Category: Insurance

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.

5 Tips For National Insurance Mediclaim Policy

National Insurance Mediclaim Policy is a comprehensive health insurance plan full of exclusive paybacks. It covers hospitalization costs on reimbursement or cashless basis rising from the necessary and reasonable treatment of injury or disease sustained or contracted throughout the policy tenure. So, with the following 5 tips for National Insurance Mediclaim Policy, you will help you to get more benefits

A Brief Descriptions Of National Insurance Mediclaim Policy:

The National Insurance Mediclaim Policy concealments the hospitalization costs for the treatment of illness or damage sustained by the policyholder throughout the policy tenure.

Under this plan, you can cover yourself, your spouse, your dependent children, your parents, your parents-in-law, your brother (Not more than 25 years), your sister (in case she is not working she will get covered till her marriage), and your newborn baby from 3 months.

It is obtainable for individuals aged 18 to 65 years with the sum insured choices ranging from INR50,000/- and it goes till INR 5 Lakh in multiples of INR 25,000. As well as you can also add your dependent children aged between 3 months to 18 years if in any case one parent is protected under a similar policy too.

Types Of Health Products Provided By National Insurance Company:

One of the best-known insurance corporations in India, National Insurance offers health insurance policies that support you during medicinal crises.

The corporation completely realizes that investment in a health insurance policy is a basic requirement now and thus, every type of policy covers the daycare treatment, in-patient hospitalization, and contemplates an overabundance of other medical costs.

Thus, the health insurance policy by National Insurance is exceptional. Below you will find different types of Health products offered by The National Insurance Company. You can compare them to buy the most appropriate one for you and your loved ones and to find out whether the health insurance is sufficient for you or not.

Corona Kavach National Insurance Policy:

Insight of the worldwide pandemic COVID-19, a typical Corona Kavach Policy By the National Insurance Company is introduced recently. It is a specific plan addressing the basic needs of health insurance to ensure the public associated with COVID-19. No pre-policy health check-up is required for the insurance policy. So, let’s now see its basic features provided by the National Insurance Company Limited.

Key Features Of Corona Kavach Policy:

Entry Age is between 18years-65 years
Sum Insured range is from INR 50,000/- to INR 5, 00,000/-
Policy period is 3 ½ months (i.e., 105 days), 6 ½ months (i.e., 195 days), 9 ½ months (i.e., 285 days).
You can purchase the policy covering yourself, your parents, your spouse, your children (between the age of 1 day to 25 years), and your parents-in-law. In case your child is over 18 years old and is monetarily free, then the person will be ineligible for inclusion.
Ambulance expenses covered up to mentioned sublimit.
Lines of dealing with health issues get covered are AYUSH, Allopathy (Up to 100% of SI)
Basic hospitalization handling for all dues relating to COVID-19.
Pre & Post Hospitalization up to 15 & 30 days correspondingly.
This’s a Short-Term insurance plan, with a non-renewal process. Nevertheless, a fresh plan may be purchased where the waiting period may apply
Cashless benefits are accessible at Network Hospitals (just through TPA).

National Mediclaim Plus Individual Policy

The insurance plan with its inclusive exposure goes past the traditional health insurance covers and also more. This’s a higher sum insured plan that insures for In-patient handling costs (least 24-hour of hospitalization) as well as 140+ Days Care Dealings on a Reimbursement or Cashless basis at the time of the insurance policy period with several additional paybacks as per policy opted.

The costs experienced should be rational, medically necessary, and customary. So, let’s now check out its key features provided by the National Insurance Company Limited

Key Features Of National Mediclaim Plus Individual Plan:

