Category Archives: Health Insurance

The Necessity of Getting Diabetes Insurance Before It’s Too Late

The extremely long working hours, lack of sleep, no exercise, unhealthy eating habits and change in lifestyle has taken a toll on the health of the Indians. The World Health Organization had estimated 70 million diabetics in India today with a 45% to 50% increase by 2030.

We all get scared by illnesses like tumor, cancer etc. But, diabetes is definitely not an illness that can be ignored. The monthly expense for the medicines spent on diabetes comes to Rs.4, 000 to Rs.9, 000. But these expenses does not include doctor’s consultation fees and diagnostic fees. Besides, with additional complications your expenses might shoot up to Rs.20, 000/- a month.

Health worsens as we grow older. Research shows that one out of seven employees suffer from diabetes or hypertension. Diabetes is a long-term ailment and hence the average claim size is 90% higher compared to other diseases or illnesses.

It makes sense to buy a health insurance plan at an early age. Reason would be as simple as saving on the premiums and preparing yourself for the worst before it’s becomes too late. The rising incidents and claims would encourage you to remain financially relived and cover for your disease if you buy a plan at an early age.

There are variety of health insurance plans available in the market. You have a choice of opting for a specific diabetes plan or a general or standard plan. You can decide upon a particular health plan depending upon various factors like your medical history, standard of living, as well as the area that you live with the total number of family members.

When you buy a health insurance plan, ensure you make extra provisions to provide complete protection for the family. For instance, if your family member suffers from diabetes, you should buy an individual policy rather than a family floater plan. So that, the coverage doesn’t get exhausted for other family members.

There has been a considerable increase in the number of diabetes cases in women and some young adults too. It would be a wise decision to buy a policy that pays for OPD claims. This would take care of your regular medical expenses.

Diabetes has become like a silent killer. This damages the blood vessels, kidneys, eyes, heart and nerves, ultimately leading to expensive treatments like bypass, amputation of any body part, retinopathy etc.

The treatment costs are also going up. Therefore, it becomes a necessity to opt for a wholesome cover. Experts say, it is better to buy a comprehensive health cover that has features like no room rent limits, covers organ donor’s expenses etc. Providing an option to reinstate the policy in case of exhaustion of sum insured would be an additional benefit.

So, keeping in mind the increasingly common lifestyle diseases like diabetes, it is better to buy a diabetes insurance before it’s too late.

Stay Insured, Stay Safe!

How Much Does a Chiropractor Cost? It Is Cost-Effective!

Talk to anyone about how much their health insurance is costing them and what coverage they are getting for the cost. Majority of us know that medical care is not cheap. Besides the premiums being high, we have to worry about deductibles and co-pays. According to Blue Cross, for a routine wellness check the cost can be anywhere from $160-$330, depending on age. Now for an adult office visit for common illnesses or conditions, such as lower back pain, sinus infection, sore throat, etc. can cost $130-$180 per visit, for children the cost is $115-160 per visit. Usually when you go to a medical doctor, they usually prescribe medication for your condition.

Many prescriptions are to ease pain that you are experiencing and those can become addictive. Painkillers do not fix the underlying problem that is the cause of the pain in the first place. What happens is you get temporary relief from the pain and then after a while the pain returns, you go back to the doctor, you get back on pain medication and the cycle continues. You end up on a merry-go-round with medical care. According to the New York Times premiums, co-pays and out-of-pocket expenses have gone up considerably over the past few years.

A Chiropractor is more cost-effective than medical care
Now, look at chiropractic cost. The average cost of an adjustment is $65 per visit. Each visit could range from $34 to $106, depending on where you live. If x-rays are necessary, the cost can range from $44 to $159. Chiropractors sometime offer discounts for initial visits because their goal is to help you get relief from the pain you are experiencing AND they want to fix what is causing the problem. Chiropractic care is not a “quick-fix” to your pain it will take some time but in the end, the cause of the pain will be treated.

Most health insurance plans cover some level of chiropractic care. Like medical expenses, chiropractic care expenses are tax-deductible. Many chiropractic offices accept insurance and have payment plans available.

