The purchase of medical expense insurance is on the rise, more and more people are looking for this financial protection to pay for medical expenses due to an accident or illness.
In the first quarter of this year alone, the premium issued in the accident and illness branch, which concentrates medical expenses, personal accident and health insurance products, grew 10.1%, according to data from the National Insurance and Bond Commission (CNSF). .
Each of these products covers different health issues in people, for example, the Medical Expenses covers the medical costs of diseases such as cancer, Covid-19 or other diseases, medical emergencies and also accidents; Personal Accident insurance only protects medical costs for accidents and accidental death; The Health ones financially protect people from preventive issues, such as medical consultations, laboratories, even low-impact illnesses
From January to March of this year, the issuance of premiums for medical expenses grew 8.8%, personal accidents 15.1% and health 53%, according to data from the CNSF.
What to check?
Before contracting medical expenses insurance, it is important to consider several questions and thus find the one that best suits your ability to pay, medical profile and age.
The cost of medical expenses insurance is variable, it depends on various issues such as the gender of the person, occupation, age, the location where it is contracted, the network and the level of hospital sought, the table of medical fees, the deductible and coinsurance.
For example, if you want to be treated in high-level hospitals when facing a disease, the insurance will cost more, if the profession or trade you practice puts your health at risk or can cause some diseases, the cost will increase, if you are a man or woman also has effects and impact on the price of the product.
According to the Condusef medical expenses insurance simulator, a product of this type for a 30-year-old woman costs between 16,520 pesos and 40,000 pesos per year, while the same product for a man of the same age is around 11,000 pesos. and 27,500 pesos.
The deductible and coinsurance are also elements that influence the cost of insurance, this can be higher or lower depending on these two elements.
The deductible is a non-refundable fixed amount that the insured must pay when using their insurance, either due to illness or accident. The higher the deductible, the lower the cost of insurance. However, it should be considered that this amount must be available when an incident is faced, exceeding that amount begins the insurer’s obligation to pay.
Coinsurance is also an amount that the insured must assume on the costs of hospital care once the deductible has been discounted. It is established as a percentage and can range from 10% to a limit of 100,000 pesos on the expenses generated. The higher the coinsurance, perhaps 20 or 30%, the cheaper the premium.
Regarding this type of action, to have cheaper insurance by increasing the deductible and coinsurance, Condusef reported that a cheaper total cost may imply that a high deductible is paid, money that must be available at the time of the loss.
There are products with a lower total cost and deductible, but look at the amount of the insured sum, since it will surely also be lower, remember that at the time of a chronic illness, the insured sum can make a difference”, he stressed.
Other tips that Condusef gives to find the product that best fits your budget is: check which institution, for the same cost of basic coverage, includes additional coverage. There are companies that for the same price include up to four or five additional coverages, without implying an additional cost.
It is important to consider that medical expense insurance has exclusions and in some diseases there is a waiting period to treat them, for example, in cancer conditions it is two years.