Entry Age is between 18yeas-65 years
Sum Insured range is from INR 2, 00, 000 to INR 50, 00,000/-
Premium payment of the plan is based on the sum insured, optional covers, and age opted.
Under the plan, only an individual can get covered as the name of the plan suggests.
Treatment covered under the plan is Ayurveda, Homeopathy, and Allopathy (Up to 100% of SI).
ICU charges/Room Rent, surgeon, Medical practitioners, anesthetist, specialists, consultant’s charges, and other expenses as per restrictions stated in the insurance plan.
Pre a& Post Hospitalization of 30 days & 60 days correspondingly for same illness/disease/damage for which the Hospitalization arose.
12 Contemporary handlings like immunotherapies, oral chemotherapies, Robotic surgery, and etc., are now protected under the insurance policy.
Ambulance Charges (together with Air Ambulance), as well as Organ Donor’s costs, covered to sublimit stated.
Treatment of eyesight is now protected after stated waiting periods.
Cataract operation as per bounds in each policy is available in the plan.
Treatment associated with contribution as a non-professional in adventure or dangerous sports issue sublimit.
Movability (relocation) permissible from/to alike plans as per the IRDAI rules.
HIV/AIDS, Mental illness, Genetic illnesses are now get covered.
Nursing care and Doctor’s home visit during your post-hospitalization allocated as per restrictions in each policy term.
Motherhood and New-Born Coverage (From birth), as well as Vaccination for kids as per restrictions under the plan.
Renewability is available life long
Add on covers like Out-patient and Critical Illness Treatment
Hospital cash advantage and Medical Emergency Meeting as per bounds under the policy is available.
Cashless benefit available at the Network Hospitals
Pre-Conveyed Package charges for precise procedure/surgeries are available in-network hospitals only

National Mediclaim Individual Policy

This approach repays for In-persistent treatment costs (least 24-hour hospitalization) and 140+ Day Care Procedures on a Cashless/Reimbursement premise during the arrangement time frame. The costs caused ought to be sensible, standard, and restoratively essential.

Key Features Of National Mediclaim Individual Plan:

Entry Age is between 18yeas-65 years
Sum Insured range is from INR 1,00,000/- to INR 10, 00,000/-
You can purchase the policy covering yourself, parents, spouse, children (between the age of 3 months to 25 years), parents-in-law, brother (up to 25 years), and sister (till employed or married).
Treatment covered under the plan is Ayurveda, Homeopathy, and Allopathy (Up to 100% of SI).
ICU charges/Room Rent, surgeon, Medical practitioners, anesthetist, specialists, consultant’s charges, and other expenses as per restrictions stated in the insurance plan.
Pre a& Post Hospitalization of 30 days & 60 days correspondingly for same illness/disease/damage for which the Hospitalization arose.
12 Contemporary handlings like immunotherapies, oral chemotherapies, Robotic surgery, and etc., are now protected under the insurance policy.
Ambulance Charges (together with Air Ambulance), as well as Organ Donor’s costs, covered to sublimit stated.
Treatment of eyesight is now protected after stated waiting periods.
Cataract operation as per bounds in each policy is available in the plan.
Treatment associated with contribution as a non-professional in adventure or dangerous sports issue sublimit.
Movability (relocation) permissible from/to alike plans as per the IRDAI rules.
HIV/AIDS, Mental illness, Genetic illnesses are now get covered.
Nursing care and Doctor’s home visit during your post-hospitalization allocated as per restrictions in each policy term.
Motherhood and New-Born Coverage (From birth), as well as Vaccination for kids as per restrictions under the plan.
Renewability is available life long
Add on covers like Out-patient and Critical Illness Treatment
Hospital cash advantage and Medical Emergency Meeting as per bounds under the policy is available.
Cashless benefit available at the Network Hospitals

Parivar Mediclaim Plus for Family:

This Insurance Policy by National Insurance Company Limited covers the family together with parents/parents-in-law under this single floater sum covered. National Insurance Parivar Mediclaim Policy provides health care coverage inclusion which is intended to give monetary assurance against wellbeing related crises for the whole family. It is a family floater strategy; the whole family gets inclusion under a solitary arrangement.

