Category: Health


5 Tips To Choose The Right Health Plan

February 8, 2020

Health

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Most employers offer a health insurance plan to their employees. Since health insurance offers a lot of benefits, most employees opt for it to enjoy the medical benefits. Here are a few things that may help you choose the right health plan.

Out-of-pocket Costs

Nowadays, unlike the past, you can’t sign up for a plan that will cover all of your out-of-pocket costs. Even if you go for the H.M.O plans, you will get the coverage only if you meet a certain deductible.

A high-deductible plan can’t be defined specifically, but it’s a plan that comes with a savings account and a deductible of a minimum of $1,300 or $2,600 for an individual and a family respectively. Aside from this, there are different deductibles that cover your hospital stay, prescriptions or emergency visits.

Moreover, the Affordable Care Act defines how much you will have to pay from your own pocket.

Savings

Based on your paperwork of previous years, you can get a good idea of how much you will have to spend in a medical emergency. For instance, if you can’t afford to pay for minor medical emergencies, a high-deductible plan may not be a good choice for you. In such a situation, you may have to pay for an MRI, or a blood test.

Aside from this, you should think about a health savings account, which may help you offset your out-of-pocket costs. In these accounts, tax-free funds are accumulated. This money will help you in a rainy day. If you are lucky, you may pitch in up to $1000 in your account.

Find out What is Covered

It’s a good idea to figure out the costs that are covered. You won’t have to pay anything from your pocket to bear these costs. The insurance plan will cover costs, such as colonoscopy costs or a flu shot. If you don’t know whether these costs are covered, you should get in touch with the insurance provider.

Save Money

Nowadays, companies are offering quality telemedicine services. These services are included in the health plan or they are offered as an additional benefit. As a matter of fact, these consultations may be a great alternative to an expensive visit to a local doctor or hospital. So, you are going to save a great deal of money down the road. You don’t know when you are going to have a medical emergency.

Be Smart

If you are going to consider a high-deductible plan, make sure you become a smart shopper. This is because your own money will be at stake. If you do some comparisons, you can save a lot as some insurance plans may provide more coverage than the other. Therefore, it’s better to shop around before signing up for a plan.

It won’t be possible to get a definite answer about what a medical emergency going to cost you. Yet, you can find a lot of insurance providers that offer tools on their websites. With these tools, you can find a better option as well.

The Top 15 Ways to Save Money on Critical Illness Insurance

February 8, 2020

Health

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While life insurance pays your beneficiaries a sum of money if you pass away, critical illness insurance pays out when you are diagnosed with one of the major illnesses named in the policy. Death is not a requirement for the benefit to be paid, which is why it is called a “living benefit.”

Some critical illness insurance policies cover three or four conditions, but others cover about 30. The conditions covered vary among carriers and policies. Some of the conditions that critical illness insurance typically cover can include, but are not limited to: stroke, cancer, severe burns, heart attack, major organ failure, Alzheimer’s disease, aortic surgery, loss of limbs, aplastic anemia, bacterial meningitis, benign brain tumour, blindness, coma, coronary artery bypass surgery, paralysis, deafness, heart valve replacement, loss of speech, kidney failure, motor neuron disease, loss of independent existence, major organ transplant, MS, occupational HIV infection, and Parkinson’s disease.

Here are some ways you can save money on a critical illness insurance premium:

  1. Choose a policy that is the best for your risk factors: In most cases, the more conditions covered, the more expensive the policy. If cancer is a risk factor due to family health history, for example, you may be better served with a policy that covers cancer, heart attack, and stroke than a policy that covers 15 or more illnesses, most of which may be low risk for you.
  2. Some policies will exclude certain conditions, such as loss of eyesight. Weigh the pros and cons carefully of exclusions, but recognize that the lower the risk you present to an underwriter, the lower your premium.
  3. Did you know that insurers round your age up or down depending on when you apply for a policy? If your birthday is close to the end of the year, buy your policy in the first six months of the year to take advantage of age rounding.
  4. Some policies have extra benefits and riders, such as a waiver of premium rider or a child illness rider. Go without riders that do not apply to you so you can save money on the premium.
  5. Do you have mortgage insurance that includes critical illness insurance? Speak with a broker to see if dropping your mortgage insurance makes sense for you. You may have adequate coverage for the mortgage risk if you also have individual policies and policies through work. If there is enough overlap, you can streamline your polices so you can pay less but still have the coverage you need. Caution! Never cancel an insurance policy before learning if you have the right coverage active first.
  6. It costs your insurer time and money to process monthly payments. They reward you with lower premiums if you can make an annual lump sum payment.
  7. You can pay to have some policies backdated, giving you a chance to lock into a more advantageous rate and age bracket. Doing this will cost you more upfront, but it can save you money in the long run, especially if you have a long-term policy.
  8. Choose between term and permanent insurance. Permanent is more expensive at first, but it is very affordable if you buy it when you are young and in good health. Term insurance renews at a higher rate every year. If you are looking for long-term protection, choose wisely. You don’t want your term policy to end at an age when renewing will be too expensive.
  9. Your employer’s benefit package may include critical illness insurance. If the amount of coverage provided by your employer makes sense for you, that’s great! You have the coverage you need.
  10. You can get a simplified or guaranteed issue critical illness policy that allows you to skip the medical exam, but you pay more for that privilege. A fully underwritten policy that includes a medical exam is cheaper. If you are in good health, skip the no medical policy and make time for a doctor’s or nurse’s visit.
  11. Bundle up! If you are in the market for several different types of policies, such as disability and life insurance in addition to critical illness insurance, your insurer may have a bundle discount. Don’t be shy about asking if this is the case.
  12. Want a money back guarantee? Some policies come with, or allow you to purchase, a return of premium rider that pays back a full or partial refund of your unused premiums. There is often a charge for this, but the extra money can more than offset a return of premium years down the road.
  13. Consider getting a life insurance policy that has an advancement of funds for a critical illness. This can be cheaper than purchasing two separate policies, but understand that an advancement affects your life insurance benefit.
  14. Smokers always pay more–sometimes double the rates of non-smokers. This is just one more good reason to give up the bad habit!
  15. Speak with a broker. Unlike an agent that works for just one company, or a bank that only sells their brand of policies, brokers have access to all the products on the market, and they will compare them for you. Brokers are like matchmakers. They check out all your options and pair you with the best one for your needs. Some brokers even get discounts that are not available to the public, so they can get you the best rate.

