One of the main points of this review is to basically avoid spending on “dinky” insurance. Remember that small policies are cheap because they really don’t cover much in losses. The following are insurance policies or programs (by Charles Myrick of American Consultants Inc ) that are designed to take your money, but are really a waste especially during this time and age where every dollar is essential.
Dental Insurance:
Take this insurance only if your employer is basically paying for it but forget paying for it yourself. Dental insurance is basically an expensive discount plan that basically covers a few teeth cleanings a year and offers a discounted rate for the more expensive work.
Credit Life and credit disability policies:
Credit life plans consists of paying a small benefit in case the covered person has an outstanding loan. A credit disability plan pays a small monthly income in the event the insured becomes disabled. These plans are extremely expensive when compared to the small amount of insurance being bought.
Home warranty plans:
This is one that really gets my goat. Only take home warranty plans if offered and paid by the seller or the real estate agent. Forget paying for this yourself because due to the particular fees if a contractor is needed to look at a problem, home warranty plans usually limits how much will be paid. Hey it’s cheaper to pay an inspector to find any potential problems before even buying the home.
Daily hospitalization insurance
This insurance pays a certain amount per day and are usually sold to older people. The money spent for these plans would be better toward a comprehensive (major medical) plan instead. The daily hospitalization plans don’t cover for the extreme big-ticket expenses.
Insurance can be very useful in times of extreme emergencies but not knowing or having the right insurance can be very costly. Always take time to review or request assistance from a trained and licensed independent broker or agent before buying insurance.
Posts Tagged ‘guide’
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Thursday, February 11th, 2010Guide to Purchasing Travel Insurance for Visitors to Canada
Sunday, October 7th, 2007With the strong economy, welcoming culture, great natural beauty and high quality of life, Canada is a popular destination for foreign visitors. Canada in not only a popular vacation destination it has the strongest economy in the G8. The strong Canadian economy means that Canada is a hot spot for business travelers, foreign workers, new immigrants, and international students.
Also, Canada has an aging population which means that the health care system is overburdened. Canada’s health expenses rival the United States as the most expensive in the world.
Also, Canada has an aging population which means that the health care system is overburdened. Canada’s health expenses rival the United States as the most expensive in the world.
Sample medical costs in Canada.
Simple doctor visits cost approximately $150
Ambulance approximately $250
Non-critical hospital stay cost around $3,500 per night
Air ambulance around $20,000
etc.
Medical expenses can become financially crippling. To ensure personal safety, Medical Insurance is highly recommended for all foreign visitors to Canada.
The good news is that medical insurance is quite affordable. For example, good individual coverage can be purchased for a 40 year old for $3-$5 per day, and an entire family can be covered for under $15 per day.
Canadian insurance companies have developed medical insurance plans for all types of visitors to Canada. weather you are a business traveler, international student, new immigrant, foreign worker, or simply vacationing in Canada, a plan designed to suit your needs is available at an affordable rate.
Business Travelers and Tourists Visiting Canada
Whether you are traveling to Canada for business meetings or vacationing with your family, medical insurance is important to cover the high costs of medical care. Visitor to Canada Emergency medical is available to pay the expenses incurred by sudden and unexpected medical conditions. Coverage is available up to 89 years of age. No medical questions are required but pre-existing medical conditions will likely be excluded from coverage. If you have a pre-existing medical condition please review the medical policy wording closely before purchasing.
Visitors to Canada Emergency Medical Insurance can be purchased at levels of $25,000, $50,000, $100,000, and $150,000. Coverage can be purchased for individuals, couples, or families. Single trip and annual plans are available. If you plan to travel to Canada frequently within a 12 month period then an annual plan will be most suitable.
New Immigrants to Canada
New immigrants to Canada are not eligible for provincial health insurance until they gain landed immigrant or permanent residence status.
Foreign workers in Canada
The Canadian labor shortage has provided ample opportunities for foreign workers to enter Canada on a work visa. Unfortunately, these work visas are normally issued for 6 months minus one day… this is one day before the foreign workers become eligible for Provincial health insurance coverage. This means that private health insurance must be purchased to cover emergency medical costs for the time spent living in Canada on a temporary work visa.