Key Features Of National Mediclaim Plus Plan For Family:

Entry Age is between 18years-65 years
Sum Insured range is from INR 2 lakhs to INR 5 lakhs in multiples of INR 50,000
Policy period is 3 ½ months (i.e., 105 days), 6 ½ months (i.e., 195 days), 9 ½ months (i.e., 285 days).
You can purchase the policy covering yourself, your parents, your spouse, your children (between the age of 1 day to 25 years), and your parents-in-law. In case your child is over 18 years old and is monetarily free, then the person will be ineligible for inclusion.
Ambulance expenses covered up to mentioned sublimit.
Lines of dealing with health issues get covered are AYUSH, Allopathy (Up to 100% of SI)
Basic hospitalization handling for all dues relating to COVID-19.
Pre & Post Hospitalization up to 15 & 30 days correspondingly.
This’s a Short-Term insurance plan, with a non-renewal process. Nevertheless, a fresh plan may be purchased where the waiting period may apply
Cashless benefits are accessible at Network Hospitals (just through TPA).

Super Topup Mediclaim By National Insurance Company:

Super Topup insurance plan by the National Insurance company is a Family Floater plan that provides you monetary unwinding on the occasion when your hospitalization guarantee charge crosses your entirety safeguarded under some other Mediclaim strategy.

5 Tips For National Insurance Mediclaim Policy:

Though the National Insurance Mediclaim policy has comprehensive coverage, there are several examples and conducts which aren’t protected under this health plan. So, to avoid any kind of hassle in your policy follow these simple 5 tips before buying your National Insurance Mediclaim Plan.

1. Buy The Policy at An Early Age:

Buying a medical insurance policy at an early age would save you from excessive costs. Health insurance corporations consider young individuals as less to be expected to fall sickening as well as get admitted and they take responsibility under less premium payment on their policies.

In case you compare your health insurance plan you will realize when you’re young & healthy, you can get a better deal under the lowest premium cost. So, try to purchase the plan at an early age.

2. Opt for Co-pay and Deductibles

National Insurance Mediclaim policy allows clienteles to go for co-pay and deductible willingly. Try to make the most of this chance to decrease the premium payment of this plan.

You can also compare other health insurance plans to discover the policies according to your needs. However, you can pick the precise amount of the deductible as you will have to pay that sum when you claim on your Mediclaim plan.

3. Choose Carefully

In case the hospitalization bill is INR 5 lakh, then your Mediclaim plan with INR 3 lakh deductible will shelter the alteration of INR 2 lakh. But, in case you are hospitalized two times in a single year, and both the sum of the bill is INR 2 lakh (each), they might not get covered.

So, check before you buy any insurance policy or any Mediclaim. Before buying the National Insurance Mediclaim Policy go and find its terms and conditions and go through it carefully. This will save you from unnecessary hassles.

4. Make Sure Of You Need Individual or Family Mediclaim Policy:

As you know different policy type comes with a different premium cost and also different benefits. And it’s obvious that an individual Mediclaim plan will cost you less than your National Parivar Medicalim Policy For Family.

But one thing you must consider that an individual plan will cover you only. But the Family Mediclaim Policy is bound to cover you as well as your family members. So, the higher premium is for a valid reason.

So, purchase the plan as per your need. If you are a single person then the individual plan is apt for you, But in case you are a family person then you should consider buying a family Mediclaim plan instead of buying an individual plan for each member of your family.

5. Go for Lesser Coverage At The Beginning

In case you’re on a tight budget, then you can begin with a Mediclaim plan with comparatively lesser coverage. And thus, you will have to give less on your Mediclaim premium. In this way, you will get to know the company and can enhance the Sum latter if you want.

You can simply increase your paying extra premium by picking up a higher coverage when your monetary status expands.

Conclusion:

All these tips will aid you to minimalize your Mediclaim policy premium and having more benefits paying less premium. You can as well compare different types of health insurance plans of the National Insurance company to discover medical insurance plans with lower payments on your insurance renewal.

Author’s Bio

Lillian Harris, who was formerly a health insurance agent, now brings an insider’s viewpoint to insurance plans and thus the analysis of the health reform. He is a health policy educator and Economist, who has published extensively on the boundary between public health and poverty policy. His contributions on this website and at foremost media vents are clear indications of his desire for improvement and his revulsion over insurance business practices.

