Finding the Best Health Insurance

30It’s very important that you and your family are properly covered when it comes to health insurance. For people who do not get medical insurance coverage through their employment having to pay monthly insurance bills can stop a lot of people from even considering getting their own coverage. It’s important that young people have access to cheap health insurance as it’s in everyone’s best interest that each person be covered by a health insurance policy.

When you are searching for the best insurance policy to suit you it’s important to make sure they supply you with enough coverage so if something happens you don’t have to worry about the cost of hospital care, nor the monthly cost of the premium.

Medical insurance actually provides you with two benefits. Obviously health insurance is going to protect you should you require immediate health care but it will also enable you to get regular health checks which will increase your quality of long term health.

Studies have shown that people who have health insurance coverage on average live longer, healthier lives than those people who do not have coverage, so it’s very important that cheap  insurance is available for young people.

Most people know that health coverage protects them financially for any medical issues, but it also helps protect your job should you get sick or injured. Medical insurance will also help you if you are sick or injured and unable to work. Which means that if you’re not insured not only would you have to pay all of the hospital costs but you would also not pick up any income whilst you weren’t working.

If the thought of going from company to company talking to hundreds of agents doesn’t sound very fun to you, then there’s a better way. Not only is it not very fun, but in the end you’ll actually work out to be paying more because you’ll also be paying the agent a fee who sold you the policy. That’s because usually the more middle men there are the more expensive something becomes as they all take their share. Obviously this isn’t the best way to find cheap health insurance.

If you don’t have health insurance do yourself a favor and go online right now, where you can just fill out basic information and sit back and relax whilst numerous insurance quotes appear without you having to do anything. Then you can just compare and easily find the most affordable coverage that offers the coverage you need. It’s that simple. Find affordable health insurance now.

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.

How to Choose the Best Health Insurance Plan For You

28Choosing a health insurance plan can be a frightening task. 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. The difference in the monthly premium between the 2 deductibles was $300 per month. 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. 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. 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. 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. 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. If the group you’re in has a lot of sickness and/or accidents, the insurance company will increase your premiums. If the group is healthy and doesn’t have a lot of accidents, the insurance company will increase your premiums. Sucks doesn’t it?

The HSA is a new plan that is government approved and lets people who want to manage their health care expenses save a lot of money and pay for their health care out of pre-tax dollars.

When combined with an accident policy that limits the amount of money you are out of pocket in the case of an accident AND a catastrophic health insurance policy that protects you in case of a major catastrophic health event such as cancer, stroke, heart attack, etc the HSA plan is the most economical.

In the end, we decided to go with an HSA plan with the accident and catastrophic policies and cut our health insurance plan costs by more than $500 per month.

The best way to find a plan that is perfect for your situation is to fill out a get health insurance quote form on the internet and then talk with an agent about what you need when they call.

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. 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. 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. 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. 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. 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.
Aging parents have more medical needs to tender to. 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. Thus, a healthy advice is to do ample market research and evaluation. A healthy family signifies happiness and prosperity!!

What The Absolute Best Health Insurance Plans

26What the absolute best Health Insurance Plans and are you being charged a fair price?!

A health insurance plan is one that will give you the most benefits for your money. Let’s take a detailed look at the different types of Health Insurance Plans and see which ones make the most sense to buy. Then let’s take a look at actually purchasing the plans and making sure that you aren’t being overcharged.

What are the different types of Health insurance Plans?

1. Indemnity Plans- The basic Health Care Insurance plan. High premiums, high deductible(meaning you pay a certain amount of money per claim before the Insurance company pays anything) but you get to choose your own doctors and hospitals.

2. HMOs or Health Maintenance Organizations- Cheapest but the least flexible health plans.
Copays are cheap but the Insurance company tells you which doctors you can see and you have to get those horrid referrals from your insurance chosen doctor to see any specialist.

3. PPOs or Preferred Provider Organizations- More flexible and a tad more expensive then HMOs.
While cheap co-payments are a plus and you don’t have to get a referral from your doctor to see a specialist; if you see a doctor outside the list of doctors who are recommended by that specific insurance company you may have to pay the bill yourself then resubmit the bill to the insurance company. OR worse you may have to pay the deductible or the difference in costs between what the non insurance approved doctor costs to see vs seeing a doctor that the insurance company approves.

4. POSs Point of Service plans-More flexible still and a little more expensive then PPOs
If you feel the need to see a doctor outside of those the Insurance company approves all you have to do is get permission from your regular doctor to go see whichever doctor you want to see and you’ll be covered by your Health Insurance Provider. Also POSs provide a lot more preventative health care such as gym membership discounts, etc. The only bad thing about this is that you need a regular doctor that you see to give you permission to go see other doctors.

How to get a fair price for a Health Insurance Plan

Now that we have an idea about the different types of Health Insurance we need to make you can get a fair price, after all with gas prices so high nobody needs to be paying more than we already are!

First things first- You’d better shop around and do price comparison. Which thankfully is easy thanks to the internet. Just Google search for a health insurance comparison website and after filling in your health information along with the type of insurance you want you’ll be on your way towards finding affordable health insurance.

When considering choosing a health insurance plan one must consider which plan works for you and or your family the best. The main way to choosing the best policy is to weigh up all the alternatives of all the different plans, have a budget, have a goal set in mind as to what you want and what you can afford then go from there. Don’t let anyone or any company push you into a corner and don’t be afraid to shop around! Like the old song “You’d better shop around!”

Remember, life has it’s many unexpected turns that we can’t possibly foresee, Health Insurance is a very good option, true while it is expensive at least if you have to be hospitalized your family won’t go into financial ruin!