Health Insurance Is One Expense You Won’t Regret

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Why would you take a risk with you own life? If you have a serious medical problem, or perhaps even a minor procedure, the prices for health care will be very steep. This is why health insurance is such a necessary investment. Perhaps you will never need it, but if you do and don’t have it, you will be in a very difficult situation. The tips in this article will give you the information you need to purchase health insurance.

Avoid being turned down for insurance or having to pay astronomical rates, by avoiding dangerous, risky activities like racing cars, skydiving, bungee jumping, scuba diving and so on! If you do have a dangerous hobby, don’t keep it a secret. Be sure to tell your insurance agent about it right up front. That way, if you are injured while participating in your dangerous hobby, you will have insurance coverage. If you don’t tell your insurance agent, you could lose your coverage altogether.

If you want to keep seeing your favorite doctors, make sure they are included in an insurance company’s provider Panel before you sign up. If not, you may have to pay extra to see them, if you even can. Don’t switch plans unless you are comfortable with the new plan’s physicians.

If you and your spouse are both eligible for health insurance through your individual workplaces, compare the two policies to see which one will benefit your family most. You may find that it is going to be cheaper to carry individual policies through your workplaces. Keep the surcharges that some companies charge for dependents when comparing the two.

Consider the pros and cons of the different types of health insurance plans that are available. Find as much information as possible about each kind before enrolling into the program.

Prioritize your concerns. Do you want to stick with a certain doctor or health care facility? Do you want the lowest premiums? Do you have specific health requirements that need to be addressed? Once you make a list of your priorities, you will be able to narrow down the number of health insurance companies that are suitable for your needs.

Low priced health insurance plans usually cover a portion of major health problems and do not cover preventative treatment. Expensive plans cover almost every health need you may have. To decide on the best plan, figure out what your family’s current needs are and how much you can afford.

The tips that you read in this article will help to prepare you with health insurance. It is not a topic that can be avoided and the longer you wait the more potential problems you could have. That is why this information will be crucial for your benefit in the future.

Article by: Joseph Ndung’u. B.com, AIIK

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Read This If You Want To Get The Best Motor Insurance in Kenya

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So just what is going on with motor insurance in this day and age? With everything else going on in your life, it can be nearly impossible to keep track of the latest trends and information. Here in this article, you will find some of the most important information that you have been looking for.

When getting motor insurance is not a wise idea to only get the minimum cover stipulated by the Laws of Kenya i.e. Third party Covers. That cover require that you cover Third party claims only. If you get that type of insurance and your car is damaged you will not be paid for the damage to the car and any injury to you and your family. This means that the cover is not wide enough and only covers third party injury, death and property damages.

With motor insurance, the excesses are fixed according to the various classes of insurance and one should always refer to the IRA stipulated excesses to avoid any cases of paying a higher excess than required.

Make sure you understand what coverage you are buying. In Kenya today there are two major types of cover, they may come with different names according to the insurer but they are always either Third party Only (TPO) or Comprehensive covers. Despite the name comprehensive cover, there are still some aspects that are not covered, for example, terrorism, vehicle towing and riot, strike and civil commotion. Learning the differences between the types of coverage and the available extensions will make you much better prepared when reviewing quotes.

Do not try to claim your car is worth more than it really is. It’s tempting to think that in case of an accident you might end up with a check larger enough to go out and buy that luxury car you’ve always wanted. It doesn’t work though because insurance companies only pay the fair market worth of your car, not what you claimed it was worth. This is the main reason why they send their clients for valuation. These valuation reports advice the clients and the insurance companies the market value of the vehicle. This is beneficial to the owner because they will not pay more premium and will only pay a premium proportionate to the value of their vehicle, so it is extremely important that one gets his vehicle valued.

When choosing an Motor insurance policy, look into the quality of the company and also the claim payment history. The company that holds your policy should be able to back it up. It is good to know if the company that holds your policy will be around to take care of any claims you may have.

In conclusion, it is definitely difficult to stay on top of all of the latest tips and tricks coming out about motor insurance. To make matters worse, information is constantly changing, which can make it nearly impossible to be an expert, unless you make it a point to keep yourself up to date. This article only advises you the important aspects of the motor cover and specific benefit limits would only be given by the companies themselves. This means that you should have several quotations before making any purchase decisions to ensure that you get the best cover out there. Hopefully, you found this article interesting, informative, and were able to learn a couple of new things.