How the IRS Is Cracking Down on Micro-Captive Insurance Schemes

The IRS tax code is massive and complex, leaving plenty of space for criminals and con artists to weasel their way through loopholes. Of course, nobody enjoys paying their annual tax bill. We work hard for our money and we wince seeing it siphoned away. Most law-abiding citizens swallow this difficult pill with pride and accept that it’s just the way it goes. Maybe they relocate to a tax-friendlier state or find ways to save money through credits and deductions.

These above-the-book tax avoidance strategies are completely legal in the eyes of the IRS, but others will go so far as to break the law in order to evade their taxpaying duties. One example of this that the IRS has been recently cracking down on is micro-captive insurance companies.

Abusive micro-captives have threatened the tax administration for several years, but they now have an increased presence on the agency’s radar and are included in the “Dirty Dozen” list of tax scams since 2014.

Haven’t heard of this latest storm? Keep reading to learn more about micro-captive insurance schemes and how three recently won settlements have fueled the vigorous IRS pursuit against anyone participating in this abuse.

What is a Micro-Captive Insurance Company?

A captive insurance company is an alternative to self-insurance. In this type of arrangement, a parent corporation creates a licensed insurance company to insure its interest. This allows them to manage risk while avoiding the volatility of traditional insurance or obtain coverage they could not receive commercially.

Captives benefit business owners by providing a cost-effective way to transfer risk. Like most businesses, a captive insurance company must pay taxes on its gross income—including premiums paid by the insured business, which the taxpayer also owns.

However, small insurance companies, or “micro-captives”, that make no more than $2.3 million in premiums per year ($2.35 million in 2025) can choose to pay tax only on their net investment income under section 831(b) of the Internal Revenue Code.

Micro-Captive Arrangements & Abuse

Small business owners can set up a micro-captive arrangement to cover risks and claim a tax deduction on the premiums paid to the insurance company for protection. The insurance company doesn’t pay tax on the premium income, reducing tax exposures. And, if a loss does occur, the premiums still remain with the parent entity and the reinsurance reduces the risk of a large loss.

The IRS is okay with this structure—so long as the micro-captive insurer is set up to cover real risk and payout based on legitimate claims. That’s where the problem comes in: if there is no actual insurance component, then they will pay very few claims, or claims based on false valuations, and instead use the arrangement merely for tax avoidance.

Divided Skepticism on Insurance Captives

Historically, Congress has supported micro-captive arrangements with the first approved policy dating back to 1953. They foster economic growth for small businesses and were especially useful for rural taxpayers who could not obtain property insurance through traditional means.

However, the IRS has always voiced their skepticism and concern for potential abuse within these structures. There are several factors that complicate the situation:

#1 Taxpayers can only deduct micro-captive premiums if they qualify as insurance. The Code does not define “insurance”, but courts have established that it must involve:

Risk shifting – Financial consequences of loss are transferred to the insurer
Risk distribution – Losses are spread among an equal pool of insurers

#2 It’s difficult to establish true risk shifting and distribution because, ultimately, the captive is owned by a single parent entity. Micro-captives promote products intended to satisfy these requirements by allowing wholly owned captives to pool risks with other captives but many of these are schemes.

Some efforts may be legitimate—such as unrelated businesses collectively sharing risk—other structures appear to pool risk but are actually designed to minimize the chance of ever paying third-party payments in order to shelter taxes.

In abusive arrangements, promoters, wealth planners, and accountants persuade the owners of closely held entities to participate in schemes that lack attributes of genuine insurance.

New Rules and Regulations

After Congress enacted Code 831(b), the Dept. of Treasury and IRS issued Notice 2016-66 which officially identified certain micro-captive transactions with the potential for tax avoidance and evasion.

The notice designated specific “transactions of interest” and required taxpayers to disclose information about their captive arrangement including:

How it’s structured
The identity of all participants
And when/how they became aware of the transaction

In 2017, new standards tightened the requirements for micro-captive insurers; they can no longer elect to exclude premiums from their gross income unless they meet at least one diversification requirement:

A max. of 20% of the company’s premiums can be attributed to one policyholder within a given tax year
A specified holder does not own direct or indirect interest in the micro-captive exceeding the de minims test

Intensified Compliance

Some micro-captives have tried to challenge this position in court, but none have been successful. On the contrary, the has IRS recently won several cases in a row that denied deductible premiums because the court found no legitimate insurance arrangement.

