Must-Know Tips to Buy Health Insurance!
Having health insurance gives you more confidence in living your life. No worries about health and medical expenses when sick as they won’t affect your savings. Currently, there are many plans available, such as lump sum health insurance and health insurance for kids with the entry age from 30 days to 90 years or other riders. Many people may be confused about those, especially the beginners. What to study? What conditions to especially focus on before buying a health insurance? Don't worry. Today, we have basic advice on buying health insurance for the beginners to understand easily. Let's get started!
● Where to buy health insurance
● How to choose health insurance
● What to consider to buy health insurance
Where to buy health insurance
This is one of the questions many people, especially the beginners, wonder about. It is not easy to understand health insurance as there are many plans to choose these days. Importantly, you need to consider who you will buy the insurance from, whether through an insurance agent or via an online channel. What channel meets your needs better? Let’s find out.
Buying health insurance through an agent
If you need clear advice about insurance, for examples, you need to know information about the health insurance for kids, you need more details of health insurance for yourself or your family or you are interested in other health plans but don't know how to choose one and how much it costs, an insurance agent can help you. Interestingly, life insurance agents are trained professionals who passed a license exam, ready to assist you choose life and health insurance that’s right for you.
Buy health insurance online
The interesting point of buying health insurance online is convenience. You are able to compare insurance plans you are interested in on the website yourself for worthier deal. This is suitable for technophiles or online shoppers as you can easily buy health insurance online at your fingertips. You can freely choose your preferred plan to meet your needs and pay premiums online at ease.
Tips how to choose health insurance
If you want to live life without worry about sickness, you better have health insurance for peace of mind. Health insurance does not only help reduce the burden of medical expenses but also gives you tax deduction. If you are looking for health insurance for yourself, you need to study more details to meet your needs and make sure that the selected health insurance is worth the investment in your own terms. Let’s learn more.
What insurance covers
First of all, let’s look at the policy you are interested in whether it covers outpatient treatment (OPD), inpatient treatment (IPD), including critical illness or death and other benefits. Find out if it contains any endorsements, such as dental care and maternity. The recommended coverage amount should be at least one million Baht to cover medical expenses and treatments as needed. You are able to choose a lump sum health insurance that does not limit the benefit of medical expenses and covers medical expenses for both common diseases and critical illnesses.
Choose affordable insurance premium
It is advisable that the health insurance premium should not exceed 10-15% of your total annual income. If you buy a health insurance at a young age, the premium will not be expensive because your body is still strong and healthy, leading to less chance of disease. In contrast, if you buy at an older age, there are many chances of getting diseases. You might not receive the coverage if you had a treatment history. If you plan to buy a health insurance, no need to wait. Study more details carefully and buy one now.
Assess the risk
Everyone has different disease risks, such as hereditary risks: cancer, heart disease and diabetes, or risk from lifestyle behaviors, such as eating grilled food, smoking, drinking alcohol and sleep deprivation which are behavioral risk factors. If you are at these risks, plan to buy a health insurance to meet your needs.
Compensation
Income is important, especially for people with monthly salary or freelancers. If they are sick, they may lack income to support their families. Therefore, health insurance providing daily benefit will be able to compensate for the lost income during their treatment, including additional compensations for the following examples: death, dismemberment, disability and etc.
What to carefully consider to buy health insurance
Deciding to pay for health insurance is a big deal. You need to study the details of the coverage carefully because the insurance premium is not a small amount of money. Before buying a health insurance, please read the following conditions and coverage details of the policy before applying for the contract.
Choose a trusted insurance company
Choose a company with a good track record with financial stability and reliability. Please keep in mind that, after deciding to buy a policy with a company, you will have to continuously receive services from the company and pay insurance premiums every year. If there is an event and you need to submit a claim or compensation request as specified in the policy, you can do it easily and confidently.
Policy exclusions
Exclusions are conditions in the policy stating that some events cannot be covered or stating exceptions in case of high risks, such as pre-existing conditions, psychiatric disorders, drugs, the results of drinking alcohol, suicide and extreme sports or activities. These causes may be included in the exclusions as well. Each policy is different in details; please study more information before deciding to buy an insurance.
Waiting period
Waiting period is the period during which the insurance has not covered after the policy has been approved, such as 30 days, 60 days, or 90 dayห. During the period specified by an insurance company, if a disease is detected or if a condition occurs, the insurance company shall not cover it. Hence, please read the details or ask for more information from an insurance agent for a clear understanding. Some people may misunderstand that, once they buy an insurance, they would be covered immediately.
How to claim
The insured shall receive an insured card or need to install a mobile-phone application to present to a hospital for claim or discount on some items. The insured can also send the original receipt and medical certificate to the insurance company to submit a claim. However, before applying for an insurance, you can ask for more details, such as claim channels and payment period to prevent late claim payment, and please read the conditions stating about payment refusal specified by the insurance company.
Muang Thai Life hopes that the information we brings you today will help you find that health insurance is easy to understand and convenient. Importantly, please take time to read the information or ask for more information to make sure before deciding to select a health insurance. Nowadays, there are many health products available, especially lump sum health insurance, covering medical expenses for both common diseases and critical illnesses with the amount from 200,000 Baht to 100,000,000 Baht for heart disease, cancer, common diseases and modern treatment technology. The maximum entry age is 90 years* with long-term coverage until the age of 99 years.*
Buy today to enjoy 0% interest installments for up to 6 months or get cashback up to 13%.
For more information:
☑Call Tel. 1766, available 24/7.
☑Contact Kasikornbank and Land and Houses Bank. Choose Lump Sum Health Insurance, Choose Muang Thai Life Assurance.
*Elite Health Plus Rider and D Health Plus Rider
● Coverage period of this rider must not exceed the coverage period of the life insurance policy that this rider is attached to.
● Premium is eligible for personal income tax deduction. This is subject to the Revenue Department.
● Underwriting is subject to the Company’s rules.
● Conditions are as specified by Muang Thai Life Assurance PCL and the banks.
● Conditions are according to the medical standard and necessity.
● Please study details of coverage, conditions, and exclusions before making a decision to purchase insurance.
Resource: Data retrieved on 24/07/2023
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