Five Tips for Choosing the Right Health Insurance Plan

29One of the best ways of safeguarding your personal well-being is by having a health insurance plan.

Due to the large number of companies that offer this type of insurance policy, choosing the right one can be a daunting task. Here are five tips to help you find the best plan on the market today.

Check the Networks of Different Plans

If you have a select group of doctors whom you prefer, ask them which insurance networks they are part of. You can also use one of the many accredited online directories to know the networks that each plan on your list has. On the other hand, if you just relocated to a new city and you do not have a preferred doctor yet, choose a plan that has a large network of health practitioners.

Know the Maximum Premium Budget

Consider your average monthly expenses to know the amount of money that you can spend on the policy without compromising your financial capability. Low premiums often result in high out-of-pocket costs. Hence, what appears to be the cheapest plan may really be the most expensive, as you will be forced to pay for most of the services. One of the best ways of choosing the right premium is by estimating the total amount of money that you spent on health care last year, including out-of-pocket expenses and premiums. Then, choose a plan that has similar monthly deductibles, copays, and premiums. A high premium plan will save you thousands of dollars on out-of-pocket costs if you require expensive procedures or frequent medical care services.

Look for Additional Benefits

In a bid to attract more clients, insurance companies usually offer policies that have additional benefits apart from medical coverage. Based on this fact, it is wise to check the summary of benefits of each policy on your list until you find one that has your preferred scope of services. For instance, some policies provide better coverage for mental health and physical therapy care while others have more comprehensive emergency coverage.

Research Plan Structure

Once you have an estimate of your monthly premium, your next step is determining your ideal plan structure. Some of the most common plans are HMO, EPO, POS, and PPO. The plan that you select will determine which doctors you can see and your costs. More often than not, plans that have referrals, such as POS and HMO, require that you first consult a primary care physician before booking an appointment with a specialist. If you already have a network of doctors that you prefer to see, eschew plans that they do not take.

Compare Out-of-Pocket Costs

Your preferred health insurance plan should clearly indicate the services that you will be required to pay for and the amount. The sum amount includes coinsurance, co-pay, and deductible. A plan that has low out-of-pocket costs is an ideal choice if you regularly need emergency services, take expensive medications, have scheduled upcoming surgery, or were recently diagnosed with a chronic condition such as cancer or diabetes.

One of Health Insurance’s Best Kept Secrets

24Before I jump into explaining what critical illness insurance is, and why I personally believe it’s a good investment, let me first confess that before I began working for a health insurance brokerage, I had NO idea what critical illness insurance was.

When I first started my job with the health insurance brokerage, I would hear agents talking to customers about plans that offered tens of thousands of dollars in coverage, should they wind up with something like a heart attack or a stroke. I was baffled and many-a-time wondered, “Does my health insurance do that, too?”

The answer was no, because the insurance they were explaining was a critical illness plan, which is frequently bought along with a major medical or short-term health plan. All I had was one plan, a major medical plan. So no, I did not have it, but I’ll tell you why I think it’s a great thing to have in a minute.

How Does This Plan Work?

First, what does critical illness insurance do? In the event of a major illness, like a heart attack, stroke, or cancer, the plan will pay out a lump sum of cash for that covered illness. The money could go to a multitude of uses. It could of course be used to cover medical expenses, like co-payments, deductibles (which have been on the rise recently), out-of-network providers, and experimental treatments that aren’t always covered by insurance. Under the same umbrella, it could go toward any travel expenses associated with your condition. If you decide to seek care out of town, you could use the money for transportation or hotel accommodations for you and anyone traveling with you.

It could also be used to help you pay for your normal day-to-day expenses. If you get cancer, there’s a good chance you won’t be working, or won’t be working as much. That money can help pay what you would normally pay with your income- rent, utilities, car payment, credit card payments, etc. It seems that when we think about major illnesses, we think about how we would pay our medical bills and forget about all of the other bills that will still come due, regardless of our health.