A study done in 2007 compared costs to patients using chiropractors as their primary care physicians to medical doctor care. This study involved 70,000 member-months spanning a seven-year period. The results of the study showed that “hospital admissions were decreased by 60.2%, cost of days spent in the hospital were decreased by 59%, outpatient surgeries decreased by 62%, and prescription drug costs decreased by 85% compared to conventional medically driven care.”

Insurance providers and medical doctors are recognizing the benefit of chiropractic care is beneficial and cost-effective in treatment of neck and low back pain. If you have never gone to a chiropractor then it is time to check out the care you get from chiropractic care. Next time you need to see a doctor, consider your personal goals for a healthy body and your wallet and go to a chiropractor. You will find out that a chiropractor can treat more than just neck and back pain.

Health Insurance Solutions

Much has been said about the latest in the healthcare sector. Politicians’ continue to bicker and have no solid plan to replace the current plan. Certain Analysts believe if this Trump Administration plan passes the Senate their proposal will leave over 23 million people without coverage by the year 2026. The Affordable Care Act law is and was simply put in place to help the American people who were once unable to get any type of coverage, finally get the care he or she may need. Secondly, it has also helped more than enough individuals with pre-existing conditions get coverage as well. And thirdly there is the concern of affordability; this is for people who do not have enough money to pay for insurance on their own, the current law provides financial assistance for those eligible to receive money from the government.

The problem with today’s guidelines are the plans are based on: age, geographic location, the ability to pay, the rising cost of medical technology and taxes. Notice there is nothing mentioned about your overall health conditions. Until the underwriting process is brought back into the equation, then insurers’ will never be able to accurately measure their risk and set premium prices at affordable rates. The message to insurers’ is the fact that no one should be denied health insurance due to their finances or health related conditions to help protect against their financial losses when and if they occurred.

During this era a majority of insurance companies especially those that specialize in the health sector jumped on the band wagon with lower premiums knowing financial assistance would be there to help pay for coverage. Plans were and are designed to basically take the American peoples’ money first before paying any claims. Once the claims began to come from more than enough people, then insurers’ realized their premiums were set too low and began experiencing financial losses. There is no coincidence today why as consumers we hear about large health carriers pulling out of the marketplace and are no longer willing to participate this coming 2018 season under the ACA format.

The solution for consumers, we have to educate ourselves and grasp a good understanding and not listen to all the rhetoric in the media. We need a suite of insurance products to benefit us in the event there are some types of loss. Whether its a loss of life, the inability to work for certain period of time, or failing health our money needs to be protected at reasonable rates. Do this now while you are still healthy with the right kind of life and health insurance plans; underwriting is the key.

There are more than enough life and health insurance companies who offer benefits to protect your money. They never moved into this whole affordable care dilemma. Insurance today is still being sold on the premise of an individual’s risk factors. These type of plans whether they are: accident, cancer, critical illness, dread disease, hospitalization, preventive care and wellness, also known as MEC (minimum essential coverage) or life insurance policies are and will always be available.

The Affordable Care Act is a good law that needs to be revised and not replaced. In today’s environment of government uncertainty, why listen to such chaos? “People perish because of a lack of knowledge.” Hosea 4:6a. Now that you have been given this knowledge, perish not; be encouraged and do the right thing for your family and your finances.

8 Strong Reasons to Buy Your Own Health Insurance Cover Right Now

Wealth Protection is an area often neglected in lieu of Wealth Creation. Without an iota of doubt, Wealth Creation by doing smart investments is definitely important. But what use is it if there is an imminent risk of losing all that you created over your life time – in a span of, say, a few months?

Health Insurance is one such aspect of Wealth Protection – where most of us feel that either we are already protected enough by our company group insurance policy, or God will always be too kind on us and nothing is going to happen to us while we are in our prime age. Can we be further away from truth? And all of us see and hear enough examples around us everyday, which contradict this basic assumption of ours. Just closing our eyes is not going to make the risk vanish. A smart wealth creator, like a smart project manager, manages the risk of health by ‘adequately’ covering this risk associated with it. Cover your risk before it is too late.