Gaining momentum with these three wins, the agency announced a settlement offer that brings finality to taxpayers under audit for participation in such a scheme, allowing them to fulfill their federal tax obligation and put their issues behind them.

Approximately 200 taxpayers were notified of their settlement offer—nearly 80% of whom elected to take the time-limited deal. Those who accepted the settlement terms were required to concede substantial income tax benefits claimed and face additional penalties.

They retain their right to appeal, but given the state of the law, they should not expect to receive better terms than the one offered in this initiative. Those who did not receive a settlement letter are not eligible for this form of resolution, but the IRS is considering what offer to extend to other participants they believe to be involved with these schemes.

Until then, the IRS intends to pursue abusive participants with vigor and established 12 new examination teams that are expected to open thousands of related audits in the coming months. They’ll be empowered by all available enforcement tools with the hope of putting an end to micro-captive schemes for good.

Author Bio

Jacob Dayan graduated with a Bachelor’s in Business Administration from the University of Michigan’s Ross School of Business. He began his career as a financial analyst at Bear Stearns’ industry leading Financial Analytics and Structured Transactions group. In 2010, he co-founded Community Tax LLC, a tax company dedicated to helping customers nationwide with tax resolution, tax preparation, bookkeeping and accounting services. As CEO of Community Tax, Jacob Dayan has assembled a strong team of attorney practitioners, CPAs and enrolled agents to deliver superior customer service and expected results.

Affordable Coolsculpting Fat Reduction

If you are out of shape and hate yourself for this, know that you are not alone. Obesity has become an epidemic in the United States. Adult obesity rate, according to the latest BRFSS data, is over 34% in seven states, over 30% in more than half of the states and over than 25% in 48 states.

Emerge of plastic surgery

Losing fat organically takes time. It requires patience and hardwork, which is why, most people opt for the shortcut – plastic surgery. Plastic surgeons assure them of spot fat reduction, which is impossible to achieve through workout and/or diet.

What is CoolSculpting

It is a fat removal procedure. Like every other plastic surgery procedure out there, it works like a charm for some people while others don’t see any marked improvement in their appearance. CoolSculpting is noninvasive. In rare cases, however, it can be semi invasive when the surgeon uses injection. Common CoolSculpting methods are all noninvasive and these methods involve the use of radiofrequency, laser and ultrasound.

Does CoolSculpting work?

Yes, it does. If the procedure is successful, fat will be reduced from specific areas in your body. Mostly areas that have higher propensity of fat deposition such as stomach, thigh and buttock. However, CoolSculpting doesn’t help in losing weight. It surgically or non-surgically removes fat from certain areas in body.

If you are paying to have CoolSculpting done on you, understand that this procedure reduces fat only to a certain extent. Most people who underwent CoolSculpting reported body fat has been reduced somewhere between 10 and 25%. Don’t expect CoolSculpting to remove 100% fat, have realistic expectation. Also, it takes time for this procedure to show visible effects. So don’t be squeamish.

Is CoolSculpting permanent

CoolSculpting is called fat-freezing because it freezes fat cells in the body. The frozen fat cells eventually die off and then fat is reduced.

Are the effects permanent?

The answer is yes and no. A Manhattan based plastic surgeon Jeannel Astarita explained “I really emphasize to my patients, yes it’s a permanent fat reduction technology, but only if you control your weight. If you gain weight, it will go somewhere.”

CoolSculpting reduces fat permanently. But it cannot prevent you from gaining weight. Later if you gain weight, fat will be deposited in other areas, but not in the area/s where the procedure was performed. Hence after CoolSculpting, you’d have to stay fit and work out a lot to maintain a lean physique. There’s no cut and dry answer as to whether CoolSculpting is permanent. It depends on the person undergoing the procedure. If they don’t maintain a physically active life afterwards, the effects of CoolSculpting will wear off and several areas in the body will begin depositing fat.