Article Written by: Joseph Ndung’u, B.com, AIIK

Practical & Easy Tips For Buying a Medical Insurance Cover in Kenya

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Why is it that so many people are so unhappy with their medical insurance. There are many reasons for this, but the most common reason is because they did not do their homework in order to get reliable medical cover. The information in the following article will help you to not make health insurance mistakes.

To defray the cost of medical expenses, you should carry health insurance. Even though you may have a savings account, medical bills can still wipe you out financially because they are often much more than any cash you may have on hand. For instance, an appendectomy can cost as much as Kshs. 200,000 and heart surgery can be as high as Kshs. 4,000,000, depending on what you’re having done. These are expenses that would have to come out of your pocket, if you don’t have insurance.

To save money on medical insurance, one strategy is to pool your resources with a group of people. Doing so lets employers offer cheaper insurance to their employees. If you’re on your own, you may be able to take advantage of these savings by forming your own group or joining an existing one.

No matter what, make sure you have some sort of medical cover. The bills that pile up from an emergency when you don’t have insurance, can cause you to go into bankruptcy or spend the rest of your life paying for one accident or health issue. The cost of uninsured medical bills is too high to risk. Get coverage no matter what.

If you and your spouse are both eligible for medical insurance through your individual workplaces, compare the two policies to see which one will benefit your family most. You may find that it is going to be cheaper to carry individual policies through your workplaces. Keep the surcharges that some companies charge for dependents when comparing the two.

Be sure you regularly assess your medical insurance needs over time so that your coverage accurately reflects what you need now. For example, young single adults without children generally have lower healthcare costs than adults with families.

If your medical insurance comes via your employer, you clearly don’t have much choice about who insures you and your family. You do, however, have some choices about what options you want. Be as active a consumer of your healthcare insurance, as possible. Take the time to understand the philosophical and actual scope and benefits available in your medical cover. You need to be armed with this information, in order to make smart decisions about your healthcare insurance.

There are various companies offering various medical insurance products and one should study these products to have an understanding on the covers with the widest scopes. This will also ensure that you get the best cover in the market.

As was stated in the beginning of the article, the main reason for people not being happy with their medical insurance is because they are not educated on the subject. In the above article, you were given information that will improve your health insurance knowledge and hopefully help you to get the best coverage policy.

Article by: Joseph Ndung’u B.com, AIIK

What Everyone Should Know About Insurance

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Learning about insurance can be very overwhelming, but just like anything else, it can also be very easily researched. Now that you have found this list of tips, hopefully you can come out a little more informed when it comes to insurance. You have the ability to refine your methods and goals and find a policy that works for you.

If you are moving, be sure to check with your moving company to see what kind of insurance they carry. Most moving companies just have a “per-pound” policy on all contents. This might be alright if you just have fairly ordinary, large furnishings; however, if you have very expensive furniture, artwork, lots of electronics or other items that may not weigh much but are valuable, you should ask your insurance agent about supplemental moving insurance.

Whatever kind of insurance you are buying, remember it is little different than any other service you purchase. Comparison shopping will help you find the best insurance deal. Just remember that insurance policies come with different and idiosyncratic terms of service. A policy that looks cheap at first glance might prove to be a bad deal after careful examination.

You’ve probably heard the phrase about 15 minutes can save you 15%, but you might find that by spending just a couple of minutes on the phone with your current insurance provider can also save you money. When your insurance coverage is nearing the expiration date, call your insurance provider and ask them for a re-quote on your policy. They will have the incentive to give you the most favorable pricing in order to retain your business. Since they already have all your information, it probably won’t take 15 minutes and you can save time and money.

Domestic Package insurance is a great way to protect your belongings from theft or fire in your building. Your landlord’s insurance only replaces his property. All your property is not covered which can leave you with nothing when not insured. Getting insurance is easy and inexpensive for even higher amounts of coverage.

If you have a home and a car, insure them through the same company to get major savings. Most insurance companies offer multi-policy discounts, meaning the more different policies you have registered with their company, the less you will pay for them overall. It is also more efficient to pay your bill.

