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Health Insurance- Key Concepts

Rob — Fri, 05 Jun 2009 12:27:43 +0000

What is health insurance? A health insurance policy will provide a cover to you and your family against sudden medical contingency or bodily injury. Why health insurance? Every human being is exposed to various health hazards. Medical emergency can strike anyone without pre-warning. Inadequate facilities in government hospitals Private hospitals are too expensive Medicines have become quiet expensive Diagnostic charges are beyond common man’s reach Specialists come at a price Tax benefit under section 80 D of the Income Tax Act Health risk is a personal risk, which could arise from various factors viz. a) Physical conditionb) Psychological conditionc) Accident related d) Occupational relatede) Environment relatedf) Life style relatedg) Travel relatedWhat is the kind of medical emergency that can strike? A medical emergency can be:-Medical illness Injury / Accident Major illness Critical illness Chronic illness Untreatable Terminal What impact will a medical emergency have on you and your family? A medical emergency canBurn a hole in your pocket Immediate need for medical aid Loss of quality life Loss of career options / Income Disruption in home life Mental trauma and incapacitation What does a standard insurance policy cover? A standard health insurance covers :Room and boarding expenses provided by the hospital Nursing expenses Diagnostic and medicine expenses Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist fees Anesthesia, blood, oxygen, operation theatre expenses, cost of surgical appliances, medicines and drugs and similar expenses Pre-hospitalisation and post hospitalization expenses subject to conditions and limits . What are the benefits of buying health insurance at a young age? Health insurance premium tends to increase with age — more the age, higher the premium. You can be covered for medical conditions that may be diagnosed over the years provided there is no break in the policy. In addition, each `no claim’ year would fetch you a discount on your premium or an increase in your sum insured amount at no extra cost. The treatment in case of ‘no-claim’ bonus varies from company to company. Lastly, income tax benefit under Section 80 D of the Income Tax Act. How is premium determined? Premium depends on several factors viz. Your age Amount of coverage required Number of family members covered Other additional benefits Your health condition Your income earning How does a health policy differ vis-à-vis a life insurance policy? The health insurance plan is more comprehensive in its coverage. All expenses involved in hospitalization fall under its purview. Life insurers usually cover critical illness and hospital cash extensions (only room rent charges) on life policies, which do not include doctor’s fees, expenses incurred on buying medicine and surgery costs etc.Why is it important to disclose health details when I buy a policy? Mention of details is critical since insurance companies assess the policyholder’s risk profile on the basis of his/her health. An insurance contract works on the principal of “utmost good faith”, which implies that information furnished by a policyholder is true and correct. Moreover, non-disclosure can also lead to rejection of a claim. For Free details on health insurance and buying it online click on health insurance now

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Key Concepts Of Health Insurance

Rob — Thu, 04 Jun 2009 06:30:07 +0000

What is health insurance? A health insurance policy will provide a cover to you and your family against sudden medical contingency or bodily injury. Why health insurance? Every human being is exposed to various health hazards. Medical emergency can strike anyone without pre-warning. Inadequate facilities in government hospitals Private hospitals are too expensive Medicines have become quiet expensive Diagnostic charges are beyond common man’s reach Specialists come at a price Tax benefit under section 80 D of the Income Tax Act Health risk is a personal risk, which could arise from various factors viz. a) Physical conditionb) Psychological conditionc) Accident related d) Occupational relatede) Environment relatedf) Life style relatedg) Travel relatedWhat is the kind of medical emergency that can strike? A medical emergency can be:-Medical illness Injury / Accident Major illness Critical illness Chronic illness Untreatable Terminal What impact will a medical emergency have on you and your family? A medical emergency canBurn a hole in your pocket Immediate need for medical aid Loss of quality life Loss of career options / Income Disruption in home life Mental trauma and incapacitation What does a standard insurance policy cover? A standard mediclaim health insurance covers :Room and boarding expenses provided by the hospital Nursing expenses Diagnostic and medicine expenses Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist fees Anesthesia, blood, oxygen, operation theatre expenses, cost of surgical appliances, medicines and drugs and similar expenses Pre-hospitalisation and post hospitalization expenses subject to conditions and limits . What are the benefits of buying mediclaim health insurance at a young age? Mediclaim Health insurance premium tends to increase with age — more the age, higher the premium. You can be covered for medical conditions that may be diagnosed over the years provided there is no break in the policy. In addition, each ‘no claim’ year would fetch you a discount on your premium or an increase in your sum insured amount at no extra cost. The treatment in case of ‘no-claim’ bonus varies from company to company. Lastly, income tax benefit under Section 80 D of the Income Tax Act. How is premium determined? Premium depends on several factors viz. Your age Amount of coverage required Number of family members covered Other additional benefits Your health condition Your income earning How does a health policy differ vis-à-vis a life insurance policy? Mediclaim health insurance plan is more comprehensive in its coverage. All expenses involved in hospitalization fall under its purview. Life insurers usually cover critical illness and hospital cash extensions (only room rent charges) on life policies, which do not include doctor’s fees, expenses incurred on buying medicine and surgery costs etc.Why is it important to disclose health details when I buy a policy? Mention of details is critical since insurance companies assess the policyholder’s risk profile on the basis of his/her health. An insurance contract works on the principal of “utmost good faith”, which implies that information furnished by a policyholder is true and correct. Moreover, non-disclosure can also lead to rejection of a claim.

