Current leader will remain with the company as chairman of the board
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Thursday, October 6, 2022
World Insurance Associates acquires O’Brien and Gibbons Insurance Agency
Acquired agency has been serving the market since 1961
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Hub continues M&A march
International firm snaps up Washington state agency
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What is Global Health Insurance Cover?
If you’re a travel bird, you ought to be well-prepared always for any uninformed contingencies, especially related to your health when abroad. Buying a global health insurance cover ensures that your healthcare expenses are taken care of, whether in India or any place in the world.
Health insurance has become every person’s absolute necessity, especially in the post-COVID times, when everything around is changing every minute. New infections and viruses are on the prowl at all times and there seems to be no escape from this never-ending twirl of diseases. Buying health insurance plans ensures that you stay protected financially in the face of a health attack.
But why just ensure financial coverage in India when healthcare costs are always on the rise everywhere in the world? What would happen if you need urgent medical care on a tour abroad? Who would bear the exorbitant cost of medical care in a foreign country? And would it mean burning a hole in your pocket if at all you end up in need of treatment abroad?
Absolutely not! To help you stay financially protected even when abroad, there is the option of global health insurance policy. Let’s read more about it in detail in this blog.
What is Global Health Insurance Cover?
As is clearly evident in its name, global health insurance ensures that your medical expenses incurred on a treatment taken abroad are covered under the health insurance plan. This means that in case you decide to travel abroad, getting yourself a global health insurance plan is wise as it would help cover your financial expenses in case of any medical treatment that you choose to get done in that country.
Considering that medical care costs can be quite high abroad, it only helps to buy this cover. In case of an unfortunate event of any disease or health condition diagnosed during your stay abroad, you need not worry about spending a fortune on its treatment. By getting a global or international medical insurance policy, you would be able to save a considerable amount of money, since the treatment cost would be covered by the health insurance company.
Read More: Reasons to Review Your Medical Health Insurance Policy Every Year
Benefits of Availing Global Health Insurance
There are a number of advantages to buying a global health insurance policy when traveling abroad. Some of these are listed below:
- You can avail the best treatment option for your condition and high-quality medical services in the foreign country without worrying about the exorbitant cost factor involved.
- Global health insurance plans generally offer a high coverage amount so you can comfortably make claims for even higher medical bills (in case the need arises).
- The premium for global health insurance is generally paid by the employer, since it is purchased mostly by people traveling abroad for work-related reasons. This is beneficial both to your employer and you.
This is because global health insurance policies would also cover for insurance needs within your home country, since a single health insurance plan provides coverage both for domestic and international healthcare needs. So, the employer is saved from the expense of paying for two different policies. As for the employee, they can avail the benefit of the mediclaim plan both in their homeland as well as abroad.
Features of a Global Health Insurance Cover
Let’s look at some of the essential features of an international health insurance policy:
- Sufficient coverage during emergency: Considering that the cost of availing services like ambulance or a rescue helicopter in case of a critical medical emergency is very high abroad, a global health insurance cover provides adequate coverage for such unforeseeable expenditure. Owing to the rate of currency exchange, these essential services can sometimes get quite unaffordable. However, with the global mediclaim plan, you can avail the best-quality treatment without any financial stress.
- Coverage for pre-existing diseases: Most global health insurance plans would cover pre-existing health conditions as well, such as chronic conditions like hypertension, diabetes, heart conditions, and the like. This can be particularly helpful to cover medical care costs involved in the treatment of these conditions in case an emergency arises when you’re abroad.
- Coverage for frequent travel abroad for treatment: The cost involved in the treatment of conditions abroad is itself quite high. Adding up to it is the cost involved in the frequent travel between the two countries for this purpose. Your global health insurance plan generally covers this expense so traveling to and from India does not seem a burden.
- Coverage for OPD consultations: You’re more likely to require doctor consultations for minor illnesses or injuries than emergency hospitalization during your stay abroad. This is why a global health insurance policy covers consultation costs for visits to the doctor’s office and other OPD-related charges as well in addition to covering emergency hospitalization expenses. This is because even doctor consultations abroad can be quite expensive.
Tips to Choose the Best Global Health Insurance
When traveling abroad, even for a short stay, it’s wise to purchase a global health insurance plan to keep yourself financially covered and stress-free during your visit. Here’s how you can choose a plan that best suits your financial needs during your international travel:
- Always look for the maximum coverage of the policy. It should ideally be adequate to cover the cost for both emergencies as well as minor medical care needs that may arise during your stay.
- Do check the premium-payment policy of the insurance company for the global health insurance cover – monthly, 3 months, 6 months, or annually. This would help you plan better keeping your travel duration in mind. Also check for the global health insurance cost before deciding to buy one.
- Make sure to check for the policy’s waiting period, i.e., the waiting time before the purchased plan becomes effective for use. This would also help ensure that your travel plans are in line with your purchased health policy.
- Always read the exclusions section carefully before buying the global health insurance policy. You would need to know these in case of emergency medical care needed during your foreign stay and save you from unnecessary embarrassment and financial stress when the need arises.