CoolSculpting and insurance

I know what a lot of you are thinking. Is CoolSculpting covered by insurance? I am sure this question has occurred in your mind. I will answer it, so be patient.

Once again, there’s no “yes” or “no” type answer to it. Normally, health insurance plans don’t cover CoolSculpting procedure. Most people pay the cost arising from this procedure from their own pockets. However, because CoolSculpting is a growing fad in the cosmetic industry and a lot of people are going for it, some medical spa are offering discounts to customers. An unbiased estimate indicates up to 20% cost of this procedure can be waived by the company offering it.

There are insurance options for medical spa owners, though. The plans are normally offered on a la carte basis, which means they are not titled as CoolSculpting insurance. Among these plans, the most popular one is liability coverage insurance. Liability coverage plans protect the spa owner in the event of an accident or injury of the patient as consequence of the procedure gone wrong. There are few other types of insurance that can offset the cost a spa owner might have to pay in the wake of an undesirable incident. Two such plans are malpractice insurance and property coverage insurance.

Malpractice insurance comes to your rescue when a patient takes you to court over a physical injury or being dissatisfied with the service. Property coverage insurance is like any other business insurance. It protects you from untoward incidents. Should anything happen to your place of business or the equipment you use get stolen or damaged, property coverage compensates you.

Cost of CoolSculpting

Understand that CoolSculpting is not a health necessity for you. It is an elective cosmetic procedure to enhance your appearance and for this reason, it is quite expensive. Also, as we’ve discussed already, medical spas that offer this service spend a lot of money insuring their clinics and equipment. Other than the two types of insurances mentioned in the previous paragraph, they also cover offsite services and their employees. Paying insurance premium monthly increases their operating expenditure, so they charge high for their services to counterbalance the increased operating cost.

There’s no fixed cost for CoolSculpting. The cost varies from one region to another. The final cost depends on several factors one of which is the number of applications. Most facilities charge on per hour basis. The standard cost is $750 per hour for small applicators. Applicators in this context means the device used for carrying out the procedure. If medium applicators are used, cost could be anywhere between $600 and $800. Large applicators typically cost between $1200 and $1500.

Cost depends on what part of your body requires the treatment. For example, if you are going to have CoolSculpting in lower abdominal area, a large applicator would be needed and the cost would be high.

Is one session enough?

Because CoolSculpting is expensive, many people cannot bear the recurring cost arising from having to undergo the procedure more than once. However, to have successful result, the patient might need to have up to 3 CoolSculpting treatment sessions in total.

Talk to your doctor about this beforehand if you don’t want to be left dissatisfied in the wake of this procedure. Besides, if you get to know well in advance how many sessions you’d going to be need, you can arrange enough money.

CoolSculpting risks

No medical procedure is without risk. Invasive procedures carry a statistically higher percentage of risk compared to noninvasive procedures. However, noninvasive procedures are not totally risk-free. CoolSculpting, a noninvasive cosmetic procedure can lead to skin infection, permanent skin damage and scarring. It can change fat-layers and cause chronic and lasting pain. CoolSculpting can also cause serious medical complications like paradoxical adipose hyperplasia.

Less severe side-effects that are way more common than the ones stated above include loss of sensation in the area where the procedure was done, redness, swelling, etc. Talk to your doctor about the risks and how likely these are to occur before you pay for the procedure.

Are you a candidate?

That’s not for you to decide. Only the doctor can decide whether or not the procedure will suit you. If the doctor feels that overall weight loss training regime will suit you better than losing fat in specific areas in the body, he’ll advise you to spend more time working out. He might also suggest invasive procedures such as liposuction or gastric bypass surgery.

Conclusion

Whether you will have CoolSculpting or not entirely depends on you. However, understand there are objective factors at play. If you have health issues, the doctor may advise you to sort these issues before having this procedure done. Same way, you might find the cost of the procedure to be high enough to back off. Or you might get fascinated by the idea of non-surgical fat removal but then get discouraged thinking of all the scary side-effects.

