Category Archives: Medical

Making the Best Choice For Individual Medical Coverage

Once upon a time nearly everyone received health care coverage through employer group health plans, but these days many are turning to individual medical coverage to ensure they have access to the medical services they need. Issues such as unemployment, self-employment and companies cutting-out group health benefits are requiring people to brush up on their insurance knowledge so they can make the best decisions for themselves and their dependents.

With medical costs increasing, it is more important than ever to have the right coverage to meet medical needs. When you are in charge of selecting your individual medical coverage, how can you know if the plan is right for you? And is it even possible to find affordable health coverage outside of an employer group health plan?

It is worth your time to wade through the information to determine what individual medical coverage is best for you and your budget. To make it easier for you, below is a compilation of the information you need to make solid decisions about your coverage choice.

Breaking down the insurance lingo

While some of the insurance terms may be familiar to you, others may seem like part of a foreign language. Here are some terms you will likely need to know:

* Premiums-this is the money you pay to receive individual medical coverage. You may pay it monthly or yearly. Insurance companies base the amount of your premium on factors including age, level of health, medical history, lifestyle and occupation.

* Deductible-this is the money you will have to pay out of your own pocket prior to your medical coverage kicking in. Typically, you can select your deductible to fit your medical and financial situation. For example, a lower deductible requires a higher premium, while a higher deductible will allow you to keep your premiums low. Still, a high deductible isn’t always best if you know you will be using medical services often.

* Coinsurance-this is a percentage of the medical bill that you will pay. For example, some medical plans will offer a coinsurance rate of 75/25, which means you will pay 25% of the medical costs while the insurance will pick up the other 75%. Understanding the types of individual medical coverage plans

Once you are more familiar with the language of health insurance, you will want to familiarize yourself with the different individual medical plans offered.

These are the most common:

* HMO-Standing for Health Maintenance Organizations, HMOs are designed to be a more affordable health insurance coverage. They provide comprehensive medical coverage through a network of hospitals, doctors, clinics and health care professionals. If you have a particular doctor or hospital you prefer, it is important to make sure they are included in the HMO network, as these types of individual plans are quite costly if you go outside of the network for care.

* PPO-Standing for Preferred Provider Organizations, PPOs are different from HMOs in that you can have coverage from a variety of different doctors and specialists without referrals. Still, there is typically a PPO network of doctors and hospitals that offer you more coverage, but you have the freedom to choose outside of the network and receive partial coverage.

* FFS-Standing for Fee for Service, the FFS plan, also known as indemnity insurance, is a very simple, straight forward individual medical coverage through which you obtain the medical care you need from any doctor, hospital or health care professional, pay for the fees yourself, and then receive a reimbursement for a specific percentage of what you paid. This is not a comprehensive plan and it does not cover preventative care, but is one option for an individual who does not plan to receive a lot of medical care and cannot afford higher premiums.

* HSA-Standing for Health Savings Account, the HSA account offers coverage that works as a catastrophic medical plan with a high-deductible and lower premiums. The account also includes a savings account that is tax-free and allows you to save money to pay for the more routine medical care yourself.

Conducting a thorough health insurance plans comparison is a wise way to choose the best plan to meet your needs. It makes good sense to research the plans, so you are fully aware of the cost and coverage and know what to expect.

How to Find the Best Private Medical Insurance

Finding the best Private Medical Insurance deal for yourself or your family could not be an easy task. In case you are not done it before you might be confused or even lost among the number of quotes, policies and providers. For happiness the Internet “boom” made the whole procedure much easier and everybody can research compare and get providers, quotes and advice plus variety of options.

To precise the terms and avoid misunderstanding let be clear that Private Medical Insurance is also known as Private Health Insurance and provides financial cover against any private medical treatment cost.

In addition Private Medical Insurance is not Life insurance or kind of saving scheme, which means there is not cash value element.

Below are pointed out some basic helpful factors to be in your favour taking the right steps.

There are some points and conditions which have to be considered to make the right decision and choose the Private Health/Medical Cover which suits best to your needs.

Firstly you should precise the level of cover and compare with the price.

Different policies offer varying levels of cover and inevitable it reflects on the price you are paid for it.

Another factor is if you need a cover in-patient treatment/which means you are accommodated overnight in the hospital/.