Wrapping Up
Buying global health insurance cover for you and your family is one of the best decisions you can make before you head out to enjoy your stay in a foreign land. It would help you to stay prepared for any emergency, if one arises. You can look up PayBima online for the best global health insurance providers near you to avail this benefit. PayBima offers the best health insurance in India at an affordable cost for everyone. This means that it is ideal not just for your domestic but also international health insurance needs.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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Consumables Cover in Health Insurance – Meaning, Benefits & Items Covered
When buying a health insurance plan, it is important to know all about it, including the add-on cover benefits that it provides. Here we discuss the consumables cover in health insurance. Read on to know more.
Your health insurance plan is your vital backup in case of any medical emergency that involves a huge cost. By buying health insurance plans for you and the family, you are bracing yourself well in advance for any uninformed, unpredictable expenditure that may come in the future. Now, health insurance plans generally provide adequate coverage to the policyholder for the major cost of the treatment; however, there are some costs that may not be covered as part of the base insurance policy.
For such additional costs, it is advisable to purchase add-on covers in health insurance that provide extra benefits in terms of added coverage, over and above the base plan. The consumables cover in mediclaim policy is one such example of an add-on cover benefit. Let’s see below all that this cover entails and how it can benefit the policyholder.
Meaning of Consumables Cover in Health Insurance Policy
If we go by the literal definition of the term, as stated in health insurance plans, consumables in the medical industry generally refer to (but are not limited to) all single-use medical equipment. This means all the disposable equipment and medical aid that gets discarded after one time use.
Now, when these consumables are used for a patient as part of the treatment procedure during their hospital stay, their cost is directly included in the patient’s hospital bill. However, if the patient has a mediclaim plan in their name, the cost of these consumables is covered by the health insurance company.
Why Do You Need a Consumables Cover in Your Mediclaim Plan?
We may often not realize but the cost of these consumables during hospitalization can actually amount to a significant number in our hospital bill at the time of discharge. For instance, the medical staff may require you to buy a whole pack of bandage roll as part of the treatment procedure, while only half of it was actually used. This means wastage of the remaining part but you’d need to pay for the entire pack, which would be charged on your bill.
Many more similar single-use items are charged to the patient as part of hospitalization. Small amounts of consumables add up to a large amount which can sometimes make the hospital bill appear huge. This is where the consumables cover in health insurance can be of help, covering these small but significant amounts in your hospital bill.
Benefits of Consumables Cover in Medical Insurance
We already discussed why it helps to buy a consumables cover in health insurance. The prime reason is that there is a lot of disposable, one-time use surgical equipment used at hospitals. All of these consumables are charged directly to the patient, which can sometimes form a considerable part of their bill. The consumables add-on benefit helps cover this cost for the patient. Here are some of the other reasons it helps to buy this cover as part of your mediclaim plan:
- Several items used and charged as part of hospitalization are generally excluded from health insurance plans. They may not seem too expensive, especially when purchased as single items, but could amount to a significant bill when bought over a long period of hospitalization stay. The consumables cover prevents the burden of payment for these consumable items on the patient.
- There is generally considerable wastage of everyday-use consumable items in hospitals when only a small amount of an entire pack of disposable surgical equipment is actually used by the medical staff. However, the bill for the entire item is charged to the patient. With the consumables cover, this bill can be charged to the insurer.
- Buying the add-on consumables rider benefit with your health insurance plan is relatively cheaper than paying for consumables that keep adding on to your bill over a long period of hospital stay.
Items Covered Under Consumables Cover of Health Insurance
Now that we know that purchasing this add-on rider benefit is only in our favor, let’s look at some of the consumable items used during hospitalization that are covered under this plan:
- Room services used by the patient and attendant during hospital stay such as TV, A/C, telephone, luxury tax, and the like
- Administrative charges that include admission kit at the time of admission of the patient into the hospital, visitors’ pass, discharge process, maintenance of medical records, and other documentation expenses
- Items provided by the housekeeping staff for daily use, such as mineral water bottle, tissue paper, diapers for baby, cradle, toiletries like toothbrush, toothpaste, comb, soap, shampoo, shower caps, carry bags, and the like
- Surgical disposables used as part of the treatment procedure – cotton roll, needles, razors, syringes, masks, sanitizers, gloves, gowns, surgical tape, PPE kits, thermometer, braces, collars, crepe bandages.
Read More: Sum Insured in Health Insurance – Get Detailed Information Here
Why are Consumables Normally Not Covered in Health Insurance?
The consumable items used as part of hospital treatment are generally required for one-time use and discarded thereafter (owing to safety reasons). Hence, the hospital staff needs to use such items frequently during the entire hospital stay of the patient. This adds on the hospital bill of the patient and makes it considerably higher, which most insurance companies are reluctant to pay for.
However, with the add-on consumables cover being added to the base health insurance plans, patients can now opt for buying this benefit over and above the base policy. The charges for consumable items and services charged to the patient at the time of discharge can then be claimed with the insurer under the consumables cover of the plan.