Age is a driving factor in the development of critical illnesses, and nobody can escape the aging process. That’s why critical illness insurance is just as important as life insurance. We hope these tips motivate you to speak with a broker and save money on this type of policy. Get in touch with a broker today and get the protection you need.

Things to Know Before Considering Health Insurance

February 8, 2020

Health

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Buying one health insurance is a tough task when a lot of companies are selling it with great offers and benefits. There are numerous of plans, offers to attract the customers and mostly befuddle them.Here are a few things you should definitely check and know before falling for a health insurance deal:

1. Claiming procedure:

The claim process of the company should not be much complicated as it will cause a huge delay in settlement of claim. Health insurance is one of the most important types and you cannot risk your or life of your family by making it difficult. The simpler the claiming procedure the easier is claim settlement. Examine their process carefully and then decide.

2. Customer Support:

A 24*7 customer service is mandatory for health insurance. In case of any misunderstanding in the hospital the customer care executive should be present to handle such situations. Research about the company and their way of dealing with customers.

3. Waiting period:

Mostly insurance companies provide a waiting period for any previous ailment. This can range from one to around six years depending on your age and type of disease. The best way to avert this issue is to buy a health insurance plan in youth so that you can easily clear the waiting period.

4. Pre/Post Hospitalisation:

There are numerous of expenses added with Hospitalisation which include medicines, tests and doctor’s follow up. Make sure that your insurance plan covers these expenses too. From Hospitalisation of a patient to their discharge health insurance should cover all of the expenses. There should not be too much of burden on your side.

5. Insurance amount:

The most important decision to make is deciding on a right insurance amount. The right choice of amount shall only cover expenses. Take your age, health condition, salary levels in consideration before making a decision. The amount shouldn’t be too high for you to afford nor too less as you do not need a shortage of amount in emergency.

6. Family insurance:

In choosing a health insurance plan make sure that you insure your family members along with you. Decide the insurance amount by considering their age, existing or previous ailments.

7. Network hospitals:

The most important thing is to check their network hospitals. Mostly hospitals provide cashless options and the bills or receipts of all expenses are settled directly with the insurers. Make sure to ask the insurer about the network hospitals where this cashless system is available.

Health insurance schemes are designed so to protect you and your family in adversities but often we become forgetful of examining it by falling for the words of company. Avoid such hassles and make a list of questions you need to know from them and decide discreetly.


Overusing Your Health Insurance

February 8, 2020

Health

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When reviewing health plans and evaluating cost, keep in mind health insurance wasn’t designed to cover every penny related to health care. If you’re an adult homeowner with a family you should consider a life insurance policy. This will reduce your stress about the financial burden your loved ones would endure if you were to die suddenly. Here are things to consider when shopping for life insurance. Is it affordable? Immediate Payout? Underwriting Leniency? Living Benefits? Is it term life or whole life? These questions are critical and can impact your family down the road. Do the research and ask lots of questions when meeting with your agent.

Everything under the sun on an open credit card is nice, but not when you are paying the bill. But you are.

The purpose of insurance is to cover sudden very expensive losses. It’s about making you whole again and not have the financial responsibility of a ton of money to do it. Somehow we all decided over the last 60 years that the traditional plan should pay for everything.

Health insurance is the only insurance product, for the most part, that pays for first dollar coverage like doctor visits and prescription drugs. The healthcare system gamed the system on the bigger bank account paying the bill, not the small guy. The tables have turned…

Employees are more responsible for their healthcare in paying more for premium dollars out of their check and higher costs. Employers should engage their employees in being more proactive in their healthcare. Here are a few ideas:

  1. Don’t run to the ER or the doctor visit for every little thing. What happened to home remedies or waiting to see the doctor instead of running to the ER? This will save you thousands in a year if you have kids.
  2. Try saving money on medication by finding alternatives. Sometimes skipping the drug may not have an impact on your health, but keeps you coming back to the doctor. The other thing you can do is shop around. Just because they are convenient doesn’t mean it is the most cost-effective.
  3. Just because your doctor recommends a test, it doesn’t mean you have to jump to it and have it done. The doctor went through many years of school, but they are also trying to run tests to protect them and get paid. Ask more questions to see if you feel it’s the right thing. Just like you would if your mechanic suggested items. It’s your money.
  4. If you are scheduling a procedure, take a look around. Many new facilities are popping up to help reduce cost from outpatient testing to outpatient surgical facilities. The hospital isn’t the cheapest. Far from it. This ends up driving the price up for you and the insurance company.
  5. You do not need to go to a state of the art teaching hospital, for most thing. There are a time and place for the advanced care that some of the predominant teaching hospitals bring to the table. However, for most things people go through its overkill and overcharged.

In the end, it will end up costing you more money, either in out-of-pocket expenses or premium. There is no free lunch.