HEALTH INSURANCE

HEALTH INSURANCE

Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses

TYPES OF HEALTH INSURANCE

 

Fee-for-service plans - more choice, more cost • Fee-for-service plans, also known as indemnity plans, allow you to choose your doctor or hospital, usually with no (or minimal) restrictions. This option allows you to try a specialist recommended by a friend or visit a medical center down the street. • On the downside, you'll probably pay more - and possibly receive less reimbursement from the plan for preventive services such as checkups.

Health Maintenance Organizations (HMOs) - less cost, less choice • HMO plans are known for low cost, low hassle and, as the tradeoff, limited choice of doctors. • Where choice is a concern, a hybrid - an HMO with a POS option - offers more flexibility. • One monthly premium can give you a full range of services: Doctor visits Hospital stays Emergency care Surgery Lab tests Preventive care

HMOs with POS option - flexible managed care • Certain kinds of HMOs, called HMOs with a point-of-service (POS) option, offer more flexibility. These plans will cover most or all of the costs if your primary care doctor refers you to a specialist not in your plan.

Preferred Provider Organizations (PPOs) - medium cost, moderate choice • A PPO is a cross between a fee for service plan (focusing on doctor choice) and an HMO (focusing on low cost). • Like an HMO, the PPO plan uses a network of preferred providers to give you access to a range of health services at reduced prices. • But like a fee-for-service plan, a single physician will not manage your care. • Also, you can decide to see out-of-plan doctors and still get some coverage. However, the plan will pay more of your costs if you see an in network doctor.

High-Deductible Health Plans - Pay As You Go • High-Deductible Health Plans (HDHPs), also known as consumer-directed health plans, are the newest wave in health insurance. • They offer coverage only after you reach a deductible that is significantly higher than in traditional insurance plans. • Because these plans have such high deductibles - from about 1,00,000 to more than $10,00,000 - they tend to have much lower premiums than traditional insurance.

HOW TO PLAN HEALTH INSURANCE

When and what is the expected requirement • Features to look for while choosing a health plan • Flexibility of the plan • Guaranteed renewability • Number of critical illnesses covered • Limit on the family size • Option of relevant and segmented benefit for parents • Number of hospitalization days and daily cash limit • Medical network 

HOW TO GET LIFE INSURANCE

Steps to follow for getting life Insurance • See if you can find the actual life insurance policy • Call the life insurance agent or life insurance company on the life insurance policy. • Next fill out the life insurance claim forms • Send in the life insurance paperwork What to look for in a Life Insurance policy • Policy Benefits • pricing and premiums • additional Services • Customer Support

HOW TO CLAIM HEALTH INSURANCE

Get admitted in any one of networked hospitals • Fax the pre-authorisation form along with relevant • Obtain itemized receipts and bills • Get your claim form • Make copies • Review then send

WHAT ARE THE ADVANTAGES OF LIFE INSURANCE?

 Risk Cover Protection against rising health expenses Daily hospital cash allowance Peace of Mind Tax Benefits Coverage of expenses related to organ donors Convalescence Benefits

WHAT ARE THE DISADVANTAGES OF LIFE INSURANCE?

Restricted hospital • Health does not cover pre-existing diseases • Expenses of defect related AIDS is not covered Eg:- Contac lance, Hearing AIDS, general ability & intoxicating Drugs • Most company do not have separate health insurance cover for a child • Older the age higher the cost of premium

HEALTH INSURANCE SURRENDER POLICY

Call the company • Fill out the forms • Speak to the representative • Package the policy and forms and mail them • Wait for the check

HOW TO AVOID HEALTH INSURANCE SCAM

Understand that you can encounter insurance agents everywhere, on shopping malls, the Internet, even just outside your house. They can call you out of the blue and ask if you want to purchase life insurance. Not all of these people are out to scam you. 

• Don’t just accept the agent’s company ID, Verify it with the Insurance Commission. 

• Understand that agents who are into health insurance scams are usually in a hurry to get you to fork  over money to them 

• Do not give any sensitive personal information such as your Social Security number, bank account, or even hand out your credit card. 

• Understand that Some insurance agents who make up life insurance scams use fake promos and rewards to lure customers to purchase an insurance policy. 

• Be alert and careful when dealing with offers or promos. 

• Before signing a policy, make sure that you agree with the terms of the policy. 

• Do not pay your premiums through your insurance agent. Ask for payment options where you are paying directly to the company