In a Nutshell
Consumables are essential items and services provided to the patient to make their hospital stay comfortable. Since most of these items are used only one time, for safety of the patient, they are used in more quantity and frequently. The cost of these items thus adds up in the complete final bill of the patient upon discharge, which can sometimes be considerably high. Most insurers do not choose to pay for the consumables charged in the hospital bill for this reason.
This is where the consumables add-on cover benefit comes of use in health insurance. PayBima offers the best health insurance in India with the added benefit of consumables cover, which patients can avail and save themselves the burden of hefty hospital bills.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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Best Investment Options For Middle Class Person
Middle class is the vast majority of the population that comprises the mass of India. Let’s look at the various options of investment that best suit the middle class in this post.
The middle class is the social group that comes in between the high class and the working class. The middle class people comprise both the professional class as well as the business people including their families. When it comes to investment options available for the middle class, there are varied possibilities. This is because being the huge mass of the country’s population, most of India’s economic and financial planning is done taking into consideration the middle class people.
However, when it comes to choosing the best investment options there are several questions that the middle class people want to know before choosing to invest in a plan. For instance, how should they select their plans? How they should plan investment depending on their liquidity needs, financial goals, investment possibilities and safety of the principal amount etc. Let us see some of the top investment options for middle class in India:
Below are some of the best investment options in India for the middle class that allow medium to high returns.
Best Low Risk Investments for Middle Class Family:
- Public Provident Fund (PPF) – This is considered as the most secured investment option in India for the long term. Here, the investor can earn multiple interest on the money accumulated and at the same time the interest earned is also tax-free. Further, an investor can open a PPF account with mere Rs.1000 in a post office or bank. PPF is available with a fixed duration of 15 years as lock in period. However, there is an option to withdraw money in the 6th year. Also, the investor may lengthen the tenure of the policy by another 5 years.
- Senior Citizens Savings Scheme (SCSS ) – This is another risk-free investment option that allows the investor to save tax. Dedicated specifically for senior citizens, SCSS offers regular income to the elderly members of the society. The interested individual can open an SCSS account anywhere across banks and post offices in India. Rs. 15 lakh is the maximum amount that can be invested under this scheme. The tenure of the plan in 5 years, which can further be extended by another three years. This is one of the short term investment options as compared to PPF.
- Fixed Deposits (FD) in Banks – Bank fixed deposits have always been among the most common and traditional sources of investment among middle class people. The FDs are a good source of fixed income and they allow contracted returns in the form of interest over the entire term of the investment. In addition, FDs are available with both cumulative as well as non-cumulative choices of investment. Also, the rate of interest in FDs can be reinvested and rewarded to the investor at the time of FD maturity. The investor can avail the interest annually, quarterly or monthly for the cumulative option.
- National Pension Scheme (NPS) – NPS is a market linked retirement scheme that is available for Indian citizens between the age group of 18-65 years. Under NPS, the investor is not allowed to withdraw the entire money invested after retirement. Rather, the investor is likely to keep aside 40% of the capital to receive as a regular pension from PEFDA or Pension Fund Regulatory and Development Authority. This amount is expected to allow the investor to have a consistent flow of cash throughout their retired life. On the other hand, the rest of the 60% of the retirement capital can be availed as tax-free corpus by the investor at the time of retirement. Thus, NPS serve as one of the best tax saving investment options.
High Risk Investment Options for Middle Class:
- Equity Mutual Fund – Equities are market linked investment options which assure high returns. For a common man, mutual funds are regarded as an ideal middle class investment option because they ensure risk diversification. Here, the investor has several investment platforms like large, mid or small caps or index funds or in a combination of funds to invest on. These funds are designed in a way to protect your capital while generating stable returns over time.
- ULIP or Unit Linked Investment Plan – ULIP comes with the double advantage of insurance as well as investment. This is another investment that is considered to offer good return on investment. Here, the amount that is invested by the insured is divided into two parts. One of the portions is used for insurance purposes, while the remaining amount is floated in the market as linked instruments. ULIPs generally offer 3 to 5 years of minimum lock in period. Some plans allow investors to keep their investment intact for up to 10 years. Further, you also get additional benefits of tax exemption with ULIPs. However, ULIPs have a complicated structure of expenditure, which is something to take note of.
- Direct Equity – If you are looking for an investment option for a long tenure, you must do some substantial research and invest on a plan that allows a financial cushion. Being a high-risk investment plan, Direct Equity allows high returns in the long run. This investment option also gives the investor the right of ownership in an organization and makes the investor entitled for bonus, dividends, shares etc.
- Crypto currency Investment – In recent times, Crypto currencies have emerged as high-risk digital assets offering high returns. Considered as best investment options in India 2022, this is a short-term, volatile investment with fluctuating value. Investors are required to consider regulations of government and the varied risks that are linked to it before investing in this plan.
Read More: How to Earn 5000 Rupees Per Month with Investment?
To Sum Up
When it comes to investment options for the middle class in India, it is important to understand the policies well to know if it is a long-term plan or a short-term goal. Thus, it is advised to read and compare the available plans in the market and buy the best option to invest money. It is better to look at the best time-tested methods of generating additional income to create wealth.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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