Important Points to Ponder Before Buying a Health Insurance Plan

A health insurance plan is an essential part of financial planning in this era of skyrocketing medical costs. Medical inflation has been aggravating at its full spree which makes it all the more important to buy a Health Insurance plan which could sponsor the hospitalization and medical treatment bills or expenses.

It is important to evaluate and look for the following parameters to get a best health plan for you and your family.

1. Check for the Waiting Period Clause

You must be feeling care free after taking an insurance, but your health insurance comes with a waiting period clause for specific conditions. There is an initial period clause which says that any hospitalization claim will not be admissible in first 30 days of the policy commencement apart from accidental hospitalization.The pre-existing diseases or conditions are also not covered immediately after you purchase a policy.There is a waiting period ranging from 2 years to 4 years as per the plan conditions in the industry. Also, there are certain surgeries and treatments like hernia, cataract, joint replacement, etc. which can be treated after a specific waiting period of 1 or 2 years.

So,it is important to check the waiting period clause before you finalize the health plan.

2. Check for Sublimits

There are certain capping or sublimits in your health plan which says that the specific kind of expenses are paid by the insurance company upto a specific limit and beyond that the insured or customer has to bear them at his own. For example: Room rent charges are capped on per day basis for different health plans. Some health plans also come with a mandatory co-pay where the portion of the admissible claim is to be borne by the insured and the remaining is paid by the insurance company.

Check for the sublimits in your health plan to avoid any last minute surprises at the time of claim.

3. Check for Network Hospitals

The insurance companies offering health plans have certain empaneled network hospitals with whom they have a tie up. Any hospitalization or treatment taken in the mentioned or specified network hospital list is done on the cashless basis subject to policy conditions.

Check for the list of network hospitals of insurance company and ensure you have network hospitals of the insurer near your place of residence in case of any emergency hospitalization. Also, a treatment in non-network hospital may not offer cashless treatment and some insurers have a co-pay clause if you take a treatment in non-network hospital.

4. Check for the Claim Process

Different insurance companies have different claim procedures. Some settle or administer claims through Third Party Administrators (TPA’s) and some have their own in house claim settlement unit to foster quick and hassle free claim processing. Also, check the claim settlement ratio of the insurer you intend to buy a health plan from to have a clear picture on the number of claims settled by the insurer.

It is important to have a handy information on claims procedure to have a smooth and hassle free treatment in the times of hospitalization.

5. Compare & Buy Online

It is important to take a right buying decision which can be done by comparing the available health insurance plans online. You can compare the price, key features, policy benefits, value added benefits, eligibility, exclusions,etc. of multiple health insurance plans to make a right informed choice of your own without any interference of the agents. Buying online health insurance plan is a hassle free process which required least documentation and quick policy processing. There are certain online portals which will enable you to make an easy comparison and will assist you in choosing the right Health insurance plan.

Online buying of the health plan is economical as companies offer discounts on premium for buying a policy online. The reason for an insurance policy to be cost effective if bought online is because the intermediary cost of the premium component is removed. When there is no intermediary in between, Co.’s save on the commission and policy issuance cost, which the Co. transfers it to the customers.

Do evaluate your need and make a right buying decision by checking the above stated parameters.

Federal Government, Not States, to Cover Medicaid Health Insurance Expansion

One of the reasons that many state governments have been skeptical of healthcare reform is the opinion that it is an unfunded mandate imposed on them. Each state is largely responsible for funding Medicare, the health insurance program for those near and under the poverty level.

This year, most state legislatures have been struggling with their budgets. Due to the recession, there have been fewer income and property taxes coming in. Unlike the federal government, virtually all state governments are constitutionally banned from running annual budget deficits. (Vermont is the sole exception).

The additional financial obligation of increased funding for Medicaid understandably scares them. After the temporary increased funding from the 2009 stimulus package expires, things could get even worse. States in the South and West, which currently have the strictest eligibility standards, will see the most effect; on the other hand, those states with more generous guidelines will see little change.

Online Travel Insurance: 5 Not To’s You Should Know

Travelling is a great opportunity for families and friends to bond and spend some time together. Some people find travelling as a learning experience so that next time when they travel, they would be more prepared. One of the things that people learn when travelling is that they should not forget tour insurance. Australians can be prepared when something unexpected comes their way.

Do not let your vacation get ruined by unexpected flight delays, lost baggage, or unanticipated medical needs. Online travel insurance can protect you from sudden expenditures while on your trip with the family. There are many companies that can offer trip insurance but with the large amount of number available, people can get confused. Here are a few things you should not do about touring insurance.

1. Buying vacation insurance from unknown companies. Be cautious when buying online trip insurance. You should only buy from reputable firms that have a history of providing reliable travel insurance. Do a background check on each company that you may find as a possible provider for you. There are many review sites wherein you can read comments and reviews from former customers of online insurance providers. This will give you a good sense of whether you can purchase insurance from them or not.

2. Going for the cheapest online insurance provider. In these times where money is hard to earn, you would always go for the cheapest of things. This is not always advisable because in the end, it might cost you even more. There are many online insurance Australian companies that are known for having economical yet reliable services. Look for those companies instead.

3. Not reading the terms and conditions of your insurance policy. Insurance policies contain a lot of clauses. You should read everything that is written in your contract to avoid any misunderstanding in the future. Apart from that, you should not hesitate to ask a representative from your chosen company to explain parts of your contract that you do not understand or needs further explanation. Tell your concerns to them to make sure they can accommodate all your needs.

4. Purchasing voyage insurance near the flight of your trip. Right after booking your trip, purchase travel insurance. There are travel insurance providers online that increase the price of the travel insurance policy when it is near the flight trip. By booking early, you avoid that risk and also you have the chance to receive promos or discounts for booking early.

5. Not notifying your travel insurance provider of any pre-existing condition. To avoid the inconvenience of not being covered for a medical expense because of a pre-existing condition, speak with your company about it. They can help you make a solution for your situation and this makes them aware of the possible assistance you may need in the future.

People can save a lot of money from travel insurance. Australians should be aware of at least these five commonly undone things by people to avoid any inconvenience while travelling. If you are lucky enough to read this before your trip, then share this with your friends so that you can all be informed of what you should do with travel insurance.