Health Insurance Policies - Insurance Tips Today
Tips on buying medical insurance polices
Reasons you need health insurance today
√
Protect you from the risk of
uncertain bills for health care.
√ No income tax on health insurance
benefits. You may be able to claim
health care premiums as a tax deduction.
√ Insurance costs a lot but having
none costs more.
√ Medical bills from even a minor
operation today can deplete your
savings.
Tips for buying health insurance
√ The lowest premium isn't always
the cheapest plan. Check policies
carefully and ask questions until you are satisfied.
√ Remember the cheapest plan for you
will be one with the best price
for the benefits you're most likely to use.
√ Check for loopholes. Many coverage's
like prescription drugs, dental
care etc are listed as covered but are optional and you need to buy
them
separately.
Health Insurance Polices - Universal Health Care
As medical care advances health care costs are also increasing worldwide.
The idea of health insurance is to help you pay for care. It protects you and your family financially in the event of an unexpected serious illness or injury that could turn out to be very expensive.
Since health insurance polices also provide preventive care of some sort, you are more likely to get routine and preventive care periodically and avoid serious medical problems at a later stage.
You need health insurance because you cannot predict what your medical bills will be. Even if you are in good health, medical emergencies can arise anytime.
If you have health insurance, you will have peace of mind in knowing that you are protected from some of these costs.
Most policies have a waiting period of a few months before you can take advantage of your health care insurance. Hence you cannot wait till you or a family member get sick before purchasing health insurance.
Many western countries provide some form of health care benefits to their citizens. Government health care programs are referred to as Universal health care and are proposed to ensure that all their citizens can have access to health care. Most western countries have some form of universal health care for their citizens expect in the United States of America where the number of uninsured Americans stood at a record 46.6 million in 2005.
All over the world people are beginning to realize the need for protecting themselves and their loved ones by buying health insurance policies.
Health Insurance Coverage Today
Health insurance plans in most countries today are available either from government programs or form from private insurance companies. Many employers offer health care to their employees and dependants as an employment benefit.
A vast number of people around the world though have no access to any healthcare and are left with no choice but to signup for healthcare with private insurers.
India is one of the fastest growing market today for healthcare. India has an upper middle class population of over 220 million. The Indian economy is growing at a healthy rate. Awareness amongst people due to India's robust media and massive advertising by insurance companies lining up to sell their policies to Indians is gradually getting the desired result.
What Do Health Insurance Polices Cover?
There are several different types of packages offered by different health insurance companies. People buy the package of services that they can afford and suits their needs. The health insurance policy you buy should clearly show the services that are covered by your policy. To put it in simple terms, your policy should clearly state in writing the following:
1. A list of 'covered services' for
which the insurance company will pay for
incase they are required.
2. Clearly state the amount of
deductibles if any. This is the portion of money
that the you would have to pay yourself.
3. Your policy should clearly state what is not covered. Services not covered are under the heading of 'EXCLUSIONS' Check for terms like Limitations, Exclusions & Riders and read these sections carefully. It is here that your policy will spell out what they will NOT pay for.
Covered Services
Some of the covered services that health insurance
companies provide are:
√ Medical tests for diagnostic and
sometimes for preventive care
√ Prescription Drugs required for treatment
√ Treatment services such as operations, Doctors services, Hospitalization
Insurance policies provide several types of coverage are normally priced according to the coverage provided by the type of policy you purchase.
Some of the coverage's that are provide by health insurance plans are:
Warning & Caution for when purchasing health insurance policies
1. Do not wait until you are in need of medical
treatment to find out that the
treatment you require is NOT covered
under your health insurance policy.
READ the EXCLUSIONS stated in your
policy BEFORE buying health
insurance. Being sick is bad enough, having
to worry about how to pay for
medical treatment when you are sick is a
situation no one wants to find
themselves in.
2. If using an insurance agent to purchase health
insurance, do not accept any
verbal assurances of your agent. The only
legal and binding contract is the
policy you hold. If it is not written
in the policy it is most likely not covered.
3. Most health insurance plans do NOT cover pre-existing
medical conditions. A
pre-existing condition is usually a medical
condition or injury that was
diagnosed or treated prior your purchase of
your health insurance policy.
A "Pre-Existing Condition" is a medical condition or
injury that was diagnosed
and/or treated prior to the start of the
health insurance policy. A policy with
an exclusion for pre-existing
conditions does not pay for expenses related to
pre-existing conditions.
Some companies will cover some pre-conditions
after a specified period
of time has expired while other companies will not
cover certain
pre-conditions.
Before buying a health insurance policy ensure that your
coverage will not
be denied because of some medical condition you may
have suffered in the
past. If it is going to affect your coverage it is
better to find out before hand.
4. Do not under any circumstances try to hide
pre-conditions. Insurance
companies are NOT great when it comes to
paying out claims. They have the
resources to find out your medical
history and believe me they will.
5. Before you run out and buy several health insurance
policies be aware that
most insurance companies specify that they will
not pay for amounts that are
covered under your policy and are paid by
other insurance companies. Do
your homework before duplicating coverage.
6. Health insurance policies have a cap on the amount of
money that will be
paid. You need to check and ensure that you have
adequate coverage. Many
of us are not even aware of the cost of
hospitalization today. You can never
have enough health insurance these
days, however there is a cost factor
involved so you need to see what
you can afford to pay in terms of
premiums.
7. Some health insurance plans allow you to go to
certain hospitals or doctors
only. Check to see if this is suitable. If
you do not like a particular
companies policies you can always shop
around.
8. Some policies state that they will pay for certain
medical procedures only if
they are life threatening. Supposing you are
diagnosed with cancer and the
insurance companies doctors claim your
condition is not life threatening. This
is the sort of thing that you
should check out before purchasing health
insurance.
Medical Insurance is complex and not may people buying health insurance policies take the time to study the details of their coverage. As a result, many misunderstand what medical conditions will be covered. Don't expect medical insurance to pay every type of health claim. Check and double check before hand when you are in good health and able to shop around.