Buying health insurance isn’t always the most fun task, but now it’s at least easier to sort through your choices in the comfort of your own home without relying on an insurance agent. Even so, there are a few things you need to be aware of as you evaluate options for your family.
With most plans, the deductible is the amount that you’re responsible for paying towards your healthcare costs before the insurance goes into effect. You’ll probably find that the cost of your premium is less if you have a higher deductible.
Even if you’re usually very healthy, this is a good time to sit down and figure out how much financial burden you could realistically bear in the event of a sudden injury or illness that requires medical attention.
Coverage for Pre-Existing Conditions
You might be very surprised at the amount of ailments that insurance companies consider to fall under the umbrella of a pre-existing condition. Even if someone in your family was born with a disability that’s always been very well managed, a representative from the insurance company might want to speak with you about the extent of the problem before they agree to offer coverage.
Even then, there may be a waiting period before eligibility begins, so it’s always a good idea to read the fine print before choosing any insurance plan.
If someone in your family takes prescription medication, needs therapy or some other special treatment, check to see if any portion of that will be covered. If it’s not provided for in the basic version of your proposed insurance plan, you might be able to pay a higher premium to get the extra coverage tacked on.
Choice of Doctors and Hospitals
Understandably, the breadth of the coverage network is an extremely important point for many families. If you already have a primary care provider that you know and trust, it’s a good idea to see if you’ll be able to stay under their care after you begin a particular insurance plan.
Some insurance companies have search functionality on their website where you can sort through the number of providers within your zip code. If that’s not available, you may have to contact someone by phone. Do the same thing in regards to your local hospitals.
This is especially crucial because, in the event of an emergency, you’ll want to know for certain whether or not coverage is available.
The Process for Seeing a Specialist
Finally, find out what you’ll need to do to seek the opinion of a specialist. In some cases, you can make the appointment to see them on your own, and sometimes, you’ll have to get a referral to do so from your family doctor who will decide whether the specialist care is medically necessary.
Regardless of what the process is for your insurance plan, you need to be aware of it well before actually going to see a specialist, so you won’t be caught off-guard.
With the suggestions above, you can take some of the uncertainty out of the common, yet the often confusing process of shopping for family health insurance. Good luck!
The Importance of Health Insurance
Health insurance is one of the most vital policies that one can buy and for good reason. Health insurance is dedicated to making sure that the people covered by it stay as healthy as possible and in the event of any illness, receive top quality medical care without having to worry about mounting medical bills that they will struggle to pay.
There are many obvious reasons to take out a policy but here are just a couple of examples of the importance of health insurance.
Consider this scenario:
you or a member of your family needs ongoing treatment for an illness and that treatment is expensive. The average person that does not have health insurance will need to delay the start of the treatment until they have amassed enough money to cover a certain period of time stipulated by the hospital or specialist.
Many hospitals do not have payment plans for treatments and those that do will only offer them to people with exceptional credit ratings. On the other hand, if you have health insurance, you simply call them and they organize everything on your behalf, including the date you can start treatment and payment.
The same is true for any new drugs that come onto the market. Often these are very expensive and out of the reach of anyone that does not have health insurance. This can be very frustrating for anyone that has an illness or medical condition that will be significantly improved by the new drugs.
You should also consider health insurance (it’s an interesting fact that the Danish term is sundhedsforsikring) as protection for your whole family. This is especially important if you have children. Many schools insist that your child has received the full range of inoculations before they will allow you to enroll them.
When you consider just how many inoculations this encompasses you can see why health insurance is such a good idea because it will cover the cost of them all. It is also a fact that children easily catch every virus, cold and bug doing the rounds and nine times out of ten they will helpfully pass them to you.
Now, whilst it is true that these bugs are not dangerous, occasionally they need something a little stronger than over the counter remedies to shift them. Health insurance will not only cover any prescriptions required for you and your child but it will also cover every doctor’s visit you have to make.
This is a real saving over the course of a year and takes away the stress of you worrying about whether or not you can afford it.
So these were just a couple of examples of the importance of health insurance. The reality is that health insurance is important for everyone, whether a single person or part of a family.
Sadly no one has yet invented a sure fire way to predict the future and even if you have been as healthy as a horse for all of your life so far, illness can strike anyone at any time. Knowing that you are covered no matter what happens to you and your loved ones and the relief that gives you is money well spent in anyone’s book.
Health Insurance and Pre-Existing Conditions
One of the greatest areas of concern people seeking health insurance coverage will have is whether or not they will be approved for a policy when they have a pre-existing condition.
A pre-existing condition can be defined as a medical issue you already have to deal with prior to being covered by a policy. Frequently, but not always, a health insurance company will deny people that have a pre-existing condition.
Why Pre-Existing Conditions Are Denied
Insurance companies are “for profit” businesses which means they have to earn profits in order to remain solvent. A person with a pre-existing condition is also someone that likely will need immediate and costly medical care. Such an applicant for a medical insurance policy could prove to be such a financial risk that the health insurance company immediately turns him or her down.
One thing that does need to be pointed out here is that being turned down for a health insurance policy due to a pre-existing condition is not always the case. There might be options available to the person with the condition.
This can be determined during the underwriting process when the sales representative from the insurance company logs down the many different factors that will go into compiling the price of any type of policy which can be awarded.