Everyone’s First Question: The Cost

At this point, I know you’re probably thinking about how expensive it is just for a major medical health plan, let alone adding this on. Surprisingly, for the amount of coverage you get, it’s not a very high price. It’s nothing compared to paying your traditional premium for a major medical plan and prices will obviously vary depending on the coverage amount that you opt for.

Everyone’s Last Thought: The Reality

Thinking about a major illness plaguing your life isn’t something many of us spend time thinking about. It’s something we like to believe won’t happen to us, but the unfortunate reality is that no one who gets cancer or has a heart attack ever expects it. It’s a terrible situation all around, but the one of the best measures you can take is to be prepared should it happen. The last thing you want to be worrying about when you have a heart attack or cancer is your financial situation. Critical illness coverage will ensure that you can focus on what’s most important- your recovery!

Ensure Financial Stability By Picking The Best Health Insurance Policy

23With the rising medical cost, health insurance has become indispensable. Today, costs of medical treatment has reached at an all time high and are expected to rise even further. Absence of health insurance can cause a major setback to your financial condition. Medical emergencies like accidents, sickness or disease which may lead to prolonged hospitalization can bring you in severe financial crisis. A comprehensive health insurance individual policy provides coverage against the expenditure caused by unforeseen medical emergencies.

When it comes to buy a health plan for yourself, there are two common mistakes that people generally commit:

1. Often people don’t purchase an appropriate health policy at the right time. When met with an accident or any other disease, they come to realize their mistake and to over-compensate it they buy too much of insurance, which may or may not be that much useful for them.

2. A majority of professionals are provided medical insurance plans by their organizations. Employees are very much dependent on such covers to counter their health emergencies and fail to evaluate their health insurance requirements.

Importance of Personal Health Cover

1. Insurance Cover Provided By Present Health Care Policy

Most of the companies provide a basic health cover to its employees which may cover individuals from minor illness, giving a decent amount of coverage. Often this amount is insufficient in times of a major emergency. So, it is necessary that individuals prepare themselves for any health contingencies and get an health insurance individual policy.

2. Validity Of Insurance Provided By The Organization

The insurance plan provided by the organization is valid upto the time you are associated with the organization and lapses once you leave it. In case of retirement, job change or job loss, individuals have no health insurance cover and have to liquidate their assets or savings to meet any medical emergency. This may also affect their budget and further financial plans.

3. Tax Benefit

Opting a health cover also helps in tax saving. The amount paid for insurance premiums are eligible for tax deductions. Individuals with 65 years or below of age can claim a deduction of Rs 15,000 against the insurance premium paid for themselves, or for their parents, spouse or children.

Early Benefits

Buying a health insurance individual policy while one is young is cost-efficient and free from medical complications. Getting an insurance cover at an early age requires less premium and offers comprehensive coverage when compared to a health plan purchased at a relatively older age. The cost of the cover increases as the individual grows older. Besides, if one develops health issues, the insurance company excludes pre-existing conditions which demolish the purpose of buying a personal health insurance plan.

In addition, there are several insurance companies that set an upper age limit for their policies. This means the individual will have access limited options after retirement. Further, if the individual renews the insurance plan without asking for any claim, he can enjoy the profits of cumulative bonus in the form of no claim benefit.

Sahil Doshi is a prolific writer from New Delhi, has been contributing his reviews,experiences and guidelines related to general insurance policies. In this article he has focused over the importance of individual health insurance policy.

How to Choose the Best Health Insurance Plan For You

28Choosing a health insurance plan can be a frightening task. nike air zoom schoenen So many things to consider and so many “tricks” to look out for.

Although it can be a little overwhelming at times, you can navigate through the shark infested waters and find a Health Insurance Plan that is perfect for your situation and at a price you can afford.

There is one very important thing you need to do before you get started…decide exactly what you need.

You can’t choose the plan and the benefits that are right for you if you don’t know what you need.

To figure out what you need, you have to answer a few questions of your current situation both about your health and your financial situation.

The more money you’re willing to pay in a family deductible, the less expensive any health plan will be because you are accepting some of the risk and that saves the insurance companies money.

So the first question you need to answer is how much do you want your deductible to be each year for family and individual? This amount can be determined by what you think you can afford to pay if something catastrophic were to happen to you or your family.

