Health

Tax Benefits of Health Plans

Health plan offers you cashless hospitalization in case you encounter with unforeseen medical emergency, illness, surgery or accident. Under Section 80D of the Income Tax Act, you get tax benefits on the premium that you pay for a health insurance policy.The time when the financial season draws to an end is when employees generally run around frantically for investment options to save taxes. You must have already invested in the most commonly available investment plans and exhausted the common options available under Section 80C. You are then looking for additional investment options that will help you in tax planning and can get you greater tax benefits.
Health plans are one of the best investment options that can give you these additional benefits. Under Section 80D of the Income Tax Act, you get tax benefits on the premium that you pay for a health insurance policy. These were introduced by the government with the purpose of promoting health insurance in India that would benefit a large section of the population.
Health Insurance and Section 80D
Health has become very critical aspect these days as the spate of illnesses have gone up. Though remedies have been found for most illnesses, the costs are sky high and prohibitive for most families. It is in such critical situations that a health plan comes to your aid. It offers you cashless hospitalization in case you encounter with unforeseen medical emergency, illness, surgery or accident.
As per Section 80D of the Income Tax Act of India, premium paid by a person (non-senior citizen) upto Rs 15, 000 is exempt from taxable income. This is applicable for the mediclaim policy that you get for your immediate family. In addition, you can also get an additional policy for your parents; you can then claim an additional rebate of Rs 15,000. If your parents are senior citizens, you can get a rebate of Rs 20, 000. You can thus get a total tax discount of Rs 35, 000 from possessing health insurance policies.
Key Features of Health Insurance Schemes
There are a number of schemes offered by many companies that help tax savers to save taxes.
Here are some key features of these schemes:

• You can now get better offers from various companies with greater coverage amount and the option of including more family members. For this you have to pay slightly higher premiums compared to what was available earlier.
• To claim mediclaim benefits, a mediclaim receipt is a must as proof of payment of medical expenses.
• The medical expenses shouldn’t be paid as cash but by any other mode like online payment so that you can claim tax benefits.
• The insurance premium that you pay is deducted from your taxable income, thus reducing the tax you pay.
• To claim these facilities, you must be:
a. an individual tax payer,
b. member of a Hindu Undivided Family (HUF),
c. an Indian citizen and resident, or
d. an NRI.

A health plan is an investment from the emotional point of view more than from a financial point of view. You typically don’t put money into a health policy but pay for it. Thus, during a medical emergency, you have a good amount of money to take care of the expenses. Tax benefits on such a critical investment option will only add to your tax saving, peace of mind and emotional investment. Health insurance plans get deduction from taxable income as they are covered under Section 80D.

Get compare online health insurance plans, mediclaim policy, cashless health insurance policies, Individual health insurance and family floater plans from best insurance companies in India at Easypolicy.com.

by seoeasypolicy

How to Save Money on Your Kentucky Health Insurance

The cost of Kentucky health insurance is rising every year and people are looking for ways and means to save money on health care. Though the Patient Protection and Affordable Care Act is meant to enhance coverage for Americans in general, it is expected that premiums and out-of-pocket expenses will increase. Many of the provisions of the Act will come into effect in 2014. In the meantime, there are some things you can do to keep down your Kentucky health insurance premiums:

- Opt for a plan with higher out-of-pocket costs: Out-of-pocket costs include your deductible, copays, and coinsurance. The deductible is the amount you have to pay every year before your insurance plan begins paying. If you opt for a plan with a high deductible, the amount of your monthly premium would be lower, and vice versa. Choosing a plan with a high deductible is ideal if you are young and healthy and do not expect too many doctor visits during the year.

- Look for a private Kentucky individual health insurance plan: As the health insurance premiums rising, many Kentucky employers are passing on more of the costs of coverage to their employees. As a result, even if you have job-based health insurance, you may still find it more cost-effective to purchase a private health plan. One of the best ways to do this is to seek out an experienced, licensed health insurance agent. As an established professional brokerage would represent all leading Kentucky health insurance companies, you can benefit from a choice of plans, free quotes and guidance to select the best policy based your requirements and budget.

