Monthly Archives: April 2016

Tips on Finding Cheaper Health Plans

Looking for an affordable health insurance can be very tricky as it varies depending on where you live. Getting a cheaper health insurance has some risks though if you do not have proper knowledge, that is you might get yourself under covered. Do not just go for any cheap health plan without having read the following tips.

Is it Necessary to Get a Medical Health Plan if You Are a Healthy Person?

If you are a healthy young person of 25 years or less, getting a cheap health coverage might not be a problem. As we age, we are at a greater risk of getting some kind of disease, that is why we need regular medical check-ups. It is known that young women are prone to ovarian and breast cancers, regular medical checkups can help if preventing these cancers.

How to Choose a Good Health Insurance Company?

A medical health plan protects you in cases whereby you do not have enough money to pay your medical bills. To get the best and cheapest health plan, browse though all the companies which you think might be worth your money and trust. Do not go for small companies who claim they have the cheapest plans as maybe in a few years time they might not be there. Request quotes from different companies.

Tips on Getting the Best and Cheapest Health Plan

When taking a health insurance, ensure that you are covered for any particular disease or condition that you think you might suffer from. For specific conditions ensure that you are fully covered, that is you do not have to pay any amount.

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Top Ten Health Insurance Tips to Consider When Buying Health Insurance

Whether you are switching health insurer or buying health insurance for the first time there are a few points that you should consider before you make up your mind:

  1. Cover for private accommodation in public hospitals in most cases does not guarantee fast access to treatment. Make sure you have a plan with some access to private hospitals. Even if it only covers a portion of the charges it’s better than not having any access to these hospitals or being faced with extremely large bills for treatment you needed in a hurry.
  2. Check that hospitals local to you are not excluded and don’t have excesses applied to accommodation. Most people prefer to be close to home when they are sick or in hospital so that friends or relatives can visit or be close at hand should they be needed in an emergency.
  3. Check that there are no shortfalls on specific treatments or procedures such as radiotherapy, chemotherapy, orthopaedic. Where there is a shortfall on orthopaedic treatments consider the likelihood of you needing any of these treatments in the near future. Young people are less likely to need these treatments than older people. You may be able to upgrade in the future if affordability is an issue right now.
  4. Check that you have full cover for day case treatment such as chemotherapy, radiotherapy and colonoscopies in private hospitals – these procedures account for 60 -70% of all health insurance claims.
  5. Try to ensure you have cover for direct settlement MRI and CT scan centres which are local to you. This means you won’t have to wait to get access and you don’t need to pay if they are classified as ‘direct settlement’ centres.
  6. Try to ensure you have cover for major cardiac procedures in all the main private hospitals and hi-tech or specialist centres
  7. Check that there is a low outpatient excess, this will ensure you get more money back from your outpatient expenses.
  8. If you want cover for day-to-day benefits such as GP, Physiotherapist and dentist ensure that you are getting long-term value for money – check the cover for each benefit & how many visits are covered per benefit. Do you really need this cover right now? If you have young children or you are undergoing regular treatment it may be worthwhile however if not then weigh up how much you are paying for these benefits and how much you are likely to use them. Some of these plans can cost five of six times the price of seeing a doctor so if you usually only attend a doctor once or twice a year it may not be worthwhile having this type of cover.
  9. Check for any other benefits that may be of interest to you – health screening, maternity benefits, kid’s benefits etc.
  10. Consider the health insurance needs of all the family individually – consider different plan & levels of cover for each. You might choose to have the children on one level plan and the adults on another.
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Tips for Choosing The Right Health Insurance Plan

When it comes to health insurance, there’s no one-size-fits-all plan that you can rely on. Of the numerous plans in the market, you will find that each is unique in some way, with its own benefits and limits. This makes purchasing health insurance a difficult task where painstaking research is sometimes required, before you find the right plan for you.

Before you go plan-hunting, there are some questions you need to ask yourself:

  • What is my financial ceiling?
  • What do I have to cover? Am I responsible only for myself? Do I have dependents? Am I planning for retirement yet? Am I already retired?
  • How often do I need to visit the doctor?
  • How much premium can I afford?
  • Do I have any pre-existing medical conditions?
  • How comprehensive a plan do I want?
  • Do I need regular dental and/or vision check-ups?
  • Do I use many prescription medicines?
  • How much preventive care do I want?
  • Am I constantly exposed to hazards such as the possibility of an accident, exposure to toxins, a weak immune system, etc.?
  • Am I at risk of any hereditary diseases?

Knowing the answer to these questions will help you recognise which slot you fall into, and what your insurance needs are. It’ll narrow down your search and give you an estimate of how much you should be spending – and what benefits you ought to get for your money.Once you know your healthcare requirements, it’s time to go shopping. Even with the field narrowed down, it’s easy to lose sight of what you need. Here are some tips you should keep in mind to ensure that you aren’t buying the wrong plan:

  • Know how much the average cost of your healthcare should be. For example, it is generally accepted that a Rs.5 lakh cover is sufficient for a single adult.
  • Individual covers are usually more comprehensive than family plans, and also cheaper on your wallet in the long run. Moreover, individual health insurance plans cover most, if not all your checkups, pre- and post-hospitalisation expenses, and other domiciliary costs, which are usually somewhat limited in an umbrella cover.
  • Check your policy to see if it provides cover for atypical expenses, like maternity, vision, dental, etc. If it doesn’t, find out if such covers can be added to your policy, or if they will be covered after a certain number of years have elapsed.
  • Never select a policy based on premium alone. Find out what your insurer’s claim settlement history is. If they have a reputation for speedy claim resolution and better payouts, go for it. If, however, the claim settlement takes ages and too much paperwork or other hassles, search for another provider.
  • Assess your risk-taking ability before you choose to opt for a floater plan. Though these are comparatively cheaper than individual plans, and provide cover for your entire family, they also mean that you have to assume a higher amount of risk in exchange for a smaller premium.
  • If you are employed and your employer pays for your insurance cover, it would be wise to get a separate cover privately, as well. The main reason being – though workplace insurance covers are usually very beneficial, they may be terminated when you leave your organisation. Today, most people are mobile when it comes to changing jobs, so you might not always have a cover when you’re transitioning from one job to the next.
  • Consider getting additional covers, like critical illness cover, accident cover, hospital cash, surgical cover, etc. These can be added to your existing policy as riders, for an added sum to your premium.
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