Today, the market is full of numerous insurance companies offering a diverse mix of health plans; it really looks like a laborious and time consuming task to choose the right kind of health insurance plan for yourself or for your family. In order to choose the most suitable health insurance plan for your family, you ought to analyze certain factors and figure out the major differences and advantages of several health insurance plans, says Richard Cayne. Having the right kind of health insurance plan for your family, ensures that you may sit back and relax at the thought that you have taken the right decision and have secured the future health security of your family members.
Having adequate levels of health insurance can be a very important part of financial planning says certified financial planner Richard Cayne as his group Meyer Asset Management Ltd has relationships with many different health carriers. Some family’s whole financial plan can be seriously impacted and turned upside down by a serious medical emergency which can run into several hundred thousand USD in hospital bills and how it is important not to let such a scenario occur by planning for the unthinkable.
When choosing a health insurance plan for your family, you need to consider several important factors. Richard Cayne Meyer International in Bangkok explains some of such most important factors.
Know Everything About A Health Insurance Plan
Try to find out everything about the health plan that you are planning to choose. Know all the conditions that the plan cover, which conditions are not covered under that plan, what all its co-payment or deductible amounts may be as well as any conditions that may be excluded either now or in the future. Such details will give you a fair idea about how suitable a plan is for your family needs and whether you should choose it or not.
Understand Your Family Needs
Analyzing your family needs is very much essential. While choosing a health insurance plan, you should find out how many members of your family you want to be covered under the plan. You should make it very clear whether you want just a few members or your entire family to be covered under the plan that you are choosing. This may be because some members may have insurance plans already in place via their employment or in the country they live, in the case of a large family living in different geographical areas.
Decide Whom You Want To Include And On What Level Of The Plan
As per Richard Cayne in Thailand, this step may look somewhat similar to the previous one but requires detailed analysis and several other factors to be considered. You should check well which family member need the health insurance plan and which level of it as some plans offer the ability to have different levels of coverage for different family members. Are there any members in the family who have got any pre-existing physical conditions? Are there any members who frequently need to visit the doctors or hospitals? Such type of questions will let you decide clearly which member should be included and covered under which grade of the plan.
Evaluate Your Salary/Budget
Once you have made up your mind to buy a health insurance plan for your family and have decided about the members whom you want to be covered under the plan and at which levels, it is now time to evaluate and assess your means and ability to afford such coverage. So you should opt for one that suits your needs and whose premium does not become a financial burden for you and you can readily do this by choosing a higher deductible or co-payment level for the plan. For example an insurance plan with a $50 deductible (meaning you pay the first $50 of any claim) which may have a US$1,000 per year cost may drop to US$400 per year with a US$2,500 deductible meaning that you really want it to cover the really major incidents which you may not be able to afford on your own. Having a plan in place in case of major medical emergencies is probably the most important security to put into place and if you can afford the plans with low deductible and all the bells and whistles then perhaps explore those options if your means allow.
Richard Cayne has helped the expatriate community in Japan and now in Bangkok Thailand with various healthcare plans over the years. With health care costs and insurance costs on the rise finding the most cost effective healthcare plan is a good step forward to any families long term financial plan and security. Meyer International Ltd in Bangkok Thailand and Meyer Asset Management Ltd are both members of Asia Wealth Group Holdings Ltd listed on the PLUS Stock market in London UK.
Having adequate levels of health insurance can be a very important part of financial planning says certified financial planner Richard Cayne as his group Meyer Asset Management Ltd has relationships with many different health carriers. Some family’s whole financial plan can be seriously impacted and turned upside down by a serious medical emergency which can run into several hundred thousand USD in hospital bills and how it is important not to let such a scenario occur by planning for the unthinkable.
When choosing a health insurance plan for your family, you need to consider several important factors. Richard Cayne Meyer International in Bangkok explains some of such most important factors.
Know Everything About A Health Insurance Plan
Try to find out everything about the health plan that you are planning to choose. Know all the conditions that the plan cover, which conditions are not covered under that plan, what all its co-payment or deductible amounts may be as well as any conditions that may be excluded either now or in the future. Such details will give you a fair idea about how suitable a plan is for your family needs and whether you should choose it or not.
Understand Your Family Needs
Analyzing your family needs is very much essential. While choosing a health insurance plan, you should find out how many members of your family you want to be covered under the plan. You should make it very clear whether you want just a few members or your entire family to be covered under the plan that you are choosing. This may be because some members may have insurance plans already in place via their employment or in the country they live, in the case of a large family living in different geographical areas.
Decide Whom You Want To Include And On What Level Of The Plan
As per Richard Cayne in Thailand, this step may look somewhat similar to the previous one but requires detailed analysis and several other factors to be considered. You should check well which family member need the health insurance plan and which level of it as some plans offer the ability to have different levels of coverage for different family members. Are there any members in the family who have got any pre-existing physical conditions? Are there any members who frequently need to visit the doctors or hospitals? Such type of questions will let you decide clearly which member should be included and covered under which grade of the plan.
Evaluate Your Salary/Budget
Once you have made up your mind to buy a health insurance plan for your family and have decided about the members whom you want to be covered under the plan and at which levels, it is now time to evaluate and assess your means and ability to afford such coverage. So you should opt for one that suits your needs and whose premium does not become a financial burden for you and you can readily do this by choosing a higher deductible or co-payment level for the plan. For example an insurance plan with a $50 deductible (meaning you pay the first $50 of any claim) which may have a US$1,000 per year cost may drop to US$400 per year with a US$2,500 deductible meaning that you really want it to cover the really major incidents which you may not be able to afford on your own. Having a plan in place in case of major medical emergencies is probably the most important security to put into place and if you can afford the plans with low deductible and all the bells and whistles then perhaps explore those options if your means allow.
Richard Cayne has helped the expatriate community in Japan and now in Bangkok Thailand with various healthcare plans over the years. With health care costs and insurance costs on the rise finding the most cost effective healthcare plan is a good step forward to any families long term financial plan and security. Meyer International Ltd in Bangkok Thailand and Meyer Asset Management Ltd are both members of Asia Wealth Group Holdings Ltd listed on the PLUS Stock market in London UK.
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