What you should know about foreign travel and health insurance
When you travel outside your health insurer’s regular provider network, your insurer may not pay your medical bills, except for emergency care. Before you travel abroad, check with your health insurer to make sure you understand the rules in your policy. In some cases, especially if you plan to travel for an extended period to study or work, you may want to buy additional coverage.
Medicare doesn’t cover medical charges you incur outside the U.S. Other health insurers also may exclude or severely limit coverage for medical treatment you receive outside the U.S. You may want to buy additional health insurance to cover yourself while you are traveling.
If you are traveling abroad for a short time, such as for a vacation, insurers offer reasonably priced policies. Insurers may sometimes link this coverage to your purchase of other types of coverage at the same time — such as trip-cancellation insurance that includes medical coverage. Vacation insurance policies also typically cover only short-term travel — such as two weeks. If you think you might stay outside the country for any length of time, be sure to specify any long-term coverage needs.
Oct 28, 2008
What you should know about foreign travel and health insurance
Oct 21, 2008
Review Your Auto Insurance Policy Before Your Student Goes to College
Review Your Auto Insurance Policy Before Your Student Goes to College
Tips for Parents: It can be an emotional and trying time for parents sending a student to college. Remembering to pack everything they will need while away from home is a challenge ‐ and so is ensuring they have adequate insurance protection.
A significant move away from home can have a big impact on your auto insurance policy. If your student is taking a automobile with them to school, check with your agent about the existing insurance policy. Ask about the rates for the college's city and state before deciding whether to keep your student's car on the family's car insurance policy.
In addition, the insurance company should be notified each semester if the student maintains good grades. Maintaining a certain G.P.A. might make your child eligible for a good student discount.
Oct 8, 2008
Travel Insurance
Travel Insurance
Travel insurance can protect you against financial loss if you are forced to cancel, delay, or interrupt your vacation. It can protect you against the loss of non-refundable travel costs, such as airfare, hotel, and tour expenses. Other types of travel insurance offer you protection against loss due to medical emergencies, damage to personal property, and even a death that may occur while on vacation. When you are planning your travel arrangements, it’s also a good time to evaluate your need for travel insurance.
Types of Travel insurance:
- Trip Cancellation – Reimburses you for pre-paid travel expenses if you cannot take your trip because you or a family member becomes sick or dies.
- Travel Delay – Reimburses you for pre-paid expenses if you cannot take your trip due to a travel delay, such as a flight delay or cancellation.
- Trip Interruption – Reimburses you for pre-paid expenses if your trip is cut short because you or a family member becomes sick or dies, or due to any other misfortune listed in the policy. Covered reasons might include bad weather, airline strikes, terrorism, bankruptcy, jury duty, or fire or flood damage to your home.
- Medical/Health – Reimburses you for emergency medical and dental expenses because you are sick or injured while traveling.
- Medical Evacuation – Provides you with emergency transportation to take you to a hospital in the area where you are traveling, or if specified in the policy, for transportation back to a hospital near your home.
- Accidental Death – This coverage is usually split into three parts:
2 - Common Carrier: Covers death or dismemberment while you travel on public transportation such as a plane, ferry, train, bus, or taxi.
3 - Accidental Death: Covers death, or if specified in the policy, dismemberment at any time during a trip.
- Baggage Loss – Reimburses you for lost, stolen, or damaged personal items. If you buy baggage insurance, review the policy for the list of property it does not cover. Some of your property may exceed the limits allowed. Also, if you fly, baggage loss usually doesn’t cover personal items an airline may lose or damage.
- Rental Car Damage – Reimburses you for damage or loss to a rental vehicle. Check with your insurer, you may already have this coverage through your auto insurance policy. If so, you may not need the “collision damage waiver” that rental car companies offer. This coverage does not provide liability protection.
Check your other policies for coverage - Before you buy travel insurance, review the policies you have now. If you have life, health, or homeowners insurance, you may not need to buy certain types of travel insurance. Read your policy and speak with your insurance company or agent to find out what personal property and medical coverage you have to cover you while you’re traveling. If you use a credit card to pay for your trip, ask what insurance benefits are available through your credit card company.
Look at the refund policies - Also, before you buy travel insurance, check the refund policies. Some policies will refund your money if you cancel months in advance, but few will offer any refund if you cancel at the last minute.
Ask for recommendations - If you’re working with a travel agent you trust, ask about his or her experiences with any recommended travel insurance companies. Ask if their customers filed claims, and if the companies paid those claims. If you’re planning an adventurous vacation, such as skydiving or scuba diving, ask if the insurance will cover those activities.
Review the policy - Travel insurance polices are not all the same. Before you buy, be sure to review the policy, especially the list of covered reasons for canceling your trip. For example, a travel insurance policy may not reimburse you if you decide not to make a trip because a conference was canceled.
Ask about pre-existing health conditions and age limits - Some policies cover pre-existing health conditions if you buy the coverage within a week or two of booking your trip. Others won’t pay for pre-existing conditions or they charge higher premiums to cover them. Some insurers also charge more for older travelers.