The way that we choose our deductible was that we looked at the difference in the monthly premium for each deductible and then figured out how long it would take us to make up the difference in deductible for each deductible level.

For instance, the plan we were looking at had deductible levels at $4,500 and $5,400 per year for our family. adidas pas cher The difference in the monthly premium between the 2 deductibles was $300 per month. Asics Pas Cher So we figured that in only 3 months we would save enough money to pay the additional deductible and the other 9 months we would put into our pocket as savings. Adidas Ultra Boost Heren Does that make sense?

The next question that you need to answer when choosing a health insurance plan is the type of plan that you want…do you want co-pays for doctor’s visits? If you do, how much do you want to pay?

Do you want prescription drug coverage?

There are a lot of types of health insurance plans and I think that each company names their plans something different so it’s hard for consumers to compare apples to apples. Nike Sko Norge Nettbutikk But there are 2 basic types right now:

1. PPO – which is a preferred provider organization 2. HSA – health spending account with accident and catastrophic rider policies.

The PPO is the traditional health insurance plan that most employers offer. nike air max pas cher It has co-pays for doctor’s visits and most of the time prescription drug coverage. The employer pays for the employee’s coverage and the employee must pay for the coverage for his family.

The PPO is the Cadillac of health insurance plans. Asics Gel Lyte 3 And since it is group health insurance, you cannot be refused coverage if you are a part of the group.

This can be a good thing and a bad thing. Nike Air Max Flyknit Dames If the group you’re in has a lot of sickness and/or accidents, the insurance company will increase your premiums. Memphis Grizzlies If the group is healthy and doesn’t have a lot of accidents, the insurance company will increase your premiums.

Health Insurance Plan for Parents and Children

27A health insurance plan that covers not only you but your whole family is a solid deal. In a single premium you get to cover up to 15 members of your family. Such comprehensive health insurance plan is called a family floater plan. Since, it is a single policy that takes care of every family member of yours; you are escaped from the task of maintaining records of numerous individual health policies and keeping track of their renewal dates. Also, a family floater policy costs you cheaper than taking numerous individual policies.

As cost of other things rises, the cost of medical expenses also rises. goedkoop nike air max 2016 Health insurance policies offer the feature of increasing the sum insured after some years. Sometimes, as a reward for your timely renewal of policy and no claims, the insurance company increases the amount of your sum assured. nike tn noir femme A family floater policy is a life saver for the house and keeps you ready to face any medical contingency with confidence. In case of medical emergencies, many times the cost of treatment causes more fear and pain than the emergency itself.

For what was earlier considered as a luxury is now a necessity. Nike Pas Cher The service sector has boomed exponentially in India over the past decades. And thus, this boom has passed on economies of scale to the insurance and banking sector as well. The premiums are quite affordable and the service has bettered. The IRDA since its setup in 1999 has taken good measures to regulate the insurance industry and win the trust of masses in insurance. Earlier people were very skeptical whether their claim would be paid or not but that scenario has changed a lot since.

Earlier the only health insurance people used to have was the one done by their employer for them. Apart from that only a select few used to buy it. Garrett Richards Baseball Jersey Some people used to buy health insurance only for the tax benefits. One can get a handsome tax exemption under section 80D, but is not the only motivation to go for a health insurance plan. Nike Air Max 2017 Homme With increasing awareness people now know how beneficial a health insurance plan is to them.

You can also take health plans exclusively for your parents. Such plans have no entry age limit, cover pre-existing diseases like Diabetes and Cardiac conditions and 100% claim settlement without co-pay. Yunel Escobar Jersey Aging parents have more medical needs to tender to. Adidas Goedkoop If parents are senior citizens you can get additional tax rebate up to Rs. 20000 for the money paid as premium.

Compare health insurance plans to avail the best deal and a plan loaded with attractive and suitable features. Following the experts, one should compare plans of at least three companies before buying. Being more informed about the market, you can take advantage of the competition. Asics Gel Quantum 360 Dames Thus, a healthy advice is to do ample market research and evaluation.