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Monthly Archives: December 2016

About Long Term Care Insurance

Long term care insurance (LTC or LTCI) is an insurance cover provided to people who are disable and chronically ill and constantly require someone to help them in their day to day work such as bathing, dressing, eating and walking. It is asset of social, medical or nursing and community services who help to meet the medical and non-medical needs of the above individuals. It can be provided to anybody and can be performed anywhere from nursing home to individuals home.

How does this insurance work?

There are three more elements which have big impact on the premium apart from the person’s age and health; those are daily benefit amount, length of coverage and the level of inflation protection. When you decide how much coverage you need see how much family support you will get. The coverage period ranges from two to six years.

Benefits provided by long term care insurance:

  • It generally covers home care, adult daycare.
  • Provides tax-free monthly benefits in case individuals’ losses liberty to mental or physical illness.
  • Benefits which are non-taxable can be utilized whenever desired.
  • You can decide the benefit amount, payment and elimination period.
  • It enhances cost of living.

The types of policies offered are:

  • Tax qualified policies, in this policy the person is expected to require care for at least ninety days and is unable to perform the 2 or more daily activities; require care for 90 days and needs substantial assistance due to severe impairment.
  • Non- tax qualified policy is a medical necessity; here the doctor knows someone from the insurance company and can state that the person requires medical care.

Cost of long term care insurance

  • The cost varies according to the age of the person and when you are buying the policy.
  • The maximum amount the policy will pay per day.
  • Maximum number of years the policy will pay.
  • Optionalbenefits you choose such as benefits that increase inflation.

There are also some risks like the cost can go higher beyond your expectations, insurers cannot raise the rates on individual but can do so on a defined group of policyholders if they get state approval.

The policy is easy to buy; you can go online and fill in the simple form on the website from which you choose to buy a policy and get the quotes immediately and also you can call on the numbers given and get assistance further.

Before you buy a policy make sure you read all the related documents and buy insurance from an authorized insurance company only and also be aware that insurance companies raise the premium on your policy. It is good to request information on the company’s rate premium history.

Critical Illness Insurance

Critical policies are known as fixed benefit policies. The sum assured is disbursed in full whether you are availing treatment at hospital or recuperating at home. As critical may result in your loss of income, hence this policy is designed in such a way that you can take care of your day to day expenses by using the fund disbursed.

In indemnity policies you get reimbursements against the total expenditure incurred up to the extent of your sum assured. It basically takes care of your medical expenditure only and does not provide your fund to manage other expenses.

Types of ailments covered under critical illness

The list of ailments may vary for different insurance providers. However, the general ailments covered are:

  • Heart Attack
  • Bypass Surgery
  • Kidney Failure
  • Cancer
  • Stroke
  • Organ Transplantation
  • Paralysis
  • Multiple Sclerosis
  • Total blindness
  • Coma

Benefits of Critical illness cover

  • Disbursal of fixed amount on diagnosis of critical illness
  • Takes care of income loss
  • Helps in paying off other financial liabilities
  • Funds lifestyle changes post ailment

Facts to know before selecting critical illness cover

  • Most of the policies come with a survival period clause. As per this clause the insured should survive the unhealth for minimum 30 days before filing a claim.
  • The list of ailments covered under critical cover may vary from provider to provider. Do check the ailments covered in order to have a clear picture.
  • Some critical cover plans would consider disability arising from accident and some may not. Hence, be very sure of the inclusions and exclusions.
  • The claim process may vary for different providers. It is always good to check the claim process and disbursal history before selecting an insurance provider.

Critical cover plan basically would prove to be a savior as the cost of treatment is so high. Critical illness not only fractures your health but also your financial condition as it may even result in loss of income. You family liabilities and your cost of treatment can be very well taken care of if your plan prudently and take a critical insurance cover.

Ways to Reduce Premium on Motor Insurance

Keep your company informed

companies consider the type of vehicle one owns while determining the rate of premium. Expensive & luxury vehicles are prone to get broken or get stolen more than ordinary cars. However, if your vehicle is equipped with high end security features then you can get a discount on the premium of your motor insurance. You just need to tell this to your company and benefit from lower premium.

 Your driving record matters

One’s driving record also plays a major role for companies in determining the rate of premium for the particular individual. If one has a clean driving record then he/she will be able to receive various benefits in the form of discounts on premium of motor insurance. On the contrary, if one has a driving record of several accidents & speeding tickets then he/she will have to pay greater premium. Hence, try your best & maintain a clean and safe driving record.

Paying deductibles on your own can reduce your monthly premium

Deductible is the cash amount which one pays before his/her company pays for any given claim. The greater your deductible amount, the lower will be your monthly premium payment.

Concluding tip

It’s always a good idea to keep looking for better from different companies even if you already have a motor insurance. In this way you will be able to spot various companies and their insurance policies. As a result you can select better deals if you find any other insurance company offering better services in the same rate.

Also you stay updated on the current market rates of premium on motor insurance. Comparing motor policies from different companies on a regular basis like say on a yearly basis only increases your knowledge about further lucrative offerings at lower premium rates. In this way you can get a better motor insurance cover when spotted! Hence, keep looking for better deals from credible companies.

Tips to Choose Medical Insurance Plan

It is basically a contract between the insured and the insurance company whereby you promise to pay certain premium and in return the insurance company promises to pay for your medical expenses in case of hospitalization if you need to undergo treatment.

How to choose a medical insurance plan?

There are various types of medical plans available for everyone as per their pocket and affordability. It is advisable to go for a comprehensive health insurance as majorly it would take care of the following:

  • Cashless facility in network hospital
  • Ambulance charges
  • Pre and post hospitalization expenses up to specified time
  • Lab and investigating report charges
  • Easy claim process

This policy is meant to ease out the financial strain thus giving ample time to focus primarily on the health.

What is the benefit of taking health insurance policy at a lower age?

The younger you are the less is the premium as the probability of you encountering major illness is low. As you age, the premium of new policy would be more as you will be in risk bracket being more prone to illness.

Once your health is settled, you can manage other expenses out of your own pocket. As the cost of living is increasing day by day, a good medical insurance plan would save you from financial turbulence. So, gift yourself a comprehensive health insurance and be at rest.