Health insurance should be thought of as being akin to marriage.
If you find the right policy, it will be there for you for as long you live.
There are many factors to keep in mind when choosing the best health insurance plan for your requirements.
You must consider your overall health and wellbeing and how you use healthcare services to anticipate your insurance needs.
Premiums and Deductibles If, like the majority of under 25s, you are healthy and do not engage in dangerous activities for a living, you will be able to get away with choosing a plan with low premiums and high deductibles.
This means that you will pay less on a monthly basis but will pay out a greater lump sum whenever you require healthcare.
In between requiring medical care, you can stash the savings that you make on the cost of your monthly premiums in a bank account.
When choosing a policy that offers low monthly premiums, it is essential to understand the amount that you will be required to pay out if you do require medical care.
Ensure that you are familiar with your chosen policy so that you do not incur any surprises should you ever need to make a claim.
Coverage Flexibility Some plans offering the greatest amount of coverage at the cheapest cost may require you to use a specified network of healthcare providers.
The more flexibility that you demand, the more you will be forced to pay out for your policy.
Scope of Coverage A good healthcare insurance plan will cover the cost of any hospital stays and doctor's visits that you may require.
You will be able to add optional extras onto your policy, such as insurance for dental care and prescription drugs, yet these extras will add to the cost of your policy.
If you are a female aged 25 or under and are planning a pregnancy in the coming years, you may wish to ensure that your health insurance covers you for the medical care that you will require in the future.
Emergency Coverage If you regularly travel, it is essential to discover whether your policy will cover you in the event that you fall sick while away from home.
Wellbeing Rewards Some insurance policies provide you with discounted gym memberships, weight loss incentives or free help to quit cigarette smoking.
Shopping Around Health care policies vary with regards to their cost and coverage.
It is therefore essential to shop around and carefully compare plans before making a purchase.
Comparing plans can be difficult.
However, you should ensure that your chosen plan covers all of the medical services that you may require.
Your Age The cost of health insurance is based on several factors.
These include your age, your state of health and the services that you wish for your insurance policy to cover.
The Government encourages you to invest in private health insurance before you turn 30 as, once you turn 31, the cost of your insurance will be subject to an additional 2% surcharge per year.
While private health insurance is not essential, it can provide you with the peace of mind that you require should you ever require medical care.
Find out more about health insurance here.