- Reexamine employer-based coverage: If both you and your spouse are eligible for employer-based coverage, check out these plans to see which one will cost you less.

- If your spouse’s family coverage has a lower premium, you may be able to save money by switching to that plan.
- You can also look at the different plan options that your employer offers during open enrollment time and switch to a plan that costs less than the one you currently have.
- Another thing you can do is consider whether you and your spouse should have different plans - if this can bring down your yearly healthcare expenses. For instance, if your spouse has health conditions that would require frequent doctor visits, it would be better for your spouse to stay on his/her employer’s Kentucky health insurance plan with a low deductible. You and the rest of your family (who are in good health) would benefit by choosing a high deductible plan from your employer. This arrangement can bring down your yearly healthcare costs.

- Be careful with COBRA: You would be eligible for coverage under COBRA if you are laid off from your job and your ex-employer has 20 or more employees. But remember that, if you opt for COBRA, you will have to continue to pay the same premium that your employer was paying in addition to an administrative fee. Considering that you are between jobs, it could be cheaper for you purchase short-term Kentucky health insurance on your own.

Many affordable Kentucky health insurance plans are available. Locate a reliable agent who can guide you on how to get comprehensive health coverage while keeping your costs low.

 by Tracy Mc Manamon

Supportive Ideas to Do the Treatment of Old Age People

The people all around are not free from the life threats and they have been facing threats since a long time. The invention of health clinics and medicine shops gave a partial support to the people but everyone wants an overall treatment with the hospitalization charges, medicinal matters, medical tests, etc. That is why it gave to the rise of the Medicare which was meant to cover the whole process of treatment. But the later evolution found out that Original Medicare cannot support the health in a complete way and the cost is also very high which is really too tough for a person to continue with the treatment process.

The basic plan of the Medicare i.e. plan A and plan B are the most important plan but the patient remains dissatisfied with the service as the treatment process was left incomplete. This particular problem gave rise to the creation of Medicare supplemental plans that is far better than the previous one. There are a lot of options in those plans as different plans are distinct in terms of facilities and rates. People can easily choose the supplementary plans as there are also some medical insurance analysts that will give you the right idea to choose the medical plan. The Medicare supplement insurance includes of the plan A and plan B that are the basic plans of Original Medicare plan and also some other benefits that fulfills the rate as well as facilities of that particular plan.

The plans are extended from plan A to plan L; each is different from one another. But the real fact is that all the 12 plans are not available to all of the places. They vary with the places and states. The Medicare supplement insurances are strictly protected by the state or federal laws so that the companies experience a check on the price increase. The insurance of supplemental plans are basically sold out by the private companies. These supplemental plans are mainly designed by the companies to support the people that are above 65 years of age. The reason behind this is individuals who posses that age unable to perform hard work to earn money and to spent more for their medical treatment. Those people can acquire the plans in accordance to their monthly or annual budget. The Medicare supplement plans includes a lot of facilities like- medicinal purposes, medicine costs, pathology tests, private home nursing service, hospitalization procedures, dental care and skin care treatments.

The Best Medicare plans can be distinguished in terms of facilities with the combination of copayments, deductibles available with each plan. The coinsurance of the plans also led the clients to choose the supplement plans as there is no tension of getting an incomplete treatment. The people choose the supplement insurance as they secure the life of the old age. But one point is very important that the premium level gets increase with the increased age, whether the person smokes or not. One person can use only one Medicare supplement plans and his spouse has to make a different plan to enjoy the same facilities.

 by Chris Austin

Now Buy the Cheapest Plans and Get the Highest Service  

People are very conscious about their health and they do every sort of things to overcome the life threats from all direction. That is why they had invented a lot of medicines; hospitals came into existence and pathological tests are been done to identify the diseases. To cover the whole procedure into one package Medicare plans came into the market. But that was a big failure as the costs are too high for the clients to bear up till the end of the treatment. After that the premium levels of the plans are also too high which is next to possible to cover. Then the plans did not able to cover the full treatment of the patients which always use to keep the patients dissatisfied.