Hence, my advice would be spend enough time. Weigh all the pros and cons and then make a final decision with an open mind.

5 Tips to Compare Different Travel Insurance Plans

You want to visit a new tourist destination and you are looking forward to buy a travel insurance policy to secure your trip.

You are also spending hours on the Internet searching for pro tips to purchase an insurance plan. Good going.

What you should do next is screen travel insurance policies and select the one is affordable and suits your preference. Screening, in this context, means comparing. Compare several policies to select the best.

Here are some tips to make it easy for you:

Travel duration-wise comparison

Don’t compare a short-duration travel insurance policy with a long-duration one. Oftentimes, consumers make this mistake. Short stay travel insurance plans are cheaper than long stay plans for short stay trip duration is 1 to 5 days. Consumers often naively fall for the low price tag and regret their decision later.

To clarify, short stay plans are called single trip. Most short-stay plans only cover journey to a specific travel destination. Long-stay plans, on the other hand, are called multi trip as they let you travel around the world. Buying a RTW (round-the-world) ticket isn’t compatible with a short-stay plan. You may end up not getting any coverage at all.

So when comparing two policies, make sure both are of equal time duration. Either both are long-stay or both are short-stay.

Length of medical coverage

Yes, all travel insurance policies offer medical coverage, but when it comes to the length of the coverage, these policies substantially differ. Your task is to select a policy with a comprehensive length of coverage.

How to compare policies in terms of their coverage limit and extent?

Check if the plans cover pre-existing conditions for medical services. Always choose a travel insurance plan whose medical coverage includes pre-existing conditions. Most insurance policies cover primary health facilities; check what they offer beyond that.

Do they offer medical evacuation? Does the coverage include mental health conditions? Do they penalize for hospital pre-certification? Does the range of medicines only include OTC pills? All these are important? A travel insurance plan might be cheap, but if its medical coverage is limited and doesn’t include most of the said facilities, don’t go for it.

Consider your age

That’s right. When comparing two policies, check what age group they cater for. It’s a bit tricky as the insurance company pitching the policy would make you believe they don’t discriminate on the basis of age, and that’s largely true. But you should respond back mentioning not all policies fit all age groups.

Old people are not as enthusiastic to travel as people who are young. This is the norm albeit there can be exceptions. Old people are not frequent travelers, hence they prefer long-stay trips. Companies know this and they design insurance plans for travelers this way. If you are over 60 year old, don’t have too much expectation from short-stay policies. Our advice, go for multi-trip and choose a long-stay policy.

It has financial benefits as well. Long-stay policies could eliminate over 15% of your expenses if you visit overseas for more than three times a year. Short-stay travel insurance policies are designed for young people who travel quite a few times a year.

List of countries covered

Another important consideration for selecting an insurance policy. Not all companies extend coverage to all countries. You may be permitted to travel to nations that are on your country’s alert list, but getting an insurance company that extends its coverage to such nations would be tough.

If you live in the US, check with the US State Department. Additionally, ask your insurance provider which countries are outside of their coverage. As insurance providers don’t reimburse when consumers are injured or dead due to an act of god such as natural calamity or political turmoil or war.

If a nation is on your country’s alert list, it is for good reasons. Chances of bodily injuries are high if you go there and your travel insurance plan won’t cover the damage. Keeping that in mind, ask your provider whether the coverage is exclusively applicable to developed nations. Compare policies by checking how many nations they cover.

Activities covered

As a rule of thumb, riskier activities are less likely to be covered. That being said, there are no dearth of adventurous consumers whose only motivation to travel is to indulge themselves in venturesome pursuits.

Insurance agencies know this. Hence, they extend coverage to selected activities. Comparing different travel insurance plans by checking how many activities they cover. Go for the one that covers more activities; having said that, don’t forget to read the fine print. There might be conditions that you have to abide by.

In summary

The odds of selecting the best travel insurance plan depends on how efficiently you can compare one plan with the other. The tips shared here in this article can guide you in doing that.

