When it comes to medical insurance, you have lots of choices to pick. There are varieties of numerous types of medical insurance with different offers to consider when making a decision. It became as part of your responsibilities to insure yourself in the future. That is why there is a medical insurance solution at HK that can help you make it happen. You can’t be sure for your health 5 to 10 years from now. You are maybe physically fit these days, but accidents might happen anytime and anywhere. Therefore, purchasing a medical insurance is a very smart idea for you to make. You can see below a brief outline of some of the pros and cons identified with the most well-known types of medical insurance.
Analyzing its pros and cons for short-term medical insurance
Pros
- Its premiums are affordable that can cost half of the price for a Care Act plan
- You can use premium savings to buy other care such as vision and dental care coverage
- It is accepted at many of the top hospital and cancer centers and usually has broad network of healthcare providers
- Applying for this particular insurance is open anytime during the year
Cons
- There is no coverage of preceding medical conditions
- Prior conditions and health status will be evaluated as part of this approval process application, wherefore, applicants can be rejected
- The prescribed medicines is not covered or they have much-restricted coverage
- There are some benefits that may not be covered such as maternity coverage
- Enrollees are subject to affordable care act shared responsibility tax
- This plan is definite only to a period fewer than ninety days; however, member can still reapply for another plan
Pros and cons of employer-based medical insurance
Pros
- It frequently has a wide option of medical insurance benefits
- Due to significant of employer’s subsidization, this lower premium is available
- Employer premium assistance are not considered as payable for the benefits of the employees
Cons
- When the enrollee stops working with their employer, the coverage of the medical insurance also discontinues
- The options of the health insurance is limited only to the selection approved by the employer
- Small business employers often contribute medical insurance at a lower rate compared to big employers
Pros and cons for health benefits plans
Pros
- Upon a qualifying incident, the member will receive a cash payment, incidents such as critical illness or accidents
- It is an affordable premium for this medical insurance
- There are plans that include more wellness benefits like telemedicine. A kind of insurance where the members have an access to doctor’s consultation via online video chat or phone at no additional charge in 24/7
- You can apply for this insurance anytime during the year
- The prescription discounts are often included
Cons
- The previous medical conditions are not covered
- The benefits are also linked to particular incidences like a doctor visit or a hospital admission
- For major illnesses such as cancer, diabetes or pregnancy, you can’t have any benefits
- The rate is much lower for the capped medical expense than the general medical plans