What do you know about Health Insurance?
Health insurance is legal system that is bonded with the legal contract with an intention to bear the cost on the behalf of an insurer who pays premium on regular basis. This health insurance finances the critical illness when surpasses as per the contractual terms and conditions.
What are the 3 parties involved in the private health insurance market?
- Insured: he is the one who choose to transfer the risk of loss and cost.
- Insurer: he is the one who is assuming the loss and risk associated factors.
- Claimant: he is the one who acts as a supporter in compensating the risk of loss and so.
Learn much more about health insurance by iSelect and select the best plans for your future.
Essential Health Benefits:
The special health benefits offered by the private health insurance companies are as under:
- Doctors’ services
- Pregnancy checkup
- Routine checkup
- Mental health services
- Drug prescription coverage
- Accidental death
- Death due to illness
- Critical illness
Tips for selecting and comparing right health insurance policy:
Selecting the best and most appropriate private insurance policy is bit complex and difficult task. You often require an agent to discuss the plan and select the best one. iSelect can provide you the best counseling in order to recognize your need and accordingly select the best and most suitable one.
- Choose a plan that secures you against wide range of medical problems and issues
- Select the plan with limited premium and extensive insurance coverage
- Always prefer family or group plans instead of individual plans
- Always select a plan that has lifetime validity – no hassle of renewal of plan
- In this internet world, always compare and contrast the quotations online
- Selection an option that has in-network hospitalization coverage
- Select plan with high claim settlement ratio
- Compare and calculate the total cost of health care
- Determine time value of money
Metal Categories in private health insurance policy
Insurance policies often come with four metal categories – segregated on the basis of plans and benefits. They are:
- Lowest premium on monthly basis
- Have highest cost of all
- 60% of the amount is paid by insurance company and 40% is paid by the insurer.
- Moderate monthly premium
- Have Moderate costs than other
- 70% of the amount is paid by insurance company and 30% is paid by the insurer.
- Higher charged premium
- Have lower costs than bronze and silver
- 80% of the amount is paid by insurance company and 20% is paid by the insurer.
- Highest premium charged on monthly basis
- Have the Lowest costs of all
- 90% of the amount is paid by insurance company and 10% is paid by the insurer.
Learn much more about health insurance by iSelect and select the best plans for your future. You can definitely count on us.