Find out about cancellation waivers - Cruise and tour operators may offer cancellation waivers. This means for a fee, they will reimburse you a portion of your cost if you cancel for any reason up to 24 hours prior to departure. Remember, waivers are not insurance policies and they are not regulated. Read all of the restrictions before you buy a cancellation waiver.
Sep 1, 2008
Managed Medical Insurance
Managed Medical Insurance
by Dana Smith
Medical insurance is very important to each and every one. Although there are several types of plans it is essential to select the right one for you. This might prove to be very tricky as you might not be able to understand the advantages and disadvantages of each and every plan while making a decision.
The broad categorization of medical insurance is into two groups, the indemnity plan and the managed care plan. With indemnity plans, one can get a return of costs incurred towards medical treatment although only to a fixed limit. This plan also known as reimbursement plan will require the patient to bear a portion of the bill incurred whatever be the total charges. With this plan, the insurer needs to shell out a particular amount on a daily basis for some fixed number of days. Though the amount provided through the plan does not depend on the actual total costs, the amount paid is never above the expense incurred.
The other type of medical insurance is the managed care plan. This again is further divided based on the type of policy taken and is categorized as HMOs, POSs, and PPOs. Many people opt for managed care plans over indemnity insurance plans as the flexibility provided by the former is much better. Here you get to pay a monthly fee regardless of the number of visits to the physician or hospital or you make a co-payment every time you make a visit and pay no fee every month. Also, you get more choices to select the type of care that you can afford. Depending on your abilities, you can choose to select the number of doctors in your network that you have the freedom to visit. Some types of managed care plans like the PPOs provide sponsorship programs that cover a huge network of hospitals and other medical services. This kind of insurance is usually provided by the employer where you work.
For an average person, it is best if he or she sticks on to opting for a managed health care plan as the economics are far better. Although indemnity plans provide more options in allowing the insurer to visit any hospital or physician of their choice, it is more expensive. With managed health care plans, the patient is made to visit the hospital or physician within the network of the insuring company. This causes a problem only if you have to visit a specialist not within the network for any specific problem. A managed health care plan will however be more economical than indemnity plan but the latter is better in case of any emergency especially when you are away from town.
Before you opt for any type of insurance plan covering your health, it is best to consider the advantages and drawbacks of each and every type of coverage available to you before making the right decision. Your choice should provide you the best kind of coverage at the lowest costs incurred by you.
Aug 11, 2008
Affordable Medical Insurance Choices
Affordable Medical Insurance Choices
by Peter Craske
Tip 1: Any premiums quoted will be based on individual circumstances
The first aspect to appreciate about medical insurance is that it is based purely on your own personal situation. Your age, sex, general well-being and social demographic will all have a bearing on the quotation you receive from the insurance company. Therefore, just because your neighbor has a low premium it stands to reasons that you may not necessary get the same deal. This leads me onto my next tip.
Tip 2: To find affordable medical insurance shop around
One of the best ways to find affordable medical insurance these days is simply to do the legwork yourself and shop around. As with any kind of purchasing, you should always get at least three quotes, based on what your medical insurance requirements are.
Tip 3: Compare and contrast your options carefully
Comparison sites on the Internet can help a great when you are trying to work your way the maze of your affordable medical insurance choices. This is a complicated area and what may seem like a very good premium may not be the one for you after all if your existing physician will not agree to accept your new medical insurance policy.
Aug 5, 2008
Differences Between Health Cards and Medical Insurance
Differences Between Health Cards and Medical Insurance
by Sheila Guilloton
Health Cards claim to offer access to high quality and affordable medical care, dental care, prescription drugs, vision and other health care services. The rates vary but may be as little as $20 a month to as high of $125 a month for a family. The two big selling points of these plans are that they are affordable and that you cannot be turned down.
Exactly what are you buying? Health cards can also be called discount medical programs or plans. This industry has grown so large that they even have their own trade association, the Consumer Health Alliance. Here is the definition of a health card given by the Consumer Health Alliance. "Our member companies make health care products and services, including prescription drugs, dental, chiropractic, eye care, physician, hospital and laboratory services, available to millions of Americans by providing opportunities for consumers to directly purchase health care services and products at discounted rates." According to the Consumer Health Alliance more then 28 million consumers have purchased these plans for various companies.
The problem lies not in the concept of the programs but in the sale and execution. The most important fact you must know about these health cards is that they are NOT medical insurance. Many consumers have failed to understand what they are buying and as a result have been saddled with hundreds and even thousands of dollars in medical bills they assumed would be covered by their health card.
These plans advertise that they are affiliated with networks of medical providers. That is generally true. Their affiliation may even be with some of the national networks that insurance companies use themselves. The plan representative tells you that if you use the services of a network provider, you will get a discount on the service similar to the discounts that insurance companies negotiate when providers join their networks.
One company, for instance, gives you an example. If you see a network provider, that doctor's normal charge for an office visit may be $120. But with your discount health card, you will only be charged $90 thus saving you $30 each time you visit the doctor, On the surface that may sound good, but remember, the consumer and only the consumer, has to pay the provider $90 every time he visits that doctor.
