What to Ask a Company Before Buying Individual Health Insurance Plans

Do you want to secure the future of your family through individual health insurance plans? If yes, then you are really making a very smart move. Today, looking upon the poor economic conditions and increased prices of almost all commodities, it is to some extent necessary to make any provision for unforeseen situations. The mere thought of an accident is enough to cause a severe headache for you. So, if you don’t want to face financial difficulties during emergencies in future like in case of serious illness or a fatal accident, then it is best to go for health insurance plan options.

Unlike past when there were not many health insurance options available, today there are numerous options available to choose from. A person just needs to have a look on his budget and he can find the option that suit his requirements and budget. Though it looks very simple to choose the best individual health insurance plans, but there are a few things a person should keep in mind for ensuring the best results.

There are a few questions a person must check in advance in order to select the right company with the right health care insurance. These are given as below.

What Are The Types Of Insurance Options Available?

Firstly, one must try to find out what types of insurance options are available with the company. If there are various insurance plans available, then you can get the advantage of buying a plan for you as well as for your family at discounted prices. Also, this will save you extra efforts and time you need to devote in search of other plans for your family from other insurance company.

How Wide Is The Coverage Of The Plan?

It is important to know in advance all about the coverage that is offered by the insurance. There are a few insurance plans available at very affordable prices that offer a very narrow coverage to the policy holder. This creates problem afterward at the time of emergence. Thus, it is important to know all about the coverage that is offered by the plans.

Are The Prices Offered Unbeatable?

Price is one such factor that cannot be ignored by anyone. Irrespective of the benefits, a person cannot choose the health care insurance if it is not within his budget. So along with coverage and other things, price also needs to be unbeatable.

By asking these questions, you can easily get the best individual health insurance plans.

Insight on Term Insurance Plans

In today’s age, people always want to secure the financial future of the family, so they can lead a decent lifestyle even after their unfortunate demise. Term plan is the answer to secure your family against financial hardship, when you are not around. Buying a term insurance policy provides a sum insured to the nominee/beneficiary, in the event of death of the life insured.

Benefits/Advantages of buying a term plan

Death Cover: Term plans provide pure life cover and it becomes a must buy, if you are the only wage earning member in the family. In case of your untimely death, it pays an amount equivalent to the sum insured to the family, so their finances are not affected.

Fulfill Financial Objectives: In case of untimely death of the life insured, a one time lump sum payout equal to the sum assured helps accomplish major financial goals like child education and marriage. The payout from a term insurance plan also helps pay off debts such as home loan or car loan.

Ensures Regular Income: Some term plans are available with lump sum payout plus monthly income to the family, when you are not around. These types of term plans help your family meet the regular expenses with ease.

Attains Maturity Amount: Typically, term plans do not offer any maturity benefit, but TROP plans offer the maturity benefit, and thus, returns the paid premiums at the maturity of the policy, provided the insured survives through the policy term.

Opt for Additional Coverage: You also have the option to choose riders with a term plan. Riders such as Accidental Death Benefit, Disability rider, Critical Illness, and Income benefit Rider help enhance protection to your base policy.

Major factors to consider before buying a term plan Want to buy a right term plan that can ensure the financial well-being of the family? Following are the key aspects you should consider prior buying the plan.

Adequate Cover: Choosing a right cover amount ensures that your family gets the payout that can cover day-to-day and other major expenses like children’s education/marriage, paying off debts, etc. Buying a plan with an inadequate cover is of no importance.

Policy Tenure: It is advisable to choose a policy tenure, so you can pay off all major financial liabilities. Avoid choosing a shorter policy that may end up when cover is required the most. It’s best to opt for a policy that offers flexible tenure options, so you can choose tenure depending on your protection needs.

Consider Inflation: When looking to buy a term plan, it is advisable to make an estimate about the inflation and then get a life cover that can easily cover your family’s financial expenses at a time say 20 years from now. You may consider the inflation rate while picking the sum assured for the policy.

Claim Settlement Ratio: Claim Settlement Ratio gives you an idea for the number of claims settled by an insurer. Higher ratio signifies that the insurer is reliable, when it comes to settlement of claims. It is thus advisable to choose an insurer that has the highest claim settlement ratio.

Choose Riders: When it comes ensuring financial protection for the family, you never want to compromise it in any manner. Choosing right riders with the term plan always boost protection. Riders help enhance protection, provided you have opted for the most appropriate rider/s. Riders are available on payment of additional premium, so choose it wisely.

Read Policy Terms: It is advisable to go through the policy benefits & inclusions and term & conditions, so you can assess the suitability of the plan for your family. Choosing the right term insurance plan would help build a secure financial future of your family.

Compare Plans Online: Prior buying a term plan, it is essential to compare plans from several insurers. Comparing plans online provide you an option to explore various term plans & its benefits. It helps you figure out a plan that would be the best fit. Insurance comparison portals such as http://www.comparepolicy.com helps you make an easy comparison. You can also buy it from there with huge discounts.

Assess your protection needs, choose a term plan and invest with the right insurer is the key. Insure your life and ensure your family’s protection.

Uninsured? 10 Reasons to Shop & Compare Health Insurance Plans

If you are uninsured, here are 10 great reasons you should shop and compare health insurance plan and get covered today.

1. Affordability

Often health plan premium prices vary, up to 50 percent, between similar health plans. Comparison shop to find the best price on a plan that fits your budget. An affordable plan can save you thousands of dollars in medical expenses in the long run.

2. Helpful Benefits

Get the health insurance plan that has all the benefits you need and none that you don’t. There are plans that will give you the coverage you want and help you save money without the high priced premiums for services that you won’t use.

3. Convenient Access to the Best Doctors

You can easily find health plans that cover office visits to doctors that are in your area. You’ll save money by taking advantage of the lower costs for services within your insurance provider’s network of doctors.

4. Prescription Savings

Many health insurance plans also have prescription benefits, which will save you money on your medications.

5. The Best Access to Medical Care

Uninsured patients pay upfront for medical care. If you don’t have that kind of cash lying around, get insured so you’ll have readily accessible medical services whenever you need them.

6. Preventive Care: Covered

Some insurance plans will cover essential preventative care, so staying healthy and avoiding serious illness is affordable as well as good for you.

7. Financial Security

Having health insurance will protect you against the high cost of an unforeseen illness or injury. With most health plans, you’re only responsible for an annual maximum amount (called a deductible) or a set percentage of your medical expenses; your insurance company picks up the rest of the bill.

8. Less Expensive Care

Most insurance companies negotiate rates with doctors, so you pay less for medical care than you would if you were uninsured. You may also save yourself from the cost of expensive medical procedures by using your plan’s preventative services to stay healthy all yearlong.

9. Consider COBRA Alternatives

You may be able to save money if you choose an individual plan or short-term insurance instead of CORBRA. You can get the same (or better) coverage for less.

10. Peace of Mind

Most importantly, a good insurance plan will ensure that you and your family can get the medical care you need when you need it.