What You Should Know about Comparing Health Plans

Posted by Insurance Hero on February 6th, 2020

An essential process to undertake before purchasing a health insurance plan is plan comparison. This involves running over the insurance plan to be sure that it meets your requirements. There are several factors to consider but most importantly, you should ask yourself a simple question: what health insurance should I get? Read on to learn more.

Long-Term or Short-Term Coverage?

Before choosing an insurance plan, you should consider whether you want long-term or short-term coverage. Long-term coverages are obtained in order to secure coverage in the future. It may be coverage for a chronic illness or conditions related to age.

If you need a plan to cover you on an ongoing basis such as coverage for prescription drugs, short-term coverage might be a more suitable option.

Medically Underwritten Or Guaranteed Insurance?

An insurance plan can either be medically underwritten or guaranteed.

Underwritten plans require medical exams and health questions during the application process. Such plans may exclude pre-existing medical conditions or your application might be declined if you have an already existing health issue. Although the medical exam can be quick and short, most Canadians detest the process and would want to avoid it at all costs, this is where guaranteed insurance comes in.

Guaranteed health insurance or guaranteed issue health insurance offers guaranteed acceptance. As the name implies, you are guaranteed to be accepted to the plan if you apply, irrespective of your medical condition or age. This means that people with pre-existing health conditions can easily apply to the plan, no question asked. Visit Insurdinary to find out more.

Compare Insurance Costs

It is also important to compare insurance costs before choosing a health insurance package in Canada. Costs may depend on several factors but they are often determined by the insurance services you choose. This is why it is advisable to customize the plan to ensure that the policy covers only the conditions you need.

What if your health condition changes? Most insurance companies offer add-ons that can be used to extend your coverage. These add-ons can be added anytime you wish to get more customized coverage.

What Health Insurance Should I Get?

Make sure you assess your needs, compare insurance quotes and compare costs in order to choose the right insurance. If you are like most Canadians asking “what health insurance should I get?”, you should go for a package that applies to your situation. For instance, if you have a family history of cancer, you can take advantage of Industrial Alliance’s CancerGuard policy for effective coverage. Click here to learn more.