Health Insurance Cover from the entire market
In the cost and benefit analysis of your health insurance cover, cost is of supreme importance. This is what all the factors of your policy hinge on. The extent, amount and period of your health insurance cover will determine how much it will cost you, and what you will get in return.
The extent of your cover determines the circumstances or health condition from which you will be insured. This is of utmost importance if you are already suffering from a specific condition or are susceptible to it.
The amount of cover and your premium are inextricably related. While it isn’t necessary that a higher premium will get more coverage, usually this is the case, although there are many policies that offer a large coverage amount and in turn reduce certain other benefits.
The period of your cover will determine how long the policy stays active and you stay insured. Your health insurance cover is also closely related to you. This means your age, health, sex, income, family history, all play a very important role in determining how much cover the insurance provider can agree to provide. A general rule of thumb is that the healthier you are, the better your cover, or the value of it.
A common mistake most people make while purchasing insurance to not read the fine print, and therefore not know EXACTLY what they are insured for. Ensure you understand your cover thoroughly to keep yourself insured.