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Best Health Insurance

Rob — Mon, 25 May 2009 12:41:21 +0000

Health Insurance has gained high importance in the present scenario, since it safeguards health of you and your dependents against financial crisis arising on account of medical emergency. Basically, it covers the overall risk and emergencies of healthcare expenses and develops a regularized structure of finance such as a monthly premium or annual tax to the insurance company. This process ensures that money is available to pay for the healthcare benefits specified in the insurance agreement. It also includes insurance covering disability or long-term nursing or custodial healthcare needs. Therefore, having your health insured on a plan helps you to get timely coverage and better medical care while uninsured people tend to face delays in the times of urgency and receive inadequate health care.Basic benefits covered in Health Insurance:• Health Insurance is also known as Mediclaim or Medical Insurance. Some of the best Health Insurance companies cover the material consequences of a disease. The chief benefits paid by the Health Insurance companies include sickness coverage, hospital allowance and additional facilities that may differ per plan.• In cases of severe accidents and surgeries, health insurers not only pay for the medical expenses but also take care of the hospitalization costs.• Hospital charges consist of costs arising from the treatments taken in the particular hospital, which requires at least one night’s stay in the respective hospital. • At times, even those expenses are covered by the Insurance Company if by accident the concerned physician, doctor or a medical practitioner has given a wrong or incomplete treatment, therapy.Guidelines to choose the best Health Insurance:• The major concern while selecting a health insurance plan is the factor of the ability to afford.• Health care plans that are reasonable yet provide maximum benefits become the utmost priority. Preferably, the plans that cover cashless hospitalization at numerous hospitals and healthcare centers provide quick options to buy or renew the plans online at your convenience and avail you with better services like tax benefits compared to other plans should be the topmost priority.• It is true that people buy insurance for different reasons but some of the best health plans that comprehend the additional needs are of much significance. For instance, you may get free coupons that help you to save your money when you go for a health check-up.• Also, there are certain benefits of expanding the coverage by renewing the plans. There is a belief that Medicare is easily accessible but it has certain barriers. Safety-net care from hospitals and clinics provides facilities to have such an access but cannot be a substitute for Health Insurance.• Therefore, with health insurance you can be at peace since it provides you valuable coverage in cases of normal or extreme emergencies. At ICICI Lombard General insurance, our aim is to provide best health insurance and thus, we offer variety of plans such as Health Advantage Plus Insurance, Family Floater Plan and Personal Accident Insurance Plan that secure health of you and your family.

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Health Insurance Benefit Laws

Rob — Sun, 17 May 2009 12:40:17 +0000

Once you’re done comparing health insurance quotes and plans and you’ve settled on employer-based health insurance, it’s good to keep in mind the Department of Labor’s Employee Benefits Security Administration (EBSA) administers a number of laws that cover these health insurance plans.

Here is a list of some of the laws affecting health insurance :

1) The Employee Retirement Income Security Act – This law protects people in retirement, health and other benefit plans through private employers by providing rights to information and a grievance and appeals process for private employer health insurance participants.

2) The Consolidated Omnibus Budget Reconciliation Act – This law only applies to special instances, but if you qualify as a former employee, retiree, spouse or dependent child you can purchase a temporary continuation of health insurance at group rates.

3) The Health Insurance Portability and Accountability Act – This law applies to working Americans and families with preexisting medical conditions. Through this act there is a guarantee of individual health insurance policies for eligible people and it prohibits discrimination in health care coverage.

4) The Newborns’ and Mothers’ Health Protection Act – Just as it sounds, this law offers rules on minimum health insurance coverage on how long the mother and child can stay in the hospital after childbirth.

5) Mental Health Parity Act – This law ensures mental health is given as much emphasis as physical health by requiring annual, or lifetime, limits on mental health benefits to be no lower than limits for medical and surgical benefits provided by a group health insurance plan.

6) Women’s Health and Cancer Rights Act – Breast cancer is a frightening diagnosis and treatment runs a wide range of intensity and invasiveness. This law protects breast cancer patients who want to have a breast reconstruction after a mastectomy. When you are part of an employer – based health insurance plan the Department of Labor’s Employee Benefits Security Administration is a great source of information on subjects such as your rights to information on how your plan works, how to quality benefits available in your plan and how to make claims on your health insurance plan.Remember EBSA administers these laws that help protect your health insurance when you lose coverage, change jobs or if you suffer from certain special medical conditions. Also remember when choosing employer-based plans to carefully compare your health insurance options to make sure your plan works best for you and your family’s medical needs.Find out more about EBSA on the web at -www.dol.gov/ebsa.

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