Day-patient treatment offers one day procedure performed and the purchaser leaves the hospital on the same day.

Or out -patient treatment where the policy holder does not have to go in for in-patient of day-patient treatment.

All examples above are very small part out of Private Health/Medical Insurance niche.

Health Insurance Providers Are Changing the Face of Healthcare

There are many times when a person needs medical attention but is unable to get the same. The simple reason for this is the lack of money that is available for healthcare in the country. Illness can rarely be predicted. One can say that an ailment may occur given the medical conditions or the lifestyle of an individual, but nobody can predict the exact illness that you can face. When a person does not have the money to pay for treatment, he/she tries to figure a cheaper treatment. However, given the increasing cost of healthcare, this is a difficult task. This further leads individuals to just avoid the treatment unless it is extremely needed. Health insurance providers have come to the rescue of people in the country.

There are many people who do not understand the importance of medical insurance. Health insurance providers in India are growing fast. Several insurance companies dealing in other kinds of insurance have also set foot into the health insurance market. The sudden growth of this market can only be attributed to the increasing realization of the importance of healthcare in the real world. Mediclaim providers aim at offering comprehensive policies that would cover an individual in their hour of healthcare crisis.

The medical insurance providers in India now offer plans that cover nearly any kind of medical problem that a person faces. With the increase in the number of insurance plans available, the competition is growing too. There are medical insurance plans that provide coverage for inpatient treatment, outpatient treatment, day-care procedures, and several other such facilities. All new medical insurance providers try to offer plans that can be used either on a cashless hospitalization basis or a reimbursement basis.

Medical science has made tremendous progress over the years. Unfortunately, the cost of this progress needs to be shared by the common man who most often cannot afford it. The main problem is that most major healthcare treatments are very expensive. People do not have the funds to pay for the same. There are numerous options of getting around this problem. But the main one is that individuals can easily get a health insurance policy which would enable them to get the treatment that is needed by them. The plans make sure that customers do not need to be worried about the payment of the treatment.

Health insurance providers bear the cost of treatment in exchange of a small sum of money known as the premium. The main point is that people need to become more aware of health insurance and the benefits of buying a mediclaim policy. There are numerous campaigns and steps that have been taken to promote this awareness. At the same time, it is also important that customers read and understand the plan before buying it. One should always be aware of the coverage provided by the policy.

Health insurance providers are also trying to change the way people perceive mediclaim plans-that they are of no use when the time comes. They have to make sure that customers can contact the company with ease regarding any grievance. This confidence has gone down and therefore insurance providers have a problem in gaining the trust of customers.The routes to access health insurance providers should be simple-calling, mailing, e-mails, SMS, etc. Customers should have the confidence that the insurance providers would help them whenever needed.

Health insurance providers try to create and improve their plans so as to meet the expectations of their customers. They not only bring changes but also make additions in their plans. The additional and optional covers help people in availing more benefits while undergoing treatment. Gifting your near and dear ones with a medical insurance plan is a good choice. It is better if people start early with their insurance plans.

With the festive times creating a lot of hustle-bustle, people are looking for the most innovative gifts that they can give. One of the finest choices is that of gifting a health insurance plan. The fact that you are looking for a gift and taking so much pain means that the person means a lot to you. A medical insurance premium is a small price to pay for the kind of value the gift has. When you gift an insurance policy, the recipient would not have to worry about handling healthcare costs at all. It is a fine choice and at the same times a different and innovative one.

The saying, what goes around comes around, is quite befitting here. The premium that you pay to buy this gift is actually exempted from taxes under section 80 (D) of the Income Tax Act. This means that while you have bought a special gift for someone, you also save on taxes payable for the same. The individual does not have to worry about spending too much money on the gift. One would have spent money in buying a gift. But with a health insurance plan, the gift has a lot more meaning to it.

There are a lot of people who think about investing money for tax benefits. You can actually club the gifts and get tax benefits for the same. Buying an individual or a family floater health insurance plan makes more sense when you know the kind of problems that the person may face. There are countless benefits of the health insurance policy. Securing a person’s medical future is perhaps the best gift ever.

Apollo Munich provides customers with the facility to buy health insurance plans very quickly over the Internet. You can also check the premium of the policy thereon.