To be absolutely certain that an individual is getting the optimum deal on their insurance coverage, they have to research rates and comparison shop. By being educated about different types of insurance and the companies that provide them, one can get the best plan for them. It is this well-rounded knowledge that will put one in a better position when the time comes to activate an insurance plan.

Not as bad as you thought, correct? Like any other subject, insurance is vast and has a wealth of information available on it. Sometimes you just need a little clue as to where to begin with it so that you can find the policy that is right for you. Hopefully, you received that from the above tips.

Life Insurance In Today’s Society. Nothing But The Best Tips!

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Life insurance is more important than you will ever know. You may think it is a waste of money while you are young, but that may be when your spouse and children will need it most. This article can help you decide which kind of life insurance you need and how much to get.

If you worry a lot about your family, you should get life insurance for your own peace of mind. In the even of your death, your family would get money from your life insurance. If you are not earning enough money to support your family after you are gone, you should look into life insurance as an alternative.

If you are working with an advisor to get life insurance, and this person is not fitting your needs, it is important to know that you are able to look for another one. You want to make sure you are working with an experienced, knowledgeable advisor who is looking out for your best interests.

Although it may seem tempting, lying about your health, occupation or lifestyle in order to reduce your life insurance premium is extremely risky. Insurance companies investigate many claims, and, if they suspect that you gave them false information, your claim may be denied or your heirs may spend years in needless litigation. Whether you a smoker, a lumberjack or an extreme sports enthusiast, make sure your insurance company is aware of it.

You should protect yourself by understanding the cancellation procedure for your life insurance before signing on the dotted line. If there comes a time in the future that you are no longer happy with your coverage, you want to be able to easily cancel the policy. Find out if this company charges a fee for cancellation. Penalties can be costly and that is a factor you need to consider before you even buy the policy in the first place.

To save some money on life insurance, pay your premiums one time a year. Many life insurance companies will charge you a little less because there usually is some type of small fee to receive the monthly bills. Just make sure you only do this if you can afford it.

If you are buying a new life insurance policy, the best time for you to actually make the purchase is before you hit your half birthday. Insurance companies don’t use your actually age, but what they call your “age next birthday”. So If you will be 30 in 6 months, they will consider you 30 now, and you will be paying a little more.

As previously stated, life insurance is more important than you will ever know. It is not a waste of money, but a wise investment in your family’s security. There are several Life Insurance products which are designed to meet specific needs and I will be discussing them in later articles. By taking the advice of the above article, you can properly plan for your spouse and children to make sure they are covered at a time when they need it most.

Article by: Joseph Ndung’u (B.Com, AIIK)

You will need a Beneficiary if not a Will

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Selecting who will receive your life insurance benefit when you die should be easy, right? But even if you have someone in mind, there are a few things to consider before you make that decision.

Look at the reasons you’re buying life insurance in the first place. Maybe you want to protect your dependents financially and replace your income. Maybe you want to cover any costs associated with your death.

Your life insurance company will want you to name at least one primary beneficiary. (You can name multiple primary beneficiaries, such as your children.) You can also name a secondary beneficiary. If your primary beneficiary is already deceased when you pass away, the benefit goes to your secondary beneficiary.

To choose a beneficiary, ask yourself: Who will need the money most when you die? If you’re married, your spouse is an obvious choice. That way, your benefit can replace your income and cover any shared debt or expenses. If you have children together, you should also include enough money to provide for any associated costs, such as child care and college tuition.

But what if your situation is more complex? Here are some other options you have for naming beneficiaries.

You’re married, but you want a different beneficiary

If you are married but you do not want your spouse to be your beneficiary, your spouse still might have legal claim to a portion of the life insurance benefit especially after the passage of the Marriage Bill last year. It stated that after a certain period the law would recognize a couple as married even if they had not done so officially. This means that cohabitation for a long period may be enough remedy to warrant a share of your life insurance benefits. The best bet is to have a will clearly indicating who should get what and when they should get it.

You’re unmarried without children

If don’t have any immediate dependents, such as a spouse or children, you might opt for a life insurance policy that covers only your death expenses in addition to your extended family, charity organization. Failure to indicate this will result to the assets being taken up by the State. In that case, you should appoint a parent, a sibling, another family member or a close friend as a beneficiary to cover funeral expenses.

