3 things to consider when personalizing your health insurance plan
Nowadays, we’re all looking to personalize everything in our lives, ranging from our holiday experiences to the clothes we wear. The process of which means we are getting exactly what we want. The same can also be said of securing a personalized health insurance plan. This is because it’s likely to fulfill your healthcare needs, offer great value, and save you money.
But if you don’t know what to consider when personalizing your health insurance plan, you could end up securing a plan that isn’t suitable. Fortunately for you, this Pacific Prime Latin America article offers 3 basic considerations to help you personalize your health insurance plan. Read on to learn more!
1. Consider the hospital network and the services available
The first thing you need to consider when attempting to personalize your plan is the hospital network and the services available. Your plan will largely depend on the level of services you require and which doctor(s) and/or hospital(s) you wish to have access to. Let’s take a look at the following questions to help you personalize your plan.
Do you have a favorite doctor?
If you already have a favorite doctor, make sure the doctor is in your insurer’s hospital network. Doing so will give you peace of mind knowing that you’ll be covered whenever you visit your doctor for treatment.
Do you prefer multilingual or English-speaking doctors?
If you come from a country that speaks mainly English or a foreign language you are already familiar with, choosing a hospital with multilingual staff may be one of your requirements.
It’s better to choose a hospital that can deal with your needs without running the risk of miscommunication or not being able to communicate at all.
Note: Multilingual staff are likely to be found in private hospitals that specialize in seeing foreigners and expats from abroad. But that’s not to say some public hospitals don’t offer the same. It’s just that the quality and services may vary substantially.
Further reading: An overview of Latin American healthcare systems
How much can you afford?
Not everyone can withdraw a substantial amount of cash at a moment’s notice. So if you are planning to receive treatment at private hospitals, then be warned that medical bills don’t come cheap. What’s more, you could end up in financial difficulty. On the other hand, public hospitals could be a lot cheaper but the level of services may not be up to your standards. After all, you get what you pay for.
2. Consider the level of coverage from your chosen insurer
Now that you’ve questioned yourself on what you want from an insurer’s hospital network, it’s time to understand the level of coverage, and which one suits you best. Let’s take a look at the following levels of coverages:
Inpatient only
If you want to make your plan as affordable as possible, you can opt for inpatient only. This level of coverage refers to any treatments that involve an overnight stay (or longer) at a hospital. Examples of fees that are likely to be covered include surgery, ambulance, prescribed medication, etc.
Inpatient and outpatient coverage
The add-on benefit of outpatient coverage means you are covered for all expenses that don’t require hospitalization. This option is fairly common for expats from abroad since outpatient visits and their associated costs can add up substantially over time.
Additionally, the limits can be fairly sensible too but, of course, the premiums for coverage are a lot more than inpatient-only plans.
Further reading: Inpatient vs outpatient insurance: Key differences explained
Comprehensive coverage
This option offers the most coverage in terms of benefits available to the policyholder. Typical benefits included are dental coverage and maternity coverage, which may be more relevant to individuals with specific health needs.
Do you have any pre-existing conditions?
In addition, you may want to consider cover for pre-existing conditions. (Note: These are medical conditions you’ve already had before your plan enrollment.)
Unfortunately, insurers are likely to offer plans that exclude pre-existing conditions. However, if you would like to personalize your plan and include cover for pre-existing conditions, they may place an additional premium or a waiting period on your condition. To add to your knowledge, a waiting period is the time you have to wait before your insurance kicks in.
Note: Expats planning to give birth abroad are encouraged to secure health insurance with maternity insurance attached.
3. Consider the available cost-saving measurements
While personalizing your health insurance plan, you’ll want to keep savings top of mind. When it comes to health insurance, there are several ways to cut costs and make your plan as affordable as possible.
Share the costs with copayment
One option is copayment, which is where your insurer will cover some or most of the costs as agreed on the plan. For instance, a 20% copayment on treatments received would translate to your insurer covering only 80% of the cost or vice versa, depending on the agreement made. In most cases, it is the insurer who pays for most of the costs.
Modify your deductible
Another cost-saving measure is to introduce a deductible onto your plan. A high deductible is a good option for those who wish to make a plan as affordable as possible. However, be warned that if you make a claim, you will have to pay the deductible before your insurer offers any payment towards the costs. So you may want to have adequate savings in place in case you do.
Further reading: What is the cost of international health insurance in Mexico and Latin America?
Get help from our trusted experts at Pacific Prime Latin America
Are you ready to personalize your plan after reviewing the aforementioned considerations? If so, our trusted experts over at Pacific Prime Latin America are ready to assist in customizing the best health insurance plan for you. With over 20 years of experience in the industry and access to a wide range of plans and insurers, you can rest assured that you’ll get the right plan for your needs.
Contact us today!
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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