If so, then you need to be sure that you are investing your money in the right place, as you will be putting your health and that of your family in the hands of the insurer. That is why, in this blog, we will discuss the five essential characteristics you should consider when purchasing good health insurance. Let's get started!
1. Amount of coverage
An emergency or serious illness often directly affects the family's finances due to the high costs of surgery, hospitalisation, treatment and prescriptions. This forces the family to adjust their household budget and even deprive themselves of certain basic expenses, which, in the long run, ends up affecting their quality of life. To prevent this from happening to you, it is essential that you evaluate and decide on the amount of coverage you need in your health insurance.
This is the amount of money that your health insurance offers to cover in the event of an emergency or illness. It becomes a kind of financial guardian angel, helping to protect your personal or family finances and assets when faced with illness-related expenses.
This amount depends on the type of care you would like to receive, for example:
Between £50,000 and £100,000 to receive care in AAA hospitals nationwide.
Between £10,000 and £50,000 to receive care in average, good quality hospitals.
Between £1,000.00 and £5,000.00 to cover rapid emergencies.
2. Place of coverage
Another essential feature that all medical insurance should have is places of coverage, from which you can choose the one that suits your situation according to some considerations that we will mention later. So keep reading!
There are three main coverage groups to choose from:
National coverage, i.e., only within Ecuador.
International coverage, in Latin America.
Worldwide coverage.
We recommend that you analyse your personal and family life so that you can choose the most convenient coverage location for you. Here are four ideas to consider when doing this exercise.
Work implications: Is your job high-risk? Does it require you to travel frequently within or outside the country?
Family goals: Are your children going to study abroad?
Family tree: Are there any diseases of concern in your family tree? Is there a genetic predisposition to any conditions?
Personal activities: Do you enjoy extreme sports? Do you and your family travel abroad frequently for holidays?
3. Medical network
The medical network is a portfolio of general practitioners, specialists and healthcare centres (it may also include pharmacies) with which the insurer has an agreement. Therefore, they will be available to treat you when you need it and, of course, within the coverage offered by the insurance.
Depending on the insurer, this network of doctors and centres available may be quite extensive or, conversely, a little more modest. But both should include doctors with experience and prestige in their speciality, so you can rest assured that you will always be treated by the best.
Bonus
Discover the four reasons why it is important to have medical insurance.
4. Monthly fee
The fee is the monthly cost you must pay once you have taken out your insurance. Before choosing one, we recommend that you review your family or personal budget to identify the maximum amount you can afford to pay for insurance.
Remember that taking out health insurance is not an expense, it is an investment that will help you safeguard your health, but also maintain your financial well-being when emergencies or illnesses arise. Therefore, the insurer should offer you options that suit your needs and your family's financial situation; you should evaluate these options to choose the best one.
5. Special benefits
Another feature that good health insurance should include is a list of benefits that provide additional support for the customer in the event of any unforeseen health issues. Therefore, before paying for one, we recommend asking the insurer about the benefits available in your health plan coverage.
To give you an idea of what to ask about, here is a list of some of the benefits that insurers may offer.
Discounts for taking out insurance
Coverage for routine examinations
Coverage for infant formula
Orthopaedic footwear
Home doctor visits
Ambulance
Hospital credit
Discounts at affiliated chains
So now you know, before you sit down to sign the papers, keep in mind these five essential features that a good health plan can offer you. The important thing is that your health and financial stability are well protected.