You’re single or divorced with minor children

If you’re a single parent, consider the implications of naming minor children as life insurance beneficiaries. They will not be able to directly receive the money until they’re legal adults — age 18. If your children are minors, establish a life insurance trust and appoint a guardian to administer the money.

What if circumstances change?

You can change your beneficiaries at any time and reassess your choices if your circumstances change. For example, if you divorce and remarry, you might need to change beneficiaries. Simply contact your life insurance company for a change-of-beneficiary form. No matter what, make sure your death benefit ends up in the right hands.

Paying for Long Term Stability with Life Insurance

If the idea of expecting your children to support you when you’re older gives you the heebie-jeebies, you should be aware of the insurance options that can guarantee a smooth and stable old age period.

The developed world have nursing homes that costs about $80,300 annually while here in Africa and especially Kenya such facilities are restricted to the wealthy. Due to this fact long-term insurance is the best bet. After retirement at about 60 such an insurance policy can be converted into an annuity policy where you can receive monthly payment about 60 – 70% of your previous monthly earnings. this will guarantee minimal change in lifestyle and hence a better predictable old age.

However, you have other options when it comes to financing long-term care. Many people are now using features of their life insurance policies — or buying new, hybrid policies — to help with costs. Here are some ways to pay for long-term care.

Accelerated death benefits

Accelerated death benefits are included as part of many life insurance policies, though some people may have to add them through a rider. They give policyholders the ability to draw a percentage of their death benefit while they’re still alive to fund medical expenses, including long-term care.

These riders are a good option for younger adults who want a head start on planning for long-term.

If you know you’ll want accelerated death benefits on your policy, shop around. There are huge differences between companies when it comes to benefit triggers. There are many life companies in Kenya and one needs to compare the benefits of their products before making any purchase decisions. While some companies require you to be diagnosed with a terminal illness before providing accelerated benefits, others require only a critical or chronic condition.

Although your benefits will vary depending on your insurance company and your original death benefit, the decision you make now will shape your future finances.

Life insurance settlements

Some people who buy permanent life insurance policies when they’re young find that they no longer need the coverage later in life. In fact, they may be paying hundreds of shillings a month for a policy their family do not need anymore, when they really need help with the cost of long-term care.

If you need cash more than a death benefit, consider a life insurance settlement, also called a viatical settlement. In this transaction, you sell your policy to a third party, who takes over paying your premiums. The buyer receives your death benefit when you die. Some policies can also be surrendered before maturity (Cancelled and part of benefit refunded).

Getting a life insurance settlement is typically more lucrative than cashing out your policy (surrendering) — sometimes about four times more (minus transaction fees and broker commissions) but the amount you’ll receive varies on the period you had saved and the conditions of the policy.

Adults age 65 and older with such policies  are the best fit for settlements.

Hybrid policies

Still another option is a hybrid life insurance policy. These allow you to use benefits for long-term care and whatever you don’t use is passed on to your beneficiaries, like standard life insurance.

But there are no free rides when it comes to coverage. The extra benefits mean hybrid policies cost more than those that just provide life insurance.

Do you even need life insurance?

Using life insurance to pay for long-term care can be a wise move — that is, if you need life insurance in the first place. Otherwise, most employers in Kenya today provide a retirement plan where the benefits are more superior. Despite this fact, any investment in Life Insurance will help one manage their finances in the future as the policies mature.

You only buy long-term care insurance once in your life, and it really is important to compare your various options.

How to Drive in the Rain Safely especially in Kenyan Roads

From skidding to poor visibility, with all of the added dangers, nobody likes driving in heavy rain. If you could choose, you’d probably just stay inside and comfy. But if you have to drive, it’s important to avoid any flooding or flowing water on the road.

That’s because even a car with 4-wheel drive can get stuck in just a small amount of flowing water. And even if it’s not moving, deep water can damage electrical components, cause some serious damage, and strand you! So if you see flooding or moving water, find a new route or just pull over and wait it out.

Take it from these guys by watching their advice:

MEDICAL INSURANCE IN KENYA

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Medical care constitutes an essential element of human life, making medical insurance one of the most desirable benefits available to organizations, individuals and their families.

