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Amidst rising medical costs, having an adequate health insurance plan is an investment that can save you tons of out-of-pocket medical costs in cases of unexpected illnesses and injuries. However, new buyers may find navigating the health insurance market overwhelming, inevitably making certain mistakes.
Our friends at Pacific Prime Hong Kong are here to point out the top 4 mistakes people make when buying health insurance based on their years of client servicing.
Mistake #1: Having Insufficient Knowledge on Insurers
The first mistake people tend to make when buying health insurance is not doing enough research on the insurers.
We recommend you take time to understand their reputation, covered services, provider networks, and complaint histories before signing up to avoid uncertainty.
Mistake #2: Deciding Solely on Price
While money is indeed a major concern when purchasing health insurance, only considering the price is a key mistake people make when buying health insurance.
It could be tempting to go for a plan priced a fraction of other available plans, but the reality is that it may not provide the benefits and coverage that you need.
We hence recommend you evaluate your unique healthcare needs before searching for the most affordable plan with adequate coverage.
Mistake #3: Waiting Too Long to Invest in Health Insurance
Many people still hold the erroneous belief of securing health insurance during old age to maximize usage. Whilst it is true that you will probably need healthcare access most at later stages of your life, nobody can predict for sudden illnesses and injuries.
What’s more, pre-existing conditions are more likely as age goes up, which further spikes up the insurance premiums. Hence, securing health insurance from a young age is recommended, and any conditions that manifest will not be considered pre-existing conditions to avoid paying overly high premiums.
Mistake #4: Failing to Compare Premiums and Coverage
There are many insurance providers for your selection in the market. Health insurance plans from scaled and reputed insurers are always a good take, but those from slightly lesser-known insurers could be offering cost-effective plans that you may not know too!
It therefore is worth taking the extra time to search for other competitive but not as reputed insurers in the industry and check out their package, before pinning down on a desirable health insurance plan.
A Helping Hand from Pacific Prime
When it comes to searching for an affordable insurance plan for your health needs, no one does a better job than reputed brokers like Pacific Prime. With over 20 years of experience in the industry, their expert advisors never fail to secure the best deal for you and support you throughout.
Contact them today or get an obligation-free quote now!