It was a sever heart attack. He was fortunate to have survived. He is 31, my ex-colleague, working in an MNC in Gurgaon, and highly successful – or seemingly so. He has a beautiful daughter and a very caring wife. All his 3 arteries were more than 70% blocked. Bypass was the only option. When he came home, his corpus was down by 25% – this in spite of having a group insurance policy from his employer. Other than the emotional setback as well as lifelong constraints on his lifestyle habits, it is going to take him another 4 years of hard work – just to claw back his portfolio to where it was prior to this incident. You may say he was unlucky. No. He was not a smart portfolio manager. A smart manager will always cover the risks to his or her portfolio.

And if after reading this, you have been thinking that it may have happened with him because of his workplace stress, and that you don’t take that much stress at your workplace, let me tell you that the food you eat, the air you breathe, and the water you drink have become toxic enough to cause such, and many more dangerous diseases even if you are leading an absolutely stress free life. It is unfortunate, but true that we are living and consuming such toxicity. Who will be the next one – is just a matter of chance.

Hope for the best, but prepare for the worst – that is how we used to plan our projects. that is how exactly you ought to deal with your life. I sincerely hope you lead a healthy and prosperous life, but I earnestly urge you to be prepared in case of any such eventuality -for it is a definitely reality in our so called developed world.

Here are 8 strong reasons you must buy your own health insurance policy at the earliest, irrespective of your age or your existing cover:

1) Avoid stringent tests

If you think, you will save some money and take a health insurance cover only when you cross the age of 50, then please be aware that after 50, almost all health insurance companies subject buyers to a slew of medical tests before selling them a health plan. And once you undergo a battery of tests at that age, it is quite likely that you will be discovered with some minor, if not severe, anomaly. Each such anomaly is going to load your premium, apart from the physical pain of undergoing all the tests. You can avoid all these tests if you buy your health insurance policy earlier. Any pre-existing diseases are automatically covered in such a case. Any diseases diagnosed later will be covered – without any additional premiums.

2) Pay lower premium

Health insurance premiums are quite low when the age is less. The lower the age group, the lower the premium. And premiums go up only if you move across age groups. At 25, a plan with Rs 5 lakh coverage would cost you around Rs 8000, at 35 you’ll have to shell out around Rs 11000 and at 45 the cost rises to Rs 18000. So buy it as early as possible to book the policy at the lowest possible premium.

3) Accumulate no-claim benefits

Even if you remain healthy – which we should all hope for – with every such no-claim year, the extent of your medical cover increases. Buying early means you are likely to have more no-claim years, allowing you to accumulate the benefits over time.

4) Get access to cheaper and hassle free online buying

At a young age, you can buy a decent enough health insurance policy online. The online policies are cheaper. Many insurers are not willing to sell online if the buyer is above 50. You will not be able to avail of the ease of online purchase if you wait too long.

5) Your employer cover is just not sufficient

With exponential increase in healthcare costs, the need for health insurance cannot be overstated. Check the cost of a week’s hospitalized for a regular illness and then compare it with your company’s coverage. Most likely you’ll be persuaded to buy a cover immediately. Still not sure? Think about when you grow older and might need more frequent medical attention. What about if you are asked to leave the company – a harsh reality today? What about the period in between two jobs? You ought to cover all these risks to protect your portfolio.

6) Avail Sec 80D Tax benefits over and above Sec 80C benefits

Buying your health insurance early also means better financial planning. You save tax for paying the premium. Under section 80D, you can potentially save taxes upto Rs.40,000 annually. If you take these tax benefits into account, the cost of a health insurance policy is not prohibitive considering the protection you enjoy.

7) Overcome the Waiting Period

When I quit IBM and took financial freedom, I bought a private health insurance policy – just to realise that I have to undergo a waiting period of 2 years for specific treatments. And, as fate would have it, my wife had to be operated for one such disease during this 2 year period. Who paid? I did. Do not do the same mistake that I did. Do not wait to buy a health insurance policy till it becomes a definite necessity.

When you buy a health plan, you have to serve several waiting periods-for certain surgeries, special treatments, pre-existing illness coverage, etc. If you buy it now, when do not need it immediately, it would mean you would have served the requisite waiting periods and be able to claim all full benefits later.

8) Cover your ‘to be born’

Today’s health insurance policies covers much more than just hospitalization. New health plans cover you for day care procedures and OPD, not just serious hospitalization. Even vector borne diseases are covered. Most plans also have maternity benefits, which may be relevant at this stage of life. Also, your new born will be covered from birth without any additional premiums.