Wednesday, February 25, 2009

TYPES OF HEALTH INSURANCE POLICIES


The Types of Health Insurance can be divided in two main categories.  
1st is the Traditional and 2nd is the Managed Care.
Among these two categories there are four fundamental types of Health Insurance Plans
  • Free for service plan (Traditional indemnity plans)
1. Basic Medical
2. Major Medical
  • Preferred Provider Organizations(PPO) 
  • Point-Of-Service plans (POS)
  • Health Maintenance Organizations (HMOs) 

Health Insurance Plans has all that flexibilities that one can expect. It has low cost plans that a middle class person can afford, there is a fee-for-service plan that offers some kind of freedom that every one wants during Health Insurance Cover. There are also plans that help you in your business. Let we know and understand about this Health Insurance Plans in Detail.


Free for service plan (Traditional indemnity plans)
Before 30 years, The Free for service plan was known as Traditional Indemnity plan. At that time most of People had bought this coverage and today also it is very popular. In this type of Health Insurance Plan, Insurance Company pays expenses of the policy holder. Policy holder or buyer has the option to choose any of recommended hospital and Doctors independently for their treatment. You can also consult any specialist without any getting any prior permission to the Health Insurance Company. Free for service plan offers this facility in some selected hospitals only.   
Policy buyer has to pay some money to the Health Insurance Company before the Insurance compensation getting started. This amount is called as “Deductible” and “Out of pocket Expenses”. The amount of Deductibility is about $220 to $260 per person. And remember that your deductible amount is not counted for all your health expenses.  
Once you had paid your Out of pocket expenses only then your policy will be activate and use the facility of sharing your Health expenses with your Health Insurance Company. This Facility is depends on for which duration you had paid your Deductible amount, if you had paid for a year then Health Insurance Company will give this facility for a year. Normally Health Insurance Company pays 80% of Health expenses of the Policy Holder’s total Health Expense Bill. The remained 20% is pays by Policy Holder; this remaining amount is also called as “Coinsurance”.
After you have paid your deductible amount for the year, you share the bill with the insurance company. For example, you might pay 20 percent while the insurer pays 80 percent. If you pay out of pocket expenses as per your Insurance Company than some Health Insurance Company pays 100% of your Health Expenses. This is the main reason that, this Health Insurance Policy is very popular and people like it very much.
At the time of getting payment, you have to fill some forms which the Health Insurance Company had given. With this form attach some required some documents like Hospital Bill, Medicine bills ect. Without this documents company will not give you payment and its your responsibility to keep that document.   
Two Types of Free-for-service
1. Basic Medical
Basic Medical plan covers the basic cost, when you are hospitalized. It cover up general services of hospital, like X-ray, Laboratory tests, therapy, Surgery, medicines. 
2. Major Medical
Major Medical plan covers all the benefits that the Basic Medical gives. Additionally it gives protection against all that illness and surgeries which is high expensed.   


Managed Care
Managed care term is very popular in US. This plan is admitted in the Insurance Industries since 1930s. But it starts growing in last 11 to 12 years. There are lots of similarities between the Managed care plan and almost all other plans. The Managed Care policy holder should take an approval before admitted in to any hospital. If Policy Holder admits without taking any approval, then the Health Insurance Company has the right to not cover this Policy Holder’s bill. Policy Holder must select a Hospital for treatment from Health Insurance Company’s Network.

Health Maintenance Organization (HMOs)
HMO, Health Maintenance Organizations offers the complete care of you and your family. It is a kind of prepaid plan. HMO is a low lasted plan with limited flexibility Health Insurance. Less flexibility means there is a limited option to choice any Doctor or Hospital. In Case of any emergency before you admit for treatment you have to inform the insurance company, without getting clearance Insurance Company will not support. Although it provides you better services like X-Ray, Doctor-visit, Surgery, and Medical Test.     
In this plan, the process of getting claim amount is very easy. If you have followed instruction as per your Insurance Company then there is less paper work and process that you do.  Hospitals, Doctors and Insurance Company work together that why it is process. 
The HMOs is cheaper than the Free-for-service. There is very low co-payment for their services. For doctor visit they charge approximately $5 and for Emergency charges about $20.  It means that the charges of any HMOs is normal than the free-for-service plan. 
The HMO is cheaper than the free-for-service health Insurance plan but it will take more time for meeting than the free-for-service. For Medical service like hospital stay and office visit there is no need of claim forms, in its place they use member cards. This member card is same like as debit or credit card. This facilities make HMO friendly. 


