Wednesday, 26 August 2015

Health Insurance for Young Adults

As we grow older, our responsibilities add up. Having a health insurance should be one of the priorities that we should think of. By the time you are old enough to fend for yourself, you are then required to get an insurance. However, many young adults are still confused on its importance.

1. It may be Illegal

When you are living in the United States, Affordable Care Act (ACA) compels you to purchase insurance. Going without insurance for three months would force you to pay a penalty of $325 or 2% of your monthly income, whichever is higher. In developing countries, uninsured individuals have the option to purchase from private companies but laws are already drafted for completion. In cities like Jakarta, Indonesia and Bangkok, Thailand, more than half of their unemployed population goes uninsured.

2. If you are a full-time employee, your employer should provide you with insurance

Most companies require employees work for set period before benefits can be provided. It usually takes 3-6 months in a probationary period before regularization, by which insurance is given. It is in any law in any states and government to mandate to every employer to provide employee benefits.

3. Your parents may still be able to cover you

Individuals under the age of 26 can still be listed under their parents’ coverage. They can still cover even a modest premium cost.

4. You can do it alone

If you are not insured under your parents’ plan or purchasing insurance under your employer is not an option, you have the choice to purchase your own insurance from trusted private companies. If you are buying online, just make sure you are dealing with a legitimate company as there are a lot of scammers operating in the net. If you are looking for a sound advice, you can ask from consulting companies. Westhill Insurance Consulting is one of the longest running catalysts in insurance consulting and the staff can definitely guide you in buying from the best.

5. Know the Difference between HMO and PPO

Health Maintenance Organizations (HMO) and Preferred Provider Organization (PPO) are two different typed of health insurance. HMOs have lower premiums than PPO as its coverage is more limited. Doctors in HMO have to be in-network while in PPO, in-networks are more flexible and you have the option to see doctors outside of your coverage with extra coverage. Review the type you are insured into and make sure you know your coverage.


Thursday, 13 August 2015

Medical Insurance for Expatriates

Expatriates may find it hard to avail of health insurance when they are in a foreign place. The system varies from that of your own nation and customs of availing is a far cry especially in developing nations.

Luckily, developing countries like Indonesia and Thailand are starting to expand its insurance’s scope to a more international level, catering to both local and foreign individuals.

Companies operating in Jakarta, Indonesia, for instance, realize the importance of a comprehensive medical plan to cover sickness and accidents that happen to the staff that they hire.

Westhill Insurance Consulting is also aware of the struggles faced by expatriates when it comes to getting insurance. What preparations do you do then?

1. Find out before you come

The company who hired you and the person you are working for should provide medical insurance for you and your family members just as they do with local folks. Ask for details from your employer to ensure that your policy will adequate cover your family members for sickness, accidents or emergencies, on home leave and when you are visiting other countries for work-related purposes.

If you are joining a new company, remember that they may never love you more than when you first join. Do not rely on promises that medical insurance coverage will be sorted out when you arrive. It could be the case that what the company considers ideal coverage may not meet your expectations. Be sure before you arrive that you understand what medical coverage your company provides for regular medical concerns, major medical situations such as surgery or deliveries, and medical evacuation both inter- and internationally.

A little warning, if you are in a country like Indonesia, for instance, being a foreigner is more likely to be scammed than locals since your lack of knowledge of the customs would be obvious. Make sure you don’t fall into fraudulent acts.

2. Know if there are Medical Evacuations

Medical evacuations are a big factor in medical coverage, as the quality of medical service available in outlying areas in Indonesia will be quite poor. In such areas, emergency medical evacuation (medevac) to a large city or a neighboring country is considered essential.

3. Options in medical insurance coverage

As an example, international medical insurance plans from the U.K. include emergency medical evacuation with the possible addition of major outpatient services to cover everything but minor outpatient claims, which are often excluded to keep costs down. Therefore, outpatient claims are typically subject to a deductible related to the illness.

A patient may have several doctor and specialist visits plus prescribed medicine for one particular bout of sickness and still be subject to only one deductible amount. A point worth noting is that a person could be undergoing outpatient treatment related to a very serious illness, which would not be covered under a local clinic scheme.


Monday, 3 August 2015

Expansion of Health Insurance to Developing Nations

With the challenge of today’s generation, health risk is greatly increasing. Today’s citizens have greatly recognized the danger of going out every day.  Health insurance is also in demand in the market and is considered as one of the most necessary insurance to have.

Developing nations are already increasing its insurance economy and even building its own campaign towards the totality of health insurance patrons.

According to a report released by Westhill Insurance Consulting, health insurance has already been accepted as a necessary part of each household.

Indonesia is one of developing nations who has proven to slowly adapt health insurance in its system. With over 200 million citizens flocking on the national health insurance registration in Jakarta, Bali, Sumatra and major places in the country, the government has been proud to predict that it may be possible to see all of the archipelago’s population already avail of health insurance.

To cater to rural areas of developing nations on the other hand, reliable, always‐on broadband wireless connectivity makes a new health care model possible: instead of asking the patient to go to the nearest clinic or hospital, the mobile health care worker reaches out to the patients where they live and when they need care, bringing access to a broad set of medical resources through voice, data, and video applications. 

The only challenge in pursuing health care insurance in developing nations is the fraudulent deeds happening among their people because of the lack of security and loose protection from the authorities.

To prevent these scams from happening and keeping more victims from losing their hard-earned money for a non-existent medical assistance, many companies and non-profit organizations are continuously seeking reforms. Universal Health Coverage (UHC) initiatives have sought to create awareness in and provide guidance to countries on how to improve the design and functioning of their health systems based on evidence of what works for achieving the goal of universal coverage. Meeting this goal is, however, challenging, because the available evidence rarely explores the causal link between the design features of these UHC schemes and the outcomes observed, and substantial heterogeneity exists regarding the robustness of the available evidence.

UHC reviews and indicates possible intervention to both low and middle-income countries for improvement. Affordability is currently the main concern for the organization to both solve the problem of the small number of health care insurance holders and keep scams from happening.

Hopefully, more solution can be presented as we look forward for a healthier life in the near future.