SimplyFinance - Health Insurance

Limitations of Medical Insurance

2007-08-05T23:00:00Z

Before you commit to a health insurance plan, be sure to know exactly what you're signing up for. Your health insurance provider will give you a promotional package with only basic plan information included in it. It is important to read the fine print of the actual plan before you decide to go for it. There are quite a few catches and limitations that you may not be aware of concerning your health insurance plan.

Fee for service plans generally do not cover routine checkups and physicals. However, most managed care plans do. Be sure to check that part of your policy before you make an appointment so you don't end up with more fees than you can handle.

Another limitation is that most health insurance plans do not cover cosmetic surgery. Most plans will cover surgery for reconstructive purposes that are caused by an accident or a birth defect, but they will not cover elective cosmetic surgeries like liposuction, nose jobs, or face lifts. Those will be out of pocket expenses. Your plan may also cover your cosmetic surgery if your doctor assures them that it is for medical reasons.

A pre-existing condition is another case when there may be a grey area in your health insurance policy. Many insurance plans make you wait from six months to a year before they will cover any treatment of a pre-existing condition such as allergies or diabetes. You may want to consider getting a personal health insurance policy if you are leaving one job and moving to another because there might be a time when you're not covered at your new job.

Many health insurance policies still do not cover non-traditional treatments like massage, alternative birthing, or acupuncture. Health insurance plans with this type of coverage are more common now days than they used to be, but many plans still don't provide these types of options.

Mental health treatment and drug rehabilitation are not generally covered by insurance policies. However, you may be able to get coverage if your doctor refers you to a mental health professional or to a substance abuse program. If substance abuse occurs with mental illness, some insurance providers will be more likely to provide coverage.

The Association of British Insurers has compiled a list of treatments that will not be covered by the majority of health insurance providers. These conditions and treatments are not covered: infertility, cosmetic surgery, self-afflicted injuries, drug abuse, kidney dialysis, preventative treatment, gender reassignment, HIV/AIDS, organ transplant, mobility aids, experimental treatment, war risks, and injuries incurred while doing dangerous hobbies.

When making a claim for an accident or injury that occurred due to the misuse of drugs or alcohol, you will have a hard time getting coverage for those injuries. Check with your provider to see what their definition of the word misuse is. Different providers define the word differently.

These are just some of the most common limitations of health insurance policies. Be sure to carefully read even the fine print of any policy you're considering before you commit to anything. It's important to be well informed about what type of coverage you'll be receiving so you'll know what type of treatment you're entitled to in the case that you should need to use it.

Once you've done your medical insurance research and you feel prepared to commit to a policy, allow SimplyFinance to assist you in finding the best medical insurance policy for you. Simply fill out a short questionnaire, and one of our representatives will contact you shortly to introduce you to the best medical insurance provider for you based on your answers on the questionnaire.

Critical Illness Insurance

2008-10-27T00:00:00Z

Critical illness insurance is an insurance product where the insurance company will make a lump sum payment if and when the policyholder is diagnosed with one of the illnesses covered by the policy. This type of policy may be structured to pay out regular income to compensate for inability to work due to a critical illness. Policyholders undergoing a surgical procedure, for instance a heart bypass operation, may also be eligible for a payout for their critical illness insurance.

Some stipulations on critical illness insurance may require the policyholder to survive a minimum number of days from the time the illness was first diagnosed. This “survival period” will vary from insurance company to insurance company, but typically the period is at least 30 days.

Critical illness insurance policies will have specific definitions for the types of illnesses covered. Some policies for critical illness insurance may state that the diagnoses needs to be made by a specialist, or the critical illness insurance policy may require specific tests before a payout is made. It is true, however, that some standardization has been made for the definitions of terms related to critical illness insurance. This standardization may serve many purposes, including increased clarity for the policyholder as well as the ability to compare policies on critical illness insurance with more ease.

Critical illness insurance originated with the intention of providing financial stability and protection for those diagnosed with a qualifying illness. Additionally, it is the intention of the critical illness insurance policy to be used for:

•    Covering the costs of treatment and care
•    Payment of rehabilitation aids
•    Payment of debts incurred as a result of illness
•    Replacement of lost income due to inability to work
•    Funding lifestyle changes necessary to cope with critical illness

Critical illness insurance may be an excellent choice for you to protect yourself, and your family from the financial burdens that are associated with critical illness. To see a quote from a reputable insurance provider, just fill out our short form. You will be connected instantly to a variety of insurance companies ready with a quote that is specific to you and your needs for critical illness insurance.

Types of Medical Insurance

2007-07-23T23:00:00Z

Shopping for health insurance can be quite intimidating, but once you have a basic knowledge of the types of insurance available, the task becomes less daunting. We here at SimplyFinance would like to be the ones to alleviate some of the pressure.

The first thing you should know is that there are two different basic types of health insurance coverage. They are called indemnity and managed care. Indemnity, also known as fee for service, allows you to choose the doctor you want to see. The downside is that this freedom of choice will cost you a bit more. The other type of health insurance is called managed care. Managed care only allows you to see doctors within a certain network. The upside to this is that you will most likely be paying less than you would if you had your choice of physician. Some managed care organizations operate as independently from other clinics and hospitals. The organization itself will have a facility with there own physicians. Other managed care organizations will work with doctors and hospitals to come up with appropriate costs for patients under their coverage.