Point of Service Plan(POS)
POS, the short form of Point of Service plans. This plan is same like as PPOs Preferred Provider Organization. In this Health Insurance Plan you have to choose Doctor and Hospital from Health Insurance Company’s network. In Case of getting transfer to any Specialist, you still go through your Primary Care Physician. And if you don’t do that process then you will get less financial support from your Health Insurance Company. But you follow Insurance Company’s Rules and Regulations then there is minimal paperwork and less repayment.
Point of Service plan will give you more services like Medical check-up Camps, Smoking ending programmers they will  also gives you discount coupons of some health equipment stores and health clubs.  


Preferred Provider Organization(PPOs)  
The Preferred Provider Organization PPOs has mixed qualities of HMOs and free for service plan. This Health Insurance plan is a low cost Health Insurance plan, you should pay less fees. As Per HMOs there is a limited network of Doctors and Hospitals to select for Medical treatment. If you select a Doctor or Hospital for Medical treatment you have to pay very less amount from your pocket.
In PPO, there is no need to getting an approval to refer you to any specialist. But it is possible in Insurance Company’s network. Sometimes you have to pay a small amount as deductibility and Coinsurance for Doctor Visits. It is profitable for you to not to break any conditions of your Health Insurance Company. But if you broke it, then you will not get the benefit of paying less from your pocket, less paperwork and many other benefits.  
Before you made up your mind to buy any Health Insurance Policy, it is good and safe to talk or discuss with the people who are already bought that type of Health Insurance Policy. 




  


Friday, February 13, 2009

HEALTH INSURANCE & ITS TERMS

Health insurance is a protection shield against economical loss due to weak health. It covers specific medical care expenses occurred from any accident or ill health. To have Health Insurance is very important today because it protect you from accidentally happen economical expenses. At that time if you can’t manage or able to pay expenses then your Health Insurance helps you to pay that expenses.
Detectability
When you want to buy Health Insurance you have to pay some money to the Insurance Company before your health Insurance Policy begins to pay. Generally Policy Buyer have to pay that money yearly period and next year again the amount will be deductible. This cycle continues when your Health Insurance Policy will get over.

Coinsurance
Health Insurance Provider Company required paying this amount by the Policy Buyer and it would also pay before the Health Insurance Company starts paying. This Amount is known as Co-insurance, Some Health Insurance Company provides various benefits and services to the Policy Buyer.

Co-payment
Co-payment is a different term which is also used in place of Co-insurance. Some Health Insurance Company call and use Co-payment instead of Co-insurance but the purpose of that both terms are same.

Maximum Out of Pocket
The Expense, which is paid by the Policy Holder from their pocket and in totaling to premium, is called Out of Pocket. This money is needed to pay to the Health Insurance Company for Detectability and Co-payment or Co-insurance. Out of pocket amount is preset by the Health Insurance Company.

Lifetime Maximum Money
This is the maximum money of each Health Insurance Plan will be paid by the Health Insurance Company. This service provide during the policy holder’s life time. Note one thing that the individual lifetime maximum and family lifetime maximums are different.

Monday, February 9, 2009

LIFE INSURANCE COMPANIES LIST OF INDIA

Here is a List of Life Insurance Companies of India. For More Information you can visit their websites.

Sector
Company Name
Company Website
Public
Life Insurance Corporation of India www.licindia.com
Private
Bajaj Allianz Life Insurance Company Limited www.allianzbajaj.co.in
Private
Birla Sun-Life Insurance Company Limited www.birlasunlife.com
Private
HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com
Private
ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com
Private
ING Vysya Life Insurance Company Limited www.ingvysayalife.com
Private
Max New York Life Insurance Co. Limited www.maxnewyorklife.com
Private
MetLife Insurance Company Limited www.metlife.com
Private
Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com
Private
SBI Life Insurance Company Limited www.sbilife.co.in
Private
TATA AIG Life Insurance Company Limited www.tata-aig.com
Private
AMP Sanmar Assurance Company Limited www.ampsanmar.com
Private
Dabur CGU (Aviva) Life Insurance Co. Pvt. Limited www.avivaindia.com
Private
Relience Life Insurance Co. Ltd www.reliancelife.com
Private
Shriram Life Insurance Co. Ltd www.shriramlife.com
Private
IDBI FORTIS LIfe Insurance Co. Ltd www.idbifortis.com
Private
Sahara India Insurance Co.Ltd www.saharalife.com
Private
Future Generali India Life Insurance Co. Ltd. www.Futuregenerali.in.com
Private
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. www.canarahsbclife.com
Private
AEGON Religare Life Insurance Co. Ltd. www.aegonreligare.com
Private
DLF Pramerica Life Insurance Company Ltd. www.dlfpramericalife.com
Private
Star Union Dai-ichi Life Insurance Co. Ltd www.sudlife.in