What happens if we discuss a hospitalization rather than a doctor's visit. You find you need a hip replacement. According the the American Academy of Orthopedic Surgeons, the average cost of a hip replacement in 2006 was $42,000. You see a doctor who is in the network used by your $29.95 a month health card. You expect to get a significant discount for the procedure because you used a network provider. Remember your doctor visit. You got a $25% discount and only had to pay the doctor $90 of the $120 bill.
But now you have a bill from the hospital for your hip replacement for $42,000. It is also discounted at 25%. That means you owe the hospital $31,500. And you have to pay it. It's better than owing $42,000 of course, but $31,500 is still a pretty significant amount of money that the consumer has to pay out. Unfortunately, the companies that sell these cards focus your attention on the small services. But, if consumers are smart, they will focus on the big items, which is the real risk of not having medical insurance.
For some people who don't qualify for health insurance, discount cards may be the only option. Individual medical insurance generally is medically underwritten which means if a person has a medical condition that the insurance company does not want to insure, they will be unable to get medical insurance. Most states have what are called pool plans, which will insure persons with medical conditions, but as you can imagine, these plans are extremely expensive.
The real danger of these cards is the aggressive methods used to sell them. Many of these plans are actually sold as Multi Level Marketing plans. The sales representatives do not have to be licensed insurance agents, because the plans are not insurance. There interest is in adding people to their downline as that is how they make money. Learning the programs and carefully advising consumers as to what they are buying may not be the most important thing to these sales representatives.
If you are considering buying a health plan, be careful and ask questions. Understand first and foremost, that you are NOT buying insurance. Be wary of extravagant promises of discounts up to 60%. In our hip replacement example, for instance, a 60% discount would mean the service would only cost you $16,800. It is unlikely that a provider hospital would give you that kind of discount. Ask for specifics about hospitals, doctors and procedures. Ask if all the providers honor the advertised discounts. Sometimes doctors and other providers are not even aware they are listed as participants in these plans.
Ask about hidden fees. Often there are administrative fees hidden in the fine print. Be especially careful if there are fees charged for each use of your card. These fees may eat up almost all of your discount.
Discount health cards are never a substitute for medical insurance. Before you consider buying one, think about how you will use it. If your need is for less expensive services, such as routine doctor's visits, dental or vision discounts, they may be worth it. Remember, if you need an expensive procedure such as a hospitalization or surgery, you will be paying most of the bill yourself. No matter what the representative tells you or the advertisements imply, your card will never pay one single cent to any provider. The consumer will always be responsible for the amount of the charge less any discount that might be applied.
Consider your needs and the needs of your family. If you can afford it, buy medical insurance. Even a plan with a high deductible such as an HSA will be a better option because at some point after the deductible is met, the insurance will pay the balance of the bill. If you can't afford insurance or you cannot qualify because of medical problems, a health card may be useful. But before your buy, understand what it is and what it can really do for you.
Aug 1, 2008
How To Get Low Cost Ohio Medical Insurance Coverage
How To Get Low Cost Ohio Medical Insurance Coverage
by James Robinson
There are a number of different things that you can do to find low cost Ohio health insurance coverage, but it is important to first of all educate yourself on the importance of medical insurance and how it works. Medical insurance is a different from other types of insurance. It is different because there is not a question of if you will use it but when. So, when searching for cheap Ohio medical insurance plans you need to remember it is the costs will be different from those other insurance forms.
Recognizing the reality of the need for medical insurance is the first step you have to take when you begin searching for coverage. You have to understand that even it the costs seems higher, it is much better that the cost of being without medical insurance.
Your goal isn't necessarily to find the cheapest Ohio medical insurance policy out there. Instead, make it your goal to find an affordable policy which will allow you to meet your family's need for preventative and acute health care. With all that in mind, you can begin searching.
You want to decide the type of coverage you need first. You may have to choose between high deductibles or high premiums. You will also need to consider your co-pays. These are all costs associated with your policy. Here is an explanation about deductibles, premiums and co-pays:
- Deductible: This is the amount you pay out of pocket before your insurance will pay anything. It's usually set on an annual basis. For example, you may need to pay for the first $500 on an individual policy before the company starts to pay.
- Premium: The amount you pay to be covered by the provider. It is usually billed monthly, but can often be paid in different installments or all at once.
- Co-Pays: The amount you pay after reaching your deductible for each service covered by your insurance. Typically it's $10-$40 for a non-specialist appointment.
Let's say that you rarely visit the doctor and are carrying medical insurance just in case of an emergency. You would be better off with a high deductible which will lower your premiums. Since you are unlikely to ever reach your deductible, the co-pays can also be high. This should result in a very low premium charge. Just be sure that you can cover the costs in a worst case emergency scenario.
If, however, you know you will use your insurance often then you may do better with a lower deductible. You would also want lower co-pays. This will help keep the overall cost down.
You have to look at your own situation and choose an insurance policy based upon that. What may work for you may not work for someone else. Medical insurance is a very personal thing. Cheap shouldn't mean that it doesn't cover your needs.
The single most important thing that you can do to find affordable Ohio medical insurance is to shop around. Be sure that you compare quotes from at least 3 different insurance companies before you decide to purchase.
