Category Archives: Insurance

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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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.

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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 your 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. 🙂 )
  • 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.
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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.

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Best Possible Car Insurance

Best Possible Car InsuranceIf you are thinking about buying a new car then you’ll want to get the best possible car insurance before finalising your purchase. If you are taking out any type of finance for a new vehicle then you have to make sure you are insured before you can take delivery. It is worthwhile sorting this out well in advance.

The type of vehicle you purchase can also be influenced by your age. Most companies place a premium on anyone under the age of 25, especially if they purchase a high performance car. If you fall into this category there is a possibility now busy will be able to ensure you, or your premiums may be extremely high.

Taking advice before purchasing is extremely sensible and will avoid any nasty shocks. They may also have some advice on how you can lower premiums. Things that can help include tracking systems and car alarms, and these can lower those monthly payments by quite a lot.

Another thing to take into account is that all the details are filled in correctly. You need to let the company know whether or not the car will be used on a daily basis to take you to from work. This is classified as being private use.

However, if you do any more than this, such as using your car for business in any way then you may need to take out an extra policy. This is because your risk profile will have increased and you’ll be using the vehicle more frequently. The car should always be insured for the person who drives it most frequently, as this could affect your cover if you happen to be in an accident.

If your vehicle has been modified in any way then you must let the company know as it could affect your policy. This tends to affect items which haven’t been factory fitted. These items need to be specifically mentioned in order to be covered.

It is possible that you might have to take your vehicle into a specified inspection center in order to obtain a certificate. It is essential to comply with this as it could affect any future claims. It pays to read through all the documents included with your car insurance services properly. Make sure you understand everything and ask for additional clarification if you don’t. This will ensure you are properly covered, and will give you greater peace of mind.

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