This made the Medicare supplement insurance companies to think in a different way and they came to a decision to make the supplement Medicare plans. These are very advantageous for the clients to choose as there are a lot of options within the planning programs. These procedures are being named as supplement Medicare because these plans add some extra benefits with the treatment plans. There are a lot of plans which starts from plan A to plan L; each is different from one another in terms of rates or premiums and facilities. People can choose their desired plans in accordance to the budget of the clients. The premium levels are also very less which is quite affordable for them to continue the treatment.

The deductibles are within the control along with coinsurances and copayments. In the Medicare supplement plans the basic A and B plans remains the same of the original Medicare and some extra advantages which fulfills the name of supplement plan. These plans provides a lot of treatment facilities like- medicinal costs, pathological costs, operation costs, hospitalization costs, private home nursing facilities and also the dental care and skin care facilities. The companies that sell these plans give a lot of advantages with the plans. One thing is very important to remember which is that the premium rate can increase with the increase or decrease of age, present health condition of the patients and whether the patient smokes or not. The rates may vary from one company to the other depending on the number of facilities given by the companies with each plans. But the plans are highly protected by the federal or state laws to avoid irregular increase of the rates.

These plans are also popularly known as Medigap insurance plans because these plans fills up many gaps during the treatment procedure that were left out in the Original Medicare plans. Now the clients feels more secured about the treatment as they will now able to complete their whole treatment in a relax mood. There is strict law of not using the same Medigap insurance by both the husband and wife. They should have to buy plans differently to enjoy that same treatment. It is the best idea to go to a professional health insurance analyst who will give you the best suggestion to choose the right plan according to your budget.

by Chris Austin

Finding The Best Life Insurance Options In Australia

Each insurance company in Australia have their own means of rewarding and attracting customers, and when applying for life insurance you may want to enquire about these discounts offered such as a multi life insurance policy where you can take out more than one life insurance policy in order to qualify for discounts. For instance if you own a small business, you can buy life cover for your business, your family and yourself. Such insurance options can afford you tax savings and benefits.

When you have more than one insurance policy with the same insurance company, you more often than not will qualify for a multi policy discount. For instance you may already have a household insurance, vehicle insurance, funeral insurance and income protection insurance with the same insurance company, so when taking out a life insurance policy enquire as to whether you can get a discount, this way you can save around 5% on your monthly premiums.

You may also be eligible for a discount on your monthly premiums if you take out a life insurance policy that amount to a large benefit such as over a $1 million. If you embark on a healthy living lifestyle, some insurance companies also offer discounts for health and lifestyle. If you have proof of a healthy screening and a gym membership, you could qualify for discounts of up to 10% on your monthly premiums. You will also be offered a discount rate if you opt to pay your premiums annually as opposed to monthly or fortnightly. In some instances you can save up to 8% plus you will need to make only one payment yearly and you will be covered for the full year.

You can go online and compare insurers at lifeinsurancedirect.com.au and at the same time compare benefits and discounts offered by the various life insurance providers. For example some of the leading Australian insurance companies which are market leader for years and hold millions of policies offers benefits such as grief and counselling support, and you family will be able to benefit from this support. In the event of a death the family will also receive tax and legal advice in order to reduce financial pressure with regards to tax and legal pressure.

In addition some of the insurance companies also offer in home assistance such as cleaning, household duties, childcare and gardening due to critical illness or disability when making a claim on your life insurance. Some incentives include funeral planning should the insured have passed away and give assistance with catering and the after function, choosing a cremation or cemetery service and help choosing a funeral director.

