Emergencies Knocking at Your Door: When Can You Use Health Insurance?

You are probably at the juncture of your life where you are thinking about whether or not to apply for health insurance. Here’s something: life is quite unpredictable. You don’t know when emergencies will arrive and take everything away from you.

Medical emergencies can be scary, and at that point, you can’t be counting on your distant relatives and friends. Perhaps friends may help, but being prepared for all medical emergencies is your duty as a parent, spouse, or child.

You are also wondering if you can get affordable health insurance alternatives instead of traditional ones. Let’s face it: traditional health insurance plans have a high premium!

Not everyone can afford traditional health insurance, which is why alternatives are better. Well, we will shed light on the alternatives, but first, look at instances where you can use health insurance. Dive right in to find out what we’re talking about!

Claiming Health Insurance Plan at the Right Time

Let’s say you have been paying monthly premiums towards health insurance. You can’t be claiming the cover in the initial days.

Moreover, it depends on the policy terms for how long you can wait.

Usually, the initial waiting period is supposed to be thirty days to ninety days. Thirty days is the minimum in most policies. However, an exception is made if the insured gets injured in an accident and needs emergency medical care.

Let’s say you have taken a disease-specific plan; the claiming period is longer, like 1 to 2 years. The claim period is 1 to 4 years. The duration will also depend on your medical condition and the insurer. Most of them will offer a two to four years of waiting period. However, our suggestion would be to get insurance at an early stage.

You also need to check whether the insurance covers your illness. Read the terms and conditions carefully before signing up for anything. So, it’s difficult for us to tell you when to claim health insurance. It will depend on the insurer, and the waiting period is different.

Are There Any Cheaper Health Insurance Alternatives?

Traditional health insurance is not affordable to all. Some people cannot afford the monthly premiums, which could be more than $800-$1000. At this point, you want to look for alternatives.

Of course, health insurance has some benefits, like the insurer is legally bound to pay you the sum when you need medical expenses. There is paperwork that you have paid towards the insurance.

But the monthly premiums are very expensive, so people also look at health-sharing plans.

Health-sharing plans have lower premiums, and there are no strict eligibility criteria for someone to join the membership program. You can enter a faith-based healthcare-sharing project. But this one is good for those who generally enjoy good health. It’s not for someone with a terminal illness who may need a significant amount of money for operations and surgeries.

Feel free to ask the organization whether they are accepting new applications. It gives you peace of mind that you will get money when required.

There is no paperwork, but you have an understanding with other members that when medical emergencies are there, everyone will pool in the money. It’s like a community helping each other pay the medical bills. Which Option is Best For You?

Ideally, the plan is chosen as per your need. Suppose you are expecting a high claim when emergencies arrive. It guarantees that you will be paid X amount when you have an accident or someone is extremely sick.

Terms and conditions are given on paper, so you know what is covered and what isn’t. But it’s not practical for everyone.

Some people cannot afford those premiums. They need to rely on a health-sharing plan or start saving early in a separate account. Whatever you can save may help you when you are sick or have an accident.

We suggest you look at your current financial standing and start looking at health insurance plans, and if that doesn’t work out, you can check out health-sharing plans. If you can access health-sharing plans, you wouldn’t have to pay high premiums, but there will be some peace that medical bills will get paid on a timely basis.

If you can afford health insurance, then go for it. In the long-term, health insurance will give you a higher claim, but you must adhere to the waiting period and also shell out extra monthly money. It’s your decision! After all, it’s your health and your life. It could be for your loved ones’ future too. So, you need to make fair decisions at this point so that the future is a little more secure in terms of finances.

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