how to choose a health insurance plan?

by yogesh0505 » Tue Sep 23, 2008 02:55 am

how to choose a health insurance plan?

Total Comments: 35

Posted: Mon Nov 15, 2010 03:45 pm Post Subject:

health insurance plans usually offer two premium structures to choose from.



Name one. Just ONE health care plan that is sold with a lifetime level premium. Or even ONE with a ten-year level premium. Or a five-year level premium. Or a three-year level premium. At best, some plans say they won't raise premiums in the 2nd year of a new individual policy, but they don't PROMISE it. Read the "fine print" that says moving into a new age band may result in a higher premium in the 2nd year.

You cannot compare life insurance and health insurance in the same breath, let alone the same post. Not only are they two different classes of insurance, offering coverage for very dissimilar risks, they are often not available from the same companies.

Some life insurance companies will have a built in discount on their first year’s life insurance premium.



This is only true when there is a later, higher premium to offset the "discount" in the first, or first few, years. These policies are called "modified" premium (one-time increase) or "graded" premium (series of increasing premium steps in the first 5-7 years). They are designed to entice a person who doesn't have the ability to pay the proper level premium from the first year. Most people, including agents, never stop to do the math to see how much this will cost over the life of the policy. And some never see the 500% higher premium until they get the notice at age 65 that their modified policy premium is now increasing -- and then make the wrong decision and cancel their insurance just before they croak . . . all because their $50 per month premium is now $250 to age 100 (or 121).

No one gets anything at a discount when it comes to life insurance, unless there is some other trade-off to something or someone else. If we insure someone as a preferred risk at a 30% "discount", you can bet that the underwriter will add a substandard risk at far more than a 30% increase to "balance" the risk pool. Policyowners don't get a "discount" for paying a single premium, a ten-pay premium, or an annual premium, everyone else pays more based on the number of premium payments they make over the life of the policy because they cost the insurance company more in administrative expense.

Posted: Thu Dec 23, 2010 03:19 am Post Subject:

considering a life time insurance, i am thinking how many years would i pay? while im planning to get one . cause as of now my insurance plan is good for 10 years and after that i have to renew it again.

Posted: Thu Dec 23, 2010 05:32 am Post Subject:

OK . . . so you have a term policy that you don't think you'll renew in 10 years.

considering a life time insurance, i am thinking how many years would i pay?


Here's the math: 121 minus your current age. That's how many years you might have to pay for a "lifetime" policy.

There are alternatives that would allow you to pay the lifetime cost in a shorter amount of time, but the shorter the time to pay the premiums, the higher the premiums will be.

Your term policy will permit you to convert to another policy of the same face amount, with the same insurance company, and without proof of insurability. That should be your first consideration. Unless your term policy is from Primerica Life, you will be able to convert it to a whole life or universal life policy, no questions asked, other than, "How did you want to pay your premiums?"

Posted: Thu Dec 23, 2010 12:33 pm Post Subject:

here there are nice 6 tips to choose the health insurance: http://today.msnbc.msn.com/id/19581014/ns/today-money/

Posted: Wed Dec 29, 2010 10:20 am Post Subject: health insurance

for a good health insurance you need to pay a little more, so need to compromise in terms of health with money

Posted: Tue Jan 04, 2011 07:26 am Post Subject:

you can find hundreds of promising health insurance but it varies with many factors... first is you get your top 10 perhaps... from there compare their strong points such as the total coverage of benefits, price and credibility.

Posted: Wed Jan 05, 2011 04:02 pm Post Subject:

health-quotes.i Health Insurance- my family have this health insurance. It is affordable and has good coverage for dental issues.

Posted: Wed Jan 05, 2011 11:11 pm Post Subject:

Choosing the proper health insurance plan is kind of challenging for this is a huge decision for most families. Trying to find the best plan for you or your family is enough to make you reach inside your medicine cabinet. You need to know what options are available to you, what each of those options offers and whether or not you can afford them. Guidelines you can consider to check.

1) Check for exemptions
2) Decide which plan type best meets your needs.
3) Before electing a different plan, check to see that your primary care physician and specialists are in its provider network.
4) Compare the total cost of various plans using an online calculator, a tool offered by many employers.
5) Don't get lured by those new freebies as you won't might get the coverage you needed.

Posted: Tue Jan 24, 2012 07:34 am Post Subject: bxqMjyMXVobxZVkcTV

Free info like this is an apple from the tree of kownledge. Sinful?

Posted: Tue Jan 24, 2012 12:36 pm Post Subject:

You can choose to go for a high deductible health plan which in turn would make you eligible for HSA benefits. Maintaining a HSA entitles you to tax benefits.

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