Some Australian insurance companies also offer worldwide coverage in the event of injury or illness taking place anywhere in the world, seven days a week, and 24 hours a day. Children can also be covered for a maximum benefit of $10 000 each for injury or illness. As a loyal insurance customer you could also receive a rewarding loyalty which means your cover will be increased without you having to have to have any further medical examinations. If you pass on some insurers will pay an advanced amount that will cover the funeral expenses and if after the funeral the family can also benefit from receiving a financial planning reimbursement amount for the cost of the advice.

Other additional benefits include access to the best medical treatment worldwide, extensive and comprehensive financial management and a free extra that many of the companies offer on life insurance is children's insurance in the event of a traumatic event, the death of a child and a terminal illness. You can receive a tax free benefit of up to $25 000 for a child's life insurance claim for children aged two to sixteen, and the policy can be converted once the child has reached the age of sixteen.

 by Xlife

Is Private Medical Insurance Worth The Cost?

Though Private Medical Insurance offers some lucrative benefits such as ability to bypass long NHS queues and secure prompt treatment from a physician of your choice at a time determined according to your schedule, it is important to determine whether PMI is actually worthy of the costs associated with it. In order to make an informed decision and decide as to whether PMI benefits outweigh it's costs, it is essential to list down PMI's benefits and drawbacks. The following article throws light on the various advantages and fallbacks of PMI.

Advantages Of PMI

• Many people choose PMI for a wide range of reasons. The most prominent one however is that it offers peace of mind knowing that one can get the required treatment at the time they need it, without the hassle of waiting in lines.
• As NHS is government funded, any non-emergent operation might be put off for months until funds are prioritized for the treatment. In case of private insurance, the same treatment will take just a few days.
• Private insurance offers great convenience as the insured gets to decide when and where to be treated as opposed to fitting around a date provided by NHS.
• Private plans offers better quality health care at private hospitals which maintain high levels of hygiene.
• Treatment from doctors and nurses under private health care is much better as they tend to have more time to spend with patients as opposed to NHS doctors who operate under a lot of stress and pressure.
• Private insurance companies offers a wide range of policies with varied levels of coverage in order to cater to a broad spectrum of budgets.
• In order to keep costs low, private insurance companies offer policies that enable the insured to undergo treatment under NHS if the wait time is less and in case that is not possible, they go opt for private treatment. This helps to keep the premium low and make private plans more affordable to all.

Fallbacks Of PMI

• PMI covers only short-term acute conditions that are fully curable within a specific span of time. It does not offer coverage for long term or fatal illness such as cancer and other pre-existing conditions.
• Moreover, the cost of PMI tends to increase as the level of coverage increases. If you want to take out a comprehensive policy, the cost of premium will also be extremely high.
• Another factor is that the cost of PMI proportionally increases in tune with the age of the insured.
• There are a myriad range of policies that are offered by various insurance companies and it tends to become very confusing while determining an appropriate one. It is extremely important to clearly understand the policies of every policy before making a decision.

Before deciding on the most appropriate policy, it is extremely essential to clearly determine the benefits and drawbacks and decide whether the benefits outweigh the fallbacks and costs associated with PMI.

 by Jessica Weston

Information on the Dutch Health Insurance in 2013

The medical system in the Netherlands is of very high quality, that is why they are in the top 5 best medical care countries in the world. Health care in The Netherlands is a very relevant item of discussion since many changes have occurred over the last decade.

Especially, over the past years, the Dutch health care system has changed quite radically. For people in The Netherlands, it is mandatory by law to have a standard health Insurance (zorgverzekering). This is called the “basisverzekering” or base level insurance. If someone chooses not to be insured, he/she will run the risk of getting a fine and eventually be forced to get an insurance. Luckily, everyone in The Netherlands is free of choosing their own health insurer (zorgverzekeraar).

