Monthly Archives: March 2014

3 Things To Check Before Buying Health Insurance

Health insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the person indemnified. These insure you against several illnesses, while assuring that you remain financially secure should you ever require treatment. They eliminate all your worries about treatment expenses and allow you to focus your energy on more substantial things, like getting better.

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Health insurance can either reimburse the person insured for expenses incurred from illness or pay the care provider directly. Don’t get deterred by the many varieties of health insurances available in the market, you just need to be careful about three important things while buying a health insurance. Let us guide you through those three aspects in brief.

 Insurance provider networks: Is your doctor or hospital covered under your insurance?

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This is one of the most important aspects to keep in mind. At first glance, you might not be able to understand the breadth of a particular plan’s network of doctors and hospitals. You should check thoroughly to ensure that your doctor or preferred hospitals are incorporated under the policy that you plan to buy.

You also need to specifically clarify from the agents about the benefits (if any) you might receive if you or your loved ones are admitted into hospitals, or visit doctors who are not included in the insurance policy.

What medications will the insurance cover and how much you have to pay for them?

Different insurance plans have their own list of drugs and medications that they cover, also known as formularies. You should make sure that the plans you are considering to buy must cover any medications you take already. The insurance plans typically assign covered medications to specific tiers, and then set patients’ cost-sharing for those drugs.

Most importantly, even if a medicine is covered by all plans, it might end up in a higher tier for other policies, leading to potentially high cost differences.

Look for Maximum Renewal Age:

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Maximum Renewal age is the age on which the insurance coverage of your health will be discontinued. Depending on product to product, this can include all members or a specific member. Your aim when you buy Health Insurance is to save yourself from mounting healthcare costs right through your life. A product, which ceases renewal, while you are still alive and need it more, is not a worthy one.

Look for products that give you lifetime coverage and rule out all products which do not cover your family members for a reasonable lifetime period. Life expectancy in India is around 70years.

Be aware of the above aspects, when you buy a health insurance for you and your family. The only remaining thing is that you should read the documents very carefully and make sure all your needs are fulfilled before signing on the dotted line.

 

 

Insurances You Must Have

Insurance allows individuals and businesses to safeguard themselves against potential losses at an affordable rate. The perfect insurance policies will help you protect your earnings and possessions at least financially, should a disaster happen.

There are numerous insurance options available and with so many options, it can be really difficult to determine what insurance you really need. Purchasing the right insurance must always be determined by specific factors such as age, children, lifestyle, employment benefits and so on.  In this article, let’s guide you through some insurance policies that should not do without.

Life Insurance:

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Life insurance protects people who are financially dependent on you. It should be high on your priority list of insurance policies. No matter whether you are single or people are dependent on you, life insurance is mandatory. Single persons need life insurance at the very least to cover the costs of their personal debts and medical bills. One of the main objectives of taking insurance is to provide financial coverage to your family in case you are not around but this is not the only objective. It also helps you to build a protection for yourself by providing you with a comfortable retired life and taking care of your lengthy medical bills.

Health Insurance:

health-insurance

Health insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the person indemnified. These insure you against several illnesses, while assuring that you remain financially secure should you ever require treatment. They eliminate all your worries about treatment expenses and allow you to focus your energy on getting better. For individuals and families who do not have proper mediclaim, any sort of hospitalization (a small surgery or something critical) means spending money from their pocket to pay the hospital. With the current medical costs rising year after year in India and worldwide, this can set you back big time.

Automobile Insurance:

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Automobile insurance is something you should never skip. If you are involved in an accident, and somebody gets injured or their property is damaged, you could be subjected to a lawsuit that may cost you everything that you own. Accidents happen quickly and the results are often tragic. Having a proper auto insurance, saves you from all the unnecessary heckles and loss of your hard earned money.

Home Insurance:

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We all know that the basic necessities of an individual are food, clothing and shelter. Not only the cost of buying a house is expensive in today’s world, even the cost for renovating a house is quite high. You can insure your house and all the amenities included when you buy a home insurance. It also protects you against damaged caused by unforeseen events like burglary, fire, theft, etc.

Conclusion:

Insurance policies come in a wide variety and boast about many different features, benefits and prices. You should read the policies carefully and talk to the agent to be certain that you understand the coverage and the cost.