Medical Insurance is the process of transferring the cost of future incidences of ill health to a risk carrier in exchange for a specific smaller payment or premium.

 MEDICAL INSURANCE PRODUCTS

1. SELF-FUNDED PRODUCTS

These are schemes whereby the client deposits funds with us and we pay any medical claims arising from the funds. The administration rules are drawn by the client and these rules are usually in line with their staff terms of employment. 

Fund management strives to provide value for money in the following ways:-

  • Quality – to ensure adequate and proper care to staff and their dependants in times of illness.
  • Cost Effectiveness – to ensure cost containment measures that will not interrupt on quality of healthcare services provided.
  • Flexibility – to meet varied health needs of staff in a way that is not restrictive.
  • Equity – to provide equal and accessible healthcare to all staff members and their dependants.

Services provided include; Fund Management where  the Client are assisted in creating rules regarding membership of the fund and assist in determining budget required to operate the fund.

Membership Management, It Includes use of registers and maintains all client staff and their dependants on the fund, Prepares membership cards to all members, provides a summary of the benefits and approved service providers. It also terminates or suspends membership according to rules of the fund.

Management Information, To maintains a data-warehouse of information for client’s reference, Provides employer with monthly utilization reports and Provides membership and claims information for budgetary purposes.

2. INTERNATIONAL MEDICAL INSURANCE

The need for first class International Health Insurance has never been greater. Are you looking for a medical insurance plan that you can use worldwide? One that will cover you if you live outside Kenya? This can be for expatriates, international students and individuals.

For those expatriates living and working abroad, accessing the right kind of health insurance cover can turn out to be a nightmare, with the cost of medical treatment often expensive and difficult to arrange particularly in an emergency this also applies to students.

For individuals willing to take international cover there is an added advantage in that they can access over five thousand hospitals world wide and can be treated anywhere. The prices of medical insurance vary worldwide and thus others tend to be more expensive.

3. CORPORATE / INDIVIDUAL MEDICAL INSURANCE

  

Corporate medical insurance   targets organizations with a minimum of ten staff. Individuals can chose to purchase both the inpatient and outpatient or opt for the inpatient alone, other benefits that could accompany this are dental covers, optical cover, maternity cover and a last expense cover.

Medical insurance to me is a compulsory cover for all as it has major benefits that truly help in emergency circumstances.

Covers may be extended to cover ambulance covers, pre-existing conditions, critical conditions like cancer and many more.

This is a cover that will protect the insured and his family against any ill health and injury.

Why Domestic Package Insurance Cover is essential for all homeowners…

Domestic package insurance provides financial protection against misfortunes befalling your residential house. Domestic package insurance is a combined policy. This means that it covers damage to or loss of your property and your liability or liability of members of your family to other people. Damage caused by most misfortunes is covered but there are exceptions such as terrorism, destruction of buildings by government or local authority, poor maintenance, electrical or mechanical breakdown loss of cash etc which are excluded. 

How much does it cost?

the domestic policy covers are relatively cheap ranging from Kshs. 3,000.00 to about Kshs. 10,000.00. The cost is determined by the value of the house contents covered.
What does standard domestic package insurance cover? 

A standard domestic package insurance policy covers four sections 

They include: 
a) Cover for the structure of your home (often referred to as Section A). 
b) Cover for personal belongings and contents of the building (Section B and C). 
c) Liability (Sections D, E, and F). 

Additional living expenses in the event that you are temporarily unable to live in your home because of a fire or other insured event is covered. 

a) Buildings (Section A) 
This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, lighting, storm or other disaster listed in your policy.

b) Personal belongings (Section B & C) 
Under section B the policy covers loss or damage to personal longings like furniture, household goods, electrical equipment and other personal items if they are stolen,destroyed by fire or other insured event.
An All Risks cover under Section C is often provided to cater for items that are taken out of the house like jewellery, laptop computers, mobile phones, cameras etc.

c) Liability protection (Section D) 
The policy covers domestic workers for injury or death arising from domestic work. This cover ensures that an individual is indemnified against under the work injury benefit Act (WIBA). 
d) E & F- They cover owners & occupiers liability

So, make an informed decision to protect your property……..

Article by: Joseph Maina, B.com & AIIK