The standard Dutch Health insurance covers the most important medical care, these include: visits to the general physician (GP), hospital operation & transportation by Ambulance, dental care for children (until 18), prescription of medicines and other aids (i.e. hearing aids). This so called basic package (basispakket) is altered by the government each year, to make health care in the Netherlands of good quality but still affordable.

The average costs for a basic health insurance (basis zorgverzekering) is approximately 110 Euros per month. Besides that one can choose for an enhanced coverage of risks, via so called additional health care (aanvullende zorgverzekeringen). This can be a wise option, for example, if someone needs regular dental care.

It is mandatory to get an insurance if you are in The Netherlands for four months after arrival. A Dutch insurance company will accept you and cover you for the basic package, regardless of your health or age. It is even possible to apply for so called “zorgtoeslag”, this is a allowance one can get from the government if you income is below a certain minimum. You can check the Dutch governmental website for this: rijksoverheid.nl/zorgverzekering or belastingdienst.nl

Before you attempt to apply for a health insurance, there is something you must know:
The so called standard package is exactly the same for each insurer, although the price per month may vary. Therefore, it is important to do a sharp and accurate comparison between different insurances. If you are planning to work or stay in the Netherlands in 2013 for longer than 4 months, it is advisable to look on the internet for different websites, try searching for “zorgverzekering 2013”. There are various (English) websites to help you with this.

by Jasmijn

What You Should Know About Family Health Insurance Plans

There are some things you should know about family health insurance plans. The structure of the deductible is the biggest difference between a private health insurance plan for an individual and one that covers a family. The deductible is the amount a member has to pay before the insurance company begins to pay for services. When you have an insurance policy with a deductible, you will have to pay for your medical services until the deductible has been met. After you have paid the amount of the deductible, the insurance will begin to cover the subsequent services. For a family, it is better to have insurance that charges separate deductibles for each individual family member than it is to have a large family deductible. For example, a good plan might have a deductible of $5,000 for each family member and a $10,000 deductible for the whole family. In this case, each individual family member must reach a $5,000 in services before the insurance starts to cover the medical services or when the total expenses for all family members reaches $10,000 then the insurance will kick in to cover all of the members.

However, other family health insurance plans may require a two family member or three family member maximum on the deductible. This means that two members of the family have to each pay for services up to the deductible before other family members can receive benefits. There is a problem with this structure. For example, if a family with a deductible of $2000 and two member maximum plan, had four family members who each have paid $1500 in medical services. The total the family has paid is $6000, but because no two family members have each reached the required $2000, no one in the family is covered by the insurance plan.

Another thing to consider about family health insurance plans is whether the insurance company prices the coverage based on each individual family member or by a set family rate. For instance, some insurance companies offer family plans at set family rates regardless of how many dependents are in the family. In that case, it is much cheaper for a large family but a family with one child might want to consider purchasing multiple insurance policies rather than one that covers the entire family. This is because the insurance policy with a set family rate will be more expensive for a small family than the total cost of individual insurance policies.

Some other perspectives on family health insurance plans include the point that while insurance can be expensive, it is even more expensive not to have it. Of course, if your employer offers insurance it is the best deal you are going to find. Employer-subsidized insurance is always going to be the less expensive than any you can buy on your own. However, when you have no choice but to purchase your own insurance, you should understand that there is no such thing as standard coverage. The benefits and costs of insurance plans vary widely and it is in your best interest to compare plans to find the one that most meets your needs. Also, the lowest premium isn't always the cheapest plan. What you pay up front for your insurance is not as important as what your insurance covers. You want and need a plan with benefits that you can use. Be clear on what your insurance covers. There can be loopholes. For instance, the optional benefits usually include prescription drugs, dental care and mental health. You may have to sacrifice flexibility for more comprehensive coverage with the lowest out of pocket cost. This means you will have to choose your physicians and medical facilities from a pre-approved network of providers.

 by Rusin Medical