Monthly Archives: March 2016

Health Insurance Tips Guide

Sound health is an indispensable feature of every individual’s life. No targets and success can be achieved if we are physically unwell. In order to safeguard this central aspect of our life, health insurance is the need of the hour.

Health insurance as we all know is the best way to secure your health against all expected and unexpected problems. Due to this almost every individual seeks to acquire a health insurance policy.

At present there are many companies offering health insurance. While going for a health insurance policy you will confront a choice between private and government insurance. Prior to opting for either policy, you should know that with a private health insurance you would have an access to luxurious private hospitals, wide range of private doctors to choose from and mostly immediate treatment. While in a government health insurance scheme the lifetime health cover penalizes people who take out health insurance later in life with higher premiums. If you take the policy after your 31st birthday you will be required to pay a 2% surcharge annually up to 70%. So for instance if you acquire the policy at the age of 50 you will have to pay 30% more than a person who joined at the age of 30.

Government health insurance policy also comes up with a Medicare levy surcharge according to which unmarried people earning more than $50k and married couples with or without children earning more than $100k will pay an extra 1% Medicare surcharge in addition to 1.5% Medicare levy most people pay. But this extra annual expenditure of $500 to $1000 can be avoided by opting for hospital insurance.

Premium plays a key role in choosing the kind of policy you want. Money can be saved on premium in various ways such as purchasing a policy with ‘excess’ or the money that an individual is required to pay for stay in a hospital before benefits are payable. You can also buy a policy that asks for a co-payment. In case of co-payment if you don’t go into hospital, the member decides to pay usually a fixed amount of money each time he avails the service. Choosing a policy that doesn’t include several treatment facilities is also an option to lower your premium rates. Besides this you can also buy a policy that only covers you as a private patient in a public hospital. However it is better and in the long run beneficial to take a policy that offers a high ‘excess’ in comparison to those that exclude several treatment conditions. Some commonly barred treatments are- cosmetic surgery, cataract surgery, rehabilitation, hip, knee and other joint replacements, obstetrics and birth related care, assisted reproduction and psychiatric care. In case you want coverage for any of these treatments, prior to purchasing make sure your policy includes it.


Tips to Help You Choose the Right Policy

It is summer 2006. Young and not so young people are graduating from school and there are millions of people who are starting to think about student health insurance. Here are some tips for parents and students who are looking for health insurance for a college student, health insurance for a graduating college student or health insurance for an older graduate student. There are a lot of choices. This article is designed to give you an overview of the choices available to students.

Health Insurance For College Students You should explore all of the medical plan options available to you. Your choices may include:

  1. Getting health insurance through the student’s employer.
  2. Getting medical insurance through your local Blue Cross Blue Shield or other private health insurance plan.
  3. Getting “college student health insurance” through a plan offered by their college or university.
  4. Getting health insurance as a dependent on the policy of a parent or spouse.

When looking for the non-group health insurance plans that are available in your area, you may want to contact yourĀ state’s insurance department. You can contact them and find out which companies market individual health insurance in your area. Healthcare choices for the out-of-state student If you live on campus, look into the plans offered in each area. If your parents live in Florida, but you go to school in Texas, you should see what health insurance plans are available to you in both states. A student who has a permanent address of Connecticut and attends Yale in New Haven should only purchase a Connecticut-approved plan. If the same student transfers to UCLA, he or she can also explore plans offered in California. Some plans may even charge differently based on your zip code, so even if your two addresses are in the same state, you may still save money by looking at rates for both areas. Health Insurance For A Graduating College Student You should explore all of the medical plan options available to you. Your choices may include:

  1. Getting health insurance through the former student’s employer.
  2. Getting medical insurance through your local Blue Cross Blue Shield or other private health insurance plan.
  3. Purchasing short-term health insurance to cover you until your employer-sponsored plan becomes effective.
  4. Getting health insurance as a dependent on the policy of a parent or spouse.

Medical Insurance Plans to Watch Out For:

  • Discount plans. These are not health insurance plans! These plans can save you money on health care, but only offer discounted services and not true insurance benefits. If you had a major accident or sickness, getting 25% off of a healthcare bill of $50,000 may not give you the benefits you hoped for.
  • Accident only plans. Students get the flu, mono and even cancer. Being covered with an accident only plan can offer substandard coverage when compare to a comprehensive health insurance plan. (By the way, an unplanned pregnancy is not considered an accident either J. šŸ™‚ )
  • Hospital Only or Basic Plans. These plans tend to offer good coverage in the hospital but little coverage outside of the hospital. These plans can save you from a hospital bill that might otherwise bankrupt you. However, today hospital stays are getting shorter and more and more healthcare is being done in doctors offices. If keeping your premiums low is important, consider a plan that covers you both in the hospital and in the doctors office that has a high deductible.
  • School Sponsored Clinics And Urgent Care Centers. They cover you well for the little things, but not so well for the big things. There may be no coverage for surgery or hospitalization. In contrast to hospital only plans, these plans my not cover you for a hospital stay or for surgeries.

How to Choose the Right Policy

When it comes to buying health insurance, there are many different things that you need to know about getting the right policy and choosing coverage that works for you. It isn’t always easy to find the best medical insurance, but it can be done if you take the time to look. Here are a few medical insurance tips to help you make the best decision about your insurance coverage.

-Always get a few different quotes. That way, you can compare your coverage options and figure out which policy suits your needs best. Choose a few companies that have a good reputation and that you can depend on.

-Make sure that you look at coverage, first and foremost. You do need to find an affordable policy, but price is only secondary because the coverage that you are getting is really what matters. Get the coverage that you need, then look at the costs of the policies that you are offered.

-Choose a reputable company to get insurance from. Even though all medical insurance companies might seem like they are qualified, you need to get good service, good coverage, and premiums that you can afford from a leader in the industry.

-Remember that just because a company is small doesn’t mean that they don’t have good insurance coverage or good service. Sometimes, small medical insurance companies are actually better than the big-name companies that you find.

-Compare premiums to the coverage that you get. Don’t arbitrarily look at the costs and see which policy is cheapest or seems most reasonable. You need to make sure that you are getting the best medical insurance for the money, which means checking out the coverage.

-Never forgo health insurance just because you think you can’t afford it. There are so many affordable medical plans out there and many people miss out because they assume these policies don’t exist. Do some research before you rule out medical insurance because of the cost.

Using these health insurance tips, it should be much easier for you to get the right insurance coverage. Take the time to see what your options are and which ones are best suited for your specific needs. Everyone has a different idea of what to expect but these tips can give everyone more affordable options for health insurance. Most importantly, never buy the first policy that you are offered until you have checked out other options to ensure that you truly are getting the best deal on medical insurance coverage.