Getting Medical Insurance, Everything You Need to Know!

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There are many different types of insurance products that companies offer. The insurance industry is one of the largest money-making organizations in the world, since it generates trillions in revenue. In the United States alone, medical insurance policies form a pretty large chunk of the annual industry sales. As the name suggests, medical insurance policies are designed to provide financial coverage in case you require medical assistance.


You will need to get yourself insured if you want quality medical treatment. The cost of medical treatment in the United States has skyrocketed in the past couple of decades. Today, treating even a minor injury can set you back several thousand dollars. In case you are diagnosed with a serious disease, the costs might spiral out of control. Needless to say, the common American family finds it very difficult to pay off their medical bills.

The government has been playing its part as of late as well. The Affordable Cart Act, also known as Obamacare, has already begun to roll out different policies that are designed to give relief to people who find it difficult to pay off their medical bills. Because of the changes brought about by Obamacare, the medical insurance industry currently stands at a very precarious point.

If you are looking to get medical insurance, there are many things that you must consider. Most people don’t realize the sheer number of factors that can impact their insurance premium, and they end up buying the wrong policy. You could save a few thousand dollars by simply comparing different medical insurance policies and selecting the one that offers the lowest premium rates. Before you start looking for medical insurance cover, here are a few things that you should know:


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Factors that Determine the Premium

The insurance premium is the amount of money that you will have to pay annually to the insurance company. In case you fail to pay the premium, the company may revoke your policy and may even reject your claim in times of need. That is why you need to choose a medical insurance policy that comes with an affordable premium. But, what are the factors that determine the insurance premium which you must pay? Here are a few factors to consider:

  • Your Age

If you are young and healthy, the company does not have to bear a lot of risk. Your age plays a major role in calculating the insurance premium since companies want to minimize their risks. Young and healthy people have a lower chance of falling sick as compared to older people with weakened immune systems. You will see a vast difference in the premium paid by a fifty-year-old as compared to the premium paid by a twenty-five-year-old.

  • Existing Medical Conditions

When you apply for medical insurance coverage, you will be asked to fill out several forms. One of these forms will require you to list any existing medical conditions. If you are already suffering from diseases, the company will jack up the premium in order to mitigate its risk. Most people who are already suffering from life-threatening medical conditions often get their applications rejected simply because companies don’t want to take on the risk of paying all the medical bills. Your existing medical condition will play a major role in determining the amount of money you will have to pay annually.

  • General Health

Needless to say, your general heath also plays a major role. If you are obese or unhealthy, the insurance premium will be higher. Before the company signs you up for medical insurance, they may require you to submit results of standard fitness and blood tests. An independent medical firm will assess these results and then determine your overall health. If the company deems you as a fit and healthy person, your insurance premium will be greatly reduced.



Buying an Insurance Policy

Now that you know the factors that will impact your annual payments, it is time to buy your medical insurance policy. Most importantly, the factors listed above will help you create a general expectation in your head about the premium you will have to pay. If you are on the wrong side of forty, you should prepare yourself for a higher premium, and vice versa.

Rather than browsing through different brochures, you should hit the Web. There are hundreds of different websites that allow you to find the best medical insurance policy based on your requirements. All you need to do is input your search parameters and requirements, and the website will list all the different policies that meet your requirements.

You can also apply for a quote from different companies. Rather than buying the policy on a whim, you should always plan to take enough time to compare different medical insurance policies. What are some of the additional benefits that you get if you buy the policy? Will you have to incur any additional costs in case you decide to buy the policy? These are just some of the things that you need to consider.


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Most importantly, when browsing through medical insurance policies, take a look at the amount of coverage they provide. Some insurance policies do not provide coverage for life-threatening conditions, such as cancer and other terminal diseases. There’s no point in buying a policy that only gives you half-coverage. As you grow older, you will likely contract many different ailments. That is why it is important to buy an insurance policy that will help you get quality medical treatment without having to worry about the medical bills.

You also need to consider certain factors like the company’s claim approval rate and after-sales support. There are hundreds of different insurance companies that offer uniquely designed insurance packages. However, most of these companies use marketing gimmicks in order to lure customers. You will need to be very careful when browsing through different insurance policies. Make sure you take your time and compare all the different features of the policy before you eventually decide to buy one.