Inpatriate Medical Insurance
Employers can provide medical insurance to foreign workers by purchasing Inpatriate Medical Insurance. Inpatriate Medical Insurance can be purchased for the six month work visa. Inpatriate insurance can be purchased for durations as short as one month for workers who have already arrived in Canada. Coverage can be purchased at levels of $100,000, $500,000, or $1,000,000. Single, Couple, or family coverage is also available. Inpatriate medical Insurance coverage differs from Visitors Emergency Medical Insurance as it provides for non-emergency medical visits.
Visitors to Canada Emergency Medical Insurance
Foreign workers who are not provided coverage by their employers will be required to purchase private medical insurance. Visitors to Canada Emergency Medical Insurance is available for personal coverage for your entire work visa term in Canada. Coverage can be purchased at levels of $25,000, $50,000, $100,000, and $150,000, with the high cost of health care in Canada it is recommended that foreign worker purchase the best coverage amount. Single, Couple, or family coverage is also available.
International Students in Canada
Canada is a world leader in education. Many international student choose Canada for their foreign education destination. Not all international students are eligible for government sponsored health insurance…. and for those who are eligible may have to wait three months before the coverage becomes effective. Also, international students not attending eligible educational institutions will not be covered by the provincial government health insurance plan. Private medical insurance will be required. International students can choose to purchase complete Health and Hospital Insurance or only Emergency Medical Insurance
Health and Hospital Insurance
Provides International Students visiting Canada with complete health coverage. In addition to emergency medical coverage, non-emergency health costs and prescription drugs are also covered up to maximum amounts. Medical coverage of to $1,000,000 is available. Coverage can also be purchased for the students spouse and family while they are residing in Canada.
Emergency Medical Insurance
Similar in coverage as the health and hospital plan but does not cover non-emergency medical and prescription drugs are limited to a 30 day supply. Coverage can also be purchased for the students spouse and family while they are residing in Canada.
Make sure that you are safe and enjoy ‘peace of mind’ during you stay in Canada by purchasing medical insurance.
Health insurance tips guide
Tuesday, June 26th, 2007Sound health is an indispensable feature of every individual’s life. No targets and success can be achieved if we are physically unwell. In order to safeguard this central aspect of our life, health insurance is the need of the hour.
Health insurance as we all know is the best way to secure your health against all expected and unexpected problems. Due to this almost every individual seeks to acquire a health insurance policy.
At present there are many companies offering health insurance. While going for a health insurance policy you will confront a choice between private and government insurance. Prior to opting for either policy, you should know that with a private health insurance you would have an access to luxurious private hospitals, wide range of private doctors to choose from and mostly immediate treatment. While in a government health insurance scheme the lifetime health cover penalizes people who take out health insurance later in life with higher premiums. If you take the policy after your 31st birthday you will be required to pay a 2% surcharge annually up to 70%. So for instance if you acquire the policy at the age of 50 you will have to pay 30% more than a person who joined at the age of 30.
Government health insurance policy also comes up with a Medicare levy surcharge according to which unmarried people earning more than $50k and married couples with or without children earning more than $100k will pay an extra 1% Medicare surcharge in addition to 1.5% Medicare levy most people pay. But this extra annual expenditure of $500 to $1000 can be avoided by opting for hospital insurance.
Premium plays a key role in choosing the kind of policy you want. Money can be saved on premium in various ways such as purchasing a policy with ‘excess’ or the money that an individual is required to pay for stay in a hospital before benefits are payable. You can also buy a policy that asks for a co-payment. In case of co-payment if you don’t go into hospital, the member decides to pay usually a fixed amount of money each time he avails the service. Choosing a policy that doesn’t include several treatment facilities is also an option to lower your premium rates. Besides this you can also buy a policy that only covers you as a private patient in a public hospital. However it is better and in the long run beneficial to take a policy that offers a high ‘excess’ in comparison to those that exclude several treatment conditions. Some commonly barred treatments are- cosmetic surgery, cataract surgery, rehabilitation, hip, knee and other joint replacements, obstetrics and birth related care, assisted reproduction and psychiatric care. In case you want coverage for any of these treatments, prior to purchasing make sure your policy includes it.