Saturday, February 7, 2009

Life Insurance Vs. Other Saving

Before buying any Life Insurance Policy, first a buyer think about the return that how much he will get from it. Then he (Buyer) compares that which option is more profitable than to invest or save as Life Insurance. Here are some reasons and benefits why Life Insurance is better.

Save Tax
Life Insurance can help you to cut down your Tax. According to Tax rules Life Insurance’s premium will cut down from your income tax and wealth tax.
Surety with Protection: If you’r saving your money as Life Insurance Policy, Insurance Company will give you guarantee against the risk of the policy holder. Thus Insurance Company is giving surety. When your Insurance policy gets over, you will surely receive assured amount with applicable bonus. While other investment plans will return your money only with interest. Mostly that type of investment schemes has low interest rate.

Easy Facilities
Life Insurance has many facilities that encourage all kinds of people from lower class to higher class. They have many types of payment options like monthly, quarterly, half yearly and yearly with lower rates to higher rates. There is easy process for buy a Life Insurance Policy and also in paying. For Example: You are working in any company or firm your specified amount of premium will be deducted from your salary. So, you will save your time also. Most of Insurance Companies are providing this service. While for other saving you have to do lots of work and spend your valuable time.

Useful to get another Credit
When you need any home load, personal loan, Business loan or any other loan it will be easy only if you have any Insurance Policy. Because banks are provide loans on your Insurance Policy. They use your Insurance Policy as security and gives Loan as per your policies’ amount. While on other saving banks are not proving loans.

Thursday, February 5, 2009

MAKE YOUR AUTO INSURANCE MORE HELPFUL

Globally, most of countries’ motor vehicle department has a “Point” system. They use this special system of points while accessing personal driving records. When there is any involvement of you in driving violation you have given some points. In Driving violence there is not only included accidental cases but also included traffic infraction, dunked drivers, parking infractions etc. Some Auto Insurance Company collects all types of information from you then gathers Driving Violence records from the motor vehicle department. People take Driving records very lightly but it is a chief matter for Insurance Company and unknowingly you also. There are four major Reasons to compare Driving Records from both places.

1.       It effects on the overall possibility to get                      insurance policy.

2.       The total price of your insurance policy is also affected by it.

3.       It is useful for Insurance Company that how much risk you are giving to them.

4.       And from that record insurance company knows that you are able to meet their insurance standards.

Usually Auto Insurance Company Use this Records as, if there are more points on your driving records, you should pay more on your auto insurance policy and Good Driving Records will decrease your Auto Insurance cost. Different Insurance Company has their own method how they use it. Frequently Insurance Company count like this because the higher pointed person means, the person with dotted driving record can get Policy by paying more than the person who has good driving record. By buying auto insurance you are transferring accidental risk to the Insurance Company. A bad recorded Driver is more risky than the good for Insurance Company. That’s why Company charge different amount from different person.

      

  • Reduce your Auto Insurance Premium

       If you really want to cut your Auto Insurance Premium then first of all be a good driver. If your Auto Insurance Premium is calculated on your driving record then you have to spend less on your Insurance premium. This is the main plus point of being a good driver. You will get noticeable discount on your auto insurance premium if there is no entry of any driving violent in your driving record book.

  • Want to Pay Less in spite of  having Bad Driving record



       Don’t be sad if you have bad Driving record. Some Auto insurance Company has an option that if you drive or ride without any driving violent than the insurance company will forgive your old driving record and will not increase your auto insurance premium. In Auto Insurance Sector this option is known as “Accident forgiveness”. So before buying auto insurance checks that, this option is available in that Insurance Company.


Harmless driving will not only save your money but also can save someone’s’ life and there is no more important than someone’s life. So follows the traffic rules and Drive Safe.