay either a fixed minimum amount, known as a copayment, or a percentage of the cost of the medical service.
• Reimbursement benefit: The customer is free to choose the doctor or medical services they wish to use, paying the full cost out of pocket. Subsequently, upon submission of the necessary documentation, they are reimbursed an amount ranging from 80 to 90%.
• Mixed system: combines the two previous options. The customer can use the insurance company’s own network of healthcare providers. Outside the network of contracted providers, there will be an associated deductible. In this regard, it is also important to evaluate the coverage area. The insurer’s own network should include healthcare professionals and medical facilities that provide quality services. For example, check whether the doctor you usually see is part of the insurer’s network.

4. Review the grace period

Health insurance plans are subject to a waiting period. This means that the customer can only take advantage of the coverage after a certain period of time, typically between 30 and 180 days, though this depends on the medical procedure. Some types of coverage may require waiting periods of more than one year.

5. Set priorities and estimates for health needs

It’s important to consider your typical healthcare expenses, whether you’re planning to have children, whether you’re looking for health insurance for exceptional situations, or a plan that you’ll use on a regular basis. Age is also a key factor when purchasing individual health insurance, as is the budget available for this monthly expense. Weighing the cost of the insurance against the expenses it will cover is also an essential step.

Now that you know the 5 key steps to purchasing good health insurance, you're ready to make your choice.

Please keep in mind that when purchasing individual health insurance, you must complete the health questionnaire thoroughly and honestly. Concealing pre-existing conditions or failing to disclose certain unhealthy habits could jeopardize the continuation of your policy, as well as the coverage of future medical services.

Always review coverage, exclusions, premiums, deductibles, and policy terms by comparing quotes and running simulations with various insurance companies.

Most insurance plans offer predefined packages of coverage limits and benefits. Coverage for hospital stays, outpatient care, or specialist visits is typically the most important and is included in most plans.

However, in addition to these, there are others that may be important, depending on each client’s family or even personal history. It may be necessary to include supplemental coverage, such as dental care.

It is equally important to check the exclusions in the various policies. Many insurance policies exclude pre-existing conditions at the time of enrollment, accident-related expenses, psychiatric treatment, infertility treatment, etc.