Insurance Talk

16
Sep

Group health insurance by my employer is already sufficient for me

Before we understand the terminology of Group Health Insurance, we must first familiarize ourselves with the concepts Insurance and Health Insurance.

Insurance is a protection, a safety net against unpredictable losses. No one knows what the future holds, and insurance is a good way of preparing for the unforeseen. Everyone need to be protected against the arising medical costs through health insurance. The insurer is responsible for the medical cost of the insured in the event of illness- due to accident maybe, or any of the covered causes.

Group Health Insurance is a health coverage based on a group of people under a company or an organization. The cost of the insurance is allotted among the members of this group. The group enjoys a wide range of benefits of Group Health Insurance. The policy contract is issued to their employer or to any of the group’s affiliations.

Health insurance is one of the most common and important benefits offered to an employee through their employers. Not only does an employee feel secure with this insurance, he also feels assured of the care of his employers. Companies spend billions annually for health insurance, and group health insurance make up the bulk of the revenues earned by health insurance companies.

The number of employees to be insured under the group plan determines the type of coverage available to the employer. A company with more than thousand employees will have customized health plans, and these may include additional benefits with negotiable price.
With the rising costs of health care and medicines in recent years, companies have experienced a drastic increase in the cost of providing health care benefits to their employees. Many companies are forced to withdraw the medical benefits for their employees, and some even require their employees to pay a higher share of the monthly premium of the insurance, even to the point of requiring them to pay the 100% of the dependent premium!

Therefore, never ever 100% depend on the medical benefits provided by your company. It’s may be the game of ”Chipsmore’- now you see it, now you don’t. When your employer cut down on the medical benefits, most employees will be facing a problem of getting their own health coverage in future mainly due to exclusions due to pre exist illness, health loading, high premium as you will be more senior that time and the time bomb waiting period of medical coverage imposed by all insurers.

So, it is always wise to get ready your own personal insurance coverage even though your employers have provided you with some level of coverage. You need a comprehensive plan designed just for you and your future and not plans that is designed according to the cost and revenue determine by your employer.

Category : Insurance Talk | Blog

27
Aug

Coverage for influenza H1N1

Posted by juneong (0) Comment

The H1N1 influenza outbreak has caused a great concern to agents as well as all policy holders throughout Malaysia.

Medical plans issues after 2006 have exclusion clause for ‘any communicable diseases required quarantine by law’.

In line with all LIAM members and the immediate help from the nation, HLA will waive this exclusion of policies due to that influenza. The company will continue to monitor on the outbreak and if there is any review on the medical coverage, all agents and policy holders will be informed.

Dare to be remarkable !!