Is overseas travel insurance policy issued by Insurance Companies of Ukraine and Belarus is Valid?

Is overseas travel insurance policy issued by health Insurance Companies of Ukraine and Belarus is Valid? Hindustan Times of Dec 25, 2008 has raised a very interesting question whether overseas travel health insurance policy issued by Insurance companies of Ukraine & Belarus is valid. IRDA has initiated information gathering exercise and we can expect some action in the coming weeks. We foresee this can be in the form of posing questions to the company which has been selling the products. We do not foresee any action against the Insurance co’s as these are not based in India. Points in favor of foreign insurance co are;

1.If Indians are permitted to buy air tickets worth any amount from Foreign airlines then why they should not have the freedom to buy Overseas Travel Insurance from a foreign company.
2.Many foreign insurance co’s (including a BUPA subsidiary )have been advertising in Indians press and selling Health Insurance for Indians living in India .According to information available to us no action was taken by IRDA against them.
3. Let the Indian Insurance co’s face the competition and come out with suitable products, pricing and service level. Point against foreign insurance co is;
Indian customers do not know about the financial strength of this co and it is the duty of IRDA to protect the interests of Indian Citizens. We will be pleased to have the comments from you.

Is overseas travel policy issued by Ukraine/Belarus insurance co's to indians valid

Hindustan Times of Dec 25,2008 has carried the news which raises the question whether Overseas Travel Policy issued by Ukraine & Belarus Insurance Companies to Indians valid.

IRDA has initiated information gathering exercise.

Points against the issue of such policies is;

1.Insurance co's not registered with IRDA.The co selling the products is not licenced by IRDA.

Points in favour of such policies are;

1.As Indians we are permitted to travel by any international airline

Portability of the Healthinsurance policy is coming

Yes,portability of the Healthinsurance policy is coming.It maens you can cahnge the insurance co when it comes to renewal.We feel this will be of help to those who are in the lower or younger age group.Even today this group has no difficulty.

The question arises -will it help those who are in 60+ age group.We doubt it will be so as the premium variation and different policies with respect to "No Claim Bonus" will be a stopping factor.

Indication that group health insurance rates will go up by 50%

We have been of the view that Individuals /families are neglected wherelse group health insurance policies are issued with better terms and lower rates.

The Economic Times od Dec 17,2008 has carried a news item according to which ratio of claims and servicing expenses to total premium figure of Group policies is 160%(Ref Mr Sandeep Bakhshi ,CEO, ICICI Lombard).

This news item also informs that where claims have been high the policies are being cancelled.

We are pleased to know that Insurance industry has started facing the truth and has started taking steps in the right direction.

Does Oriental insure someone who is 75+

We have received comments from some of our website surfers

Group Health Insurance Rates to go up in 2009

Many people wish to know whether the premium rates will go down in the year 2009.No indications are available as far as individuals /families are concerned.

It is becoming clear that Group Health Insurance policies have resulted in claims of over 130% and many Insurance co's are considering to increase the rates during 2009 by 30 to 40 %.

Unemployment Health Insurance

One of the most painful parts of losing a job is having to deal with replacing your health insurance. Most people feel unprepared to select and enrolling in this type of health insurance even though most of us will have a handful of interruptions in employer-provided health insurance over our full working career. Employer-provided health insurance expires on the last day of the month of termination of employment. Enrollment in an unemployment health insurance is never automatic and must be addressed within a short time after termination of employment.

Types of coverage

While unemployment compensation is provided through the government, unemployment health insurance is provided through commercial health insurance companies. The term "unemployment health insurance" is generic and therefore may refer to one of several available insurance programs. Some people who work for larger companies have the option of continuing their same health insurance for up to 18 months by paying the full cost of this coverage plus an administrative fee. This is commonly known as COBRA coverage. In some cases a similar program called "individual conversion coverage" is available. In either case the burden of enrollment and full payment of premiums is solely the responsibility of the terminated employee. Despite the obvious advantages in simplicity and continuity of coverage, few people can afford this option.

The most popular type of unemployment health insurance is short term major medical insurance. Despite the name, this insurance can span several years or longer and eligibility requirements are minimal¹. This insurance offers flexibility with high coverage limits. Policies can be renewed month-to-month from one month to six or twelve months. The two most important features of this coverage are that it is valid with all doctors and hospitals in the U.S. (no network required) and it provides a Certificate of Creditable Coverage² to be used with your next employer's health insurance policy. This is important because it ensures that the new coverage immediately takes over the cost of treating pre-existing medical conditions.

Specialty insurance can be used in specific situations and regular individual major medical insurance is suitable when it is unlikely that there will be other employment in the future and the applicant is financially stable.

Shopping Tips

Plan to enroll in a bare-bones coverage rather than a fully loaded policy. Most people avoid incurring voluntary medical expenses while they are not employed so this insurance is primarily designed to cover large unexpected medical expenses. Also, because of the uncertainty of unemployment, it is smart to select an insurance that is less expensive than you think you can afford.

Short term medical insurance is priced at about 1/3 of the cost of your former insurance or COBRA option. For a typical employee, this means that the total cost of the unemployment health insurance will be approximately the same as the amount you were contributing to the employer's health plan through salary-deductions³. Using his guideline, it may be psychologically comforting and aid in your personal financial planning to know that the total out-of-pocket cost of health insurance remains relatively constant from the period of employment to the period of unemployment.

All of the following insurance products provide strong protection against catastrophic losses and provide a Certificate of Creditable Coverage to ensure payment for pre-existing medical conditions on your next employer-provided health insurance plan. The price of the coverage varies and some products are better suited for specific situations. We suggest narrowing the list to two or three choices and then get online quotes for each product.

Use the online enrollment options available. This is faster and safer than a paper application and offers immediate confirmation of coverage.

Insurance Choices

All of the following choices are available a MedSave.com. They are grouped according to price range although price varies from one person to another based on location of residence, age, and sex.

Lowest cost unemployment policies - Celtic Insurance STM and UnitedHealthOne Golden Rule Insurance STM are often the least expensive insurance plans to cover a gap in group health insurance. Some of these plans keep cost down by using a "per cause" deductible rather than a single policy deductible.

Mid-range unemployment policies - Secure 3x12 (36 month) short term medical insurance, and Health Savings Account qualified health insurance for long term coverage.

Higher priced unemployment policies - Blue Cross, Aetna, Cigna, CelticCare

Special Situations

When specific medical conditions or circumstances exist then additional sources should be checked to determine the best coverage options. The special situations are: 1) when significant medical conditions, including diabetes, high blood pressure or high cholesterol exists, 2) applicant is a resident of MA, NJ, NY or VT, 3)non-US citizens, 4) residing in the U.S. les than a year, 5) previously declined for health insurance coverage, 6) applicant is overweight or 7) coverage is needed outside of the U.S. In all of these cases, see the article titles "Short Term Medical Insurance for Special Situations".

Individual help in selecting the best value insurance is available through OnlineAdviser at onlineadviser@short-term-medical-insurance.com.

Footnotes

¹ See the article "Am I Eligible for Short Term Medical Insurance" and "How Long Can I Be Covered by Short Term Medical Insurance" for details.

² See the article "Understanding a Certificate of Creditable Coverage" for more information.

³ This assumes that the average employee contribution for employer-provided coverage is about 40% of the total cost.