There are a number of available add-on plans to the two main types of health insurance. One such plan is disability insurance. Disability insurance will pay you up to sixty percent of your income if you become disabled and unable to work due to injury or illness. When you purchase your plan, you will specify the degree of coverage you want, meaning a specific number of years, usually in increments of five years. Your disability insurance will then pay you sixty percent of your income for that many years.

Long-term care is another type of health insurance policy add-on. This type of insurance will pay for medical, nursing, and certain types of in-home care if you are unable to care for yourself due to a disability or illness.

Dental and vision insurance protects you when you have serious problems with your teeth or eyes. A portion of your regular checkups may be covered as well, depending on your policy. This type of insurance in included in many health insurance policies, but you can purchase them separately if need be.

Hospital/surgical insurance usually do not require that a deductible is met before they will begin paying for your treatment, but there is a limit to how much they'll cover. There are separate limits for the amount of hospital and physician charges they will pay. X-ray and diagnostic lab tests, non-surgical doctors' services, hospital services, and the hospital room itself are among the benefits of this type of insurance.

If you do not have other health insurance coverage, catastrophic health insurance may be able to save you from bankruptcy should a major accident or medical problem occur. Catastrophic health insurance covers major hospital and medical expenses. If you don't have other types of health insurance coverage, you will need to pay out of pocket for all other services aside from the major medical and hospital expenses. This type of coverage normally takes care of surgery, intensive care, hospital stays, and diagnostic X-ray and lab tests. This type of insurance usually has low monthly premiums with high deductibles.

Specific-dread disease insurance will cover costs specific to only certain diseases like diabetes, asthma, or cancer. Specific-dread disease insurance is designed to work along with other types of more basic coverage.

Finally, hospital indemnity insurance means that the insurance company makes payments directly to you instead of sending it to the hospital or physician group. The insurance company pays a certain amount each day you are in the hospital for a certain number of days. By having the money sent to you, the payments may be used for other out of pocket expenses and bills incurred from being ill and not being able to work.

Now that you have an idea about the different types of health insurance and the different types of add on insurances, deciding what insurance coverage is right for you should be a slightly less daunting task. To make it even easier, the experts at SimplyFinance are available to help you find the best insurance policy to meet your needs.

Medical Cover Limitations

2008-01-08T00:00:00Z

Before you commit to any particular medical insurance plan, be sure to know exactly what you're signing up for. Your medical insurance provider will give you a promotional package with only basic medical cover information included in it. It is important to read the fine print of the actual plan before you decide to go for it. There are quite a few catches and limitations that you may not be aware of concerning your medical cover.

Fee for service medical cover plans generally do not cover routine checkups and physicals. However, most managed care medical cover does. Be sure to check that part of your policy before you make an appointment so you don't end up with more fees than you can handle.

Another limitation is that most medical cover does not cover cosmetic surgery. Most plans will cover surgery for reconstructive purposes that are caused by an accident or a birth defect, but they will not cover elective cosmetic surgeries like liposuction, nose jobs, or face lifts. Those will be out of pocket expenses. Your plan may also cover your cosmetic surgery if your doctor assures them that it is for medical reasons.

A pre-exisiting condition is another case when there may be a grey area in your medical cover. Many insurance plans make you wait from six months to a year before they will cover any treatment of a pre-exisiting condition such as allergies or diabetes. You may want to consider getting a personal health insurance policy if you are leaving one job and moving to another because there might be a time when you do not have medical cover at your new job.

A lot of medical cover still does not cover non-traditional treatments like massage, alternative birthing, or acupuncture. Medical cover plans with this type of coverage are more common now days than they used to be, but many plans still don't provide these types of options.

Mental health treatment and drug rehabilitation are not generally covered by most medical cover plans. However, you may be able to get coverage if your doctor refers you to a mental health professional or to a substance abuse program. If substance abuse occurs with mental illness, it is more likely that your medical cover will take care of these expenses.

The Association of British Insurers has compiled a list of treatments that will not be covered by the majority of medical cover options. These conditions and treatments are not covered: infertility, cosmetic surgery, self-afflicted injuries, drug abuse, kidney dialysis, preventative treatment, gender reassignment, HIV/AIDS, organ transplant, mobility aids, experimental treatment, war risks, and injuries incurred while doing dangerous hobbies.

When making a claim for an accident or injury that occurred due to the misuse of drugs or alcohol, your medical cover will most likely not provide compensation for those injuries. Check with your medical cover provider to see what their definition of the word misuse is. Different providers define the word differently.

These are just some of the most common limitations of medical cover. Be sure to carefully read even the fine print of any policy you're considering before you commit to anything. It's important to be well informed about what type of medical cover you'll be receiving so you'll know what type of treatment you're entitled to in the case that you should need to use it.

Once you've done your medical insurance research and you feel prepared to commit to a policy, allow SimplyFinance to assist you in finding the best medical cover policy for you. Simply fill out a short questionnaire, and one of our representatives will contact you shortly to introduce you to the best medical insurance provider for you based on your answers on the questionnaire.