Different Pre-Existing Conditions Can Be Addressed in Different Ways
Keep in mind the fact that different medical conditions come with different levels of care and cost. As such, there will likely be options available to a person that has a pre-existing medical condition.
One common compromise that an insurance company can offer would be to institute a waiting period for the person with a pre-existing condition that has been brought onto the new policy.
An example of this would be a one-year waiting period where for 12 months the insurance company would not provide any coverage to the person’s medical bills related to the condition. After the 12 month waiting period is over then full coverage will begin.
In addition to a waiting period, it may be required that the person who is approved for the policy be required to pay additional monthly premiums or have to pay greater out of pocket expenses. Again, the insurance companies are looking at their bottom line which means they will try to reduce costs when taking on new applicants that may be suffering from a current medical condition.
While it might not be completely appealing to those seeking medical insurance that their costs will be high, the truth is the costs will still be far less than would be the case with no health insurance policy in place.
Dealing with a pre-existing condition when seeking a health insurance policy is not always the dead end some suggest it to be. You won’t know for sure whether or not you can be approved until you contact various agencies and request quotes. Doing so could reveal you have more options available to you than initially thought.
Importance of Student Health Insurance
The Chronicle Herald’s Jan. 26 story “No back burner for this cultural reducing pot” outlined these students’ incalculably precious cultural contribution.
Much consideration has even been prearranged to the truth that these students infuse the economy with $231 million per annum contributions and crank out $3 as government revenue for any public buck spent to compliment them.
Students would additionally disagree that overseas students are specifically important being prospective immigrants of the future, along with being part of a major challenge for Nova Scotia continuing to move forward in terms of growth. For immigrants-to-be, according to numerous researchers, they have to feel respected and built into society.
With this view, an important and cost-effective step that is seen by students with regard to Nova Scotia remains provision of MSI insurance upon their arrival to study. In full, roughly 5,218 overseas students in addition to 427 as their dependents would reap the benefits of immediate health coverage, at a good annual cost on the province of just about $452,440, or even $97.45 per man or women.
An educational associate commented, “Providing insurance plans to students from the initiation of their particular studies would make Nova Scotia additionally competitive, bringing in students through reducing their particular costs in addition to removing official procedure.
It could also enable international students to have a major concrete profit for being a Nova Scotian. Students, together with families, can benefit to the largest extent and stand to obviously offer a greater immigration impact. All students could derive benefits from knowing that Nova Scotia insurance is purchased for them in addition to amenities fostering their well-being.
At present, intercontinental students would meet the criteria for MSI if they have been residing as students in Nova Scotia for thirteen successive months, without spending thirty-one consecutive days away from the province.
Before being included in MSI, these students must obtain mandatory health coverage through their particular school or even student partnership.
These insurance charges vary from institution to institution but can be as much since $973.50 per annum for each individual or $2,728.50 per annum for students with families as student medical insurance.
Students often must also pay the cost of medical assistance fees up front and be reimbursed in the future. This practice could limit healthcare accessibility for students who do not hold the cash though.
Extending MSI coverage could well be an important first step in this path, offering apparent benefits to students, at a very limited cost. However, it is different from student health insurance in a number of ways.
Family Health Emergency – Are You Ready
If after answering this question to yourself you get ’No’ then it’s time to get serious and prepared for any kind of family health emergency. To tackle health emergencies you need to be financially stable and if you are suffering from a financial crisis and a health emergency simultaneously you could be in the worst condition you have ever been in. Fortunately, you can prepare for these situations by taking out health insurance.
Health insurance is insurance there to meet the medical expenses among individuals. Insurers calculate the overall health care expenses for an applicant and create a routine premium plan to make sure that money is provided to them for their health care.
After opting for health insurance, you have to perform these responsibilities:
Pay your premium on time:
Premium is the amount you have to pay towards the health plan to buy health coverage. You need to pay your premiums on time, as a late payment can lead to a late fee and excess delay can lead to the expiry of the policy.
In some plans, the insured party has to pay a specified amount before the insurance company pays its share.
You have to pay co-payment each time when a particular service is used. Co-payment is the fixed amount you have to pay before the insurance pays for a particular visit or service. Instead of paying the fixed co-payment, you can opt for a co-insurance in which you have to pay some percentage of the total amount.
Take care of exclusions:
Your insurance coverage doesn’t cover all the services. You have to pay the whole amount for the non-covered services.
Take care of coverage limits:
Some insurance policies only take care of health care expenses up to a certain limit. You have to pay the extra money required for health care over the coverage limit.
It is the amount paid by the insurance company to the health care service provider for treating all their insured members.
Types of health insurance plans
Mainly, they are divided into three categories:
- Mediclaim plans
- Hospitalization cash policies
- Critical care plans
The Mediclaim plan is the payback plan in which the insured party gets back the whole amount paid on health care expenses from their insurance company. It consists of room charges, ICU charges, doctor charges and so on. It contains a large number of exclusions which you should know before opting for this plan. Mediclaim also has two further sub-divisions:
- Family floater plan: this provides coverage for the whole family under one premium payment.
- Group insurance: this provides coverage for a group of people with similar characteristics.
A hospitalization cash policy is not a full coverage plan, as the policyholder is assigned a lump sum on a daily basis during the treatment period, irrespective of the amount required.
The critical-care plan includes only some critical illnesses like cancer, a stroke and so on.
Read also: Health Insurance and It’s Benefits in UK