Hospitalization Insurance
Hospitalization Insurance comes in many forms, ranging from managed care programs, HMO's, Private Care Programs, Medicare Supplement Policies, and Temporary Plans.• Every individual and corporation must assess it's own needs to determine the best tradeoff between coverage and premium cost. That is not ever an easy decision.
• Some tradeoffs in coverage include the tradeoff between freedom of choice versus huge premium differences.
• The costs of health care and health insurance have risen drastically and have become a major expense in every financial plan.
What are the factors to be considered before deciding on a good hospitalization plan?
Always ask the following questions:
1. Is the plan guaranteed renewable? This means that if you have made a claim this year, is the insurance company still required to insure you the following year without increase in premium? There are some plans with seemingly attractive rates who insert the clause "subject to yearly review" into the policy language. If it is not guaranteed renewable as long as you pay the premium, consider other policies.
2. Until what age does the plan cover you? While many plans cover you until age 60 or 65 we all understand that our life expectancy is longer than that. Why would we want to participate in a plan that deserts us at the most vulnerable age? Consult with your Local Professional Independent Insurance Agent to find the most comprehensive coverage for your needs at the most affordable price.
3. How much can you claim for surgery? There are plans with specified limits for surgery. However, in some fine print, various types of surgical operations are listed that can only claim partial percentages of that limit. You may not wish to subject yourself to such unknowns because surgical operations can be very substantial.
4. What's the deductible and co-insurance? The higher these amounts are, the more you would have to bear before you can make any claims.
5. Does the plan reimburse your medical bill or offer just daily cash benefit? There are plans which only pay out a certain daily cash, e.g. $100/day each day you are hospitalized. Ask yourself this question: If you are hospitalized for 30 days and not already well covered with a good hospitalization plan, what's the point of getting $3000 cash when you have a $30000 hospitalization bill waiting to be settled? Would you rather be reimbursed for as much of the bill as possible?
"Insurance... Planning For Your Future Today!"
Interested in more information?
DRISCOLL INSURANCE AND FINANCIAL SERVICES, INC.
Jack E. Driscoll, CFP, CFS, LUTCF, ChFC
2738 South Park Road Bethel Park, PA 15102
Phone #: (412)833-1500
Phone #: (1-800)833-1910
