10 tips when hiring your Medical Expense Insurance

A Medical Expense Insurance offers you the peace of mind of knowing that you are prepared to financially face a possible accident or illness. A before buy a policy, assesses what the restrictions are and what services you are entitled.

How is your Health? Is it good? Take into account that our health status can change in the blink of an eye, so it is important that you take action to protect yourself and your family.

Unforeseen events can appear at any time; For this reason, we must be prepared and a Medical Expense Insurance offers you the peace of mind of feeling protected you and your family with protection for diseases of high severity, covering medical care, hospitalizations, and surgeries.

To take care of our health, it is important to invest part of our income in Medical Expense Insurance. Remember that this insurance must cover the protection needs of your family without affecting your budget.

A good Medical Expense Insurance offers you the peace of mind of knowing that you are prepared to financially face a possible accident or illness.

As its name indicates, a Medical Expense Insurance protects you in case you suffer an accident or illness, the insurer covers hospital and medical expenses, in exchange for a premium (cost of insurance). The services offered by this insurance are:

  • Medical attention.
  • Room and food in the hospital.
  • Extra bed for a companion when the insured is hospitalized.
  • Nursing services.
  • Laboratories and X-rays in the hospital.
  • Medications in the hospital.
  • Miscellaneous expenses in the hospital.
  • Doctors’ fees.
  • Intensive therapy and emergency transport service.

Take into account that this insurance covers only illnesses or accidents that require hospitalization and that, in addition, such services must be stipulated within the policy.

In addition, it is very important that you have no doubts and understand everything that is stipulated within your policy, so below we present some concepts that will help you to have better elements when choosing this product:

  • Policy: it  is composed of the Cover, (indicates the coverages), General Conditions (clauses of the contract, contains the details of the coverages and exclusions), Deductible and Endorsements.
  • Coverage:  what your insurance does cover.
  • Premium:  price of insurance.
  • Deductible:  amount of money that you contribute each time a claim occurs, so that the insurer will compensate you.
  • Exclusions:  what your insurance does not cover.
  • Claim:  illness or accident that can be compensated by the insurer.
  • Sum insured:  is the maximum amount that the insurer will pay for each claim (illness or accident) that occurs to you.
  • Waiting  period : period of time established in the policy, starting from the contracting of the insurance, during which the insurer does not cover the expenses for the care or medical treatment of certain diseases or conditions.
  • Preexistence:  is the disease or condition that began before contracting the Medical Expenses Insurance and that consequently are not covered by the insurance. It is of the utmost importance that if you have any illness you notify the insurer or insurance agent, since otherwise you could have problems.
  • Coinsurance: is a percentage that is applied to the total amount of expenses you incur, derived from an accident or illness, once the deductible has been deducted.

So that hiring this product does not result in a headache, take these tips into account:

1. Assess your needs and those of your family

Choosing the option that best suits the needs of your family is essential, as this guarantees that you will get the most benefits when one of your loved ones has to use insurance.

2. Get advice from an insurance agent

Insurance is complex products so the advice of an agent is necessary. Do you have questions about your insurance agent? Check that your agent has a valid ID from the National Insurance and Bonding Commission (CNSF).

3. Compare and analyze the options before choosing an insurer

Many times the decision to hire insurance is based on price, however, we recommend that you make an evaluation of the advantages and disadvantages of each option, to make informed decisions. In the Bureau of Financial Entities you can find out the general rating of the products offered by insurers in Mexico.

4. Take into account the sum insured.

It refers to the maximum amount that the insurer will pay for an accident or illness. Choose the best option that suits your needs.

5. The premium and deductible

The premium is the price you will pay for your insurance and can be done monthly, semi-annually, or annually.  The deductible is the amount the insured covers to make their insurance valid and for the insurer to pay a claim

6. Consider additional coverage and other services

This can make a big difference when it comes to rating the added value of insurance. Services such as dental coverage can be decisive factors when purchasing insurance.

7. Hospital network

They are the doctors and hospitals that can be accessed with insurance.

8. Know the medical tabulator of the insurer

It is used to know the number of medical fees that insurers would pay in case the care is not with a doctor in agreement.

9. Check if the insurer guarantees you life renewal

There are insurances that only insure you up to a certain age without the possibility of renewing it, but other companies insure you for life.

10. Check the pre-existence clause and the waiting times very well

When there is a disease that has not been declared due to ignoring its pre-existence, some insurers reject the insurance payment. Ideally, waiting times for specific illnesses should be the shortest.

Remember that before hiring insurance you must:

  • Find the insurance that fits your needs and that you can pay so as not to compromise your income.
  • Read carefully the general conditions, cover, exclusions, endorsements and receipt of your policy to know the terms of the contract.
  • Take into account waiting periods to cover certain medical expenses.
  • Verify that your payment receipt and amount match the agreed amount.
  • Take into account restrictions on pre-existing diseases.
  • Check that the effective start and end dates are correct.
  • Inform your family of the characteristics and the place where you keep your policy, in case the claim occurs.
  • Pay the premium on time to avoid canceling your insurance.

It is also very important to maintain healthy habits. Many times this advice is not taken into account, but the fact that you and your family have an enviable state of health, not only can help you reduce the risk of some disease, but can also be a key factor that influences the cost of your policy, primarily on adult coverage, and to avoid costly medical bills.

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