Keep These Things in Mind Before Getting Your Workers’ Compensation Insurance

Workplace injuries or fatalities are a serious concern and that is no secret. They can be devastating for any small or big business. Apart from hampering the productivity and morale, they can also turn out to be expensive in terms of medical expenses or insurances. This is the reason the workers’ compensation is in place. The workers’ compensation is an important step to tackle instances of work-related injuries or even fatalities. In addition to improving the safety at the workplace, taking cover under palpable workers ’ compensation insurance is the best way to move forward. Having workers’ compensation lawyers by your side can make the task of understanding the workers’ compensation laws easier. Finding the perfect workers’ compensation insurance can look like an intimidating task for new business owners.
The importance of workers’ compensation insurance is high considering the expensive medical treatments and loss of pay during the treatment period. Here are a few tips to get the best workers’ compensation insurance.

Look For a Good Agent

If there is something you should never let go when talking insurance that is a good insurance agent. A good insurance agent or broker can help you with the best policies around your business. Not just the workers’ compensation insurance, but the rest of the policies also. Finding a good agent is a standalone task for getting the best insurance policy.
The agent should have adequate knowledge about your industry of operation. In addition to that, the agent should have proper knowledge about the requirements as per your business. The finest agents have a plan to lower the premiums as well by helping fix the safety issues in your establishment.

Understand Your State Requirements

Workers’ compensation is a state governed policy. That means the laws regarding it are subject to change in different states. The requirements vary from state to state and you need to be fully aware of them. Getting in touch with workers’ compensation lawyers and insurance agents in the states your business operates can turn out be helpful.
The benefits that an employee can receive in the workers’ compensation also vary from state to state. An experienced insurance agent can help with the benefits of employees and cost out of business owners’ pocket easily. For instance, the compensation rates are different in Maryland and New York. Check out more about Maryland workers’ compensation rates and other details in the Workers’ Compensation Commission website.

Have a Safety Plan

As the famous quote goes, “Precaution is better than cure”, it is the most advisable thing to have an adequate safety plan. In case you are lagging behind on a safety plan, this is the time to get one. A safety plan is like the net that reduces the chances of injuries and hence, the chances of getting your workers’ compensation into work.
In addition to that, a proper safety plan can also reduce the insurance premium by several folds. In case you already have a safety plan, make sure it is in accordance with the state requirements. Simple approaches like ladder training, proper signs, and regular training can go a long way. Get in touch with your workers’ compensation lawyers to know about the state-provided discounts.

Understanding the Policy

One of the most important steps while finding a workers’ compensation insurance policy that suits your needs. There are two distinct parts of the insurance policy. The first part covers the employees and generally has no limits to it, whereas the second part covers the employers and might have some limitations to it.
Before getting the insurance policy, make sure your insurance agent explains both the parts to you well. This will only help you in making a better-informed decision. In case you have your doubts on the policy presented before you, take it to an experienced workers’ compensation lawyer to know better. Understanding the policy well before paying for it is the best way to avoid problems in future.

Review the Policy Regularly

The workers’ compensation insurance policy also needs reviewing as the laws might change in the next year. There is always a chance of change in rules regarding a certain law every year. Reviewing the policy regularly to include or exclude any new provisions is welcome.
This will help you stay away from any costs that may come in future. A policy that is not reviewed regularly or properly has the chance of being obsolete. If you want to save yourself from spending exorbitant prices later, make sure you get in touch with your insurance agent and lawyers to review the policy.
These are some tips you should keep in mind before getting workers’ compensation insurance for your business. With the help of experienced workers’ compensation lawyers, you can stay safe and updated. A well-planned and executed policy can help your employees in ways more than one. While all this is well, make sure you propagate a safe workplace culture to keep your employees safe.

Get the Best Homeowner’s Insurance in Rochester, NY

Whenever you move, no matter if it is across town or across the country, finding a place to live can be a daunting task. No matter how nice a neighbourhood looks, though, it is important to protect your belongings with homeowner’s insurance.

With so many options for homeowner’s and insurance options in Rochester, NY, choosing the right policy may seem difficult. Here are a few tips to help you understand the process and your options:

Make an inventory: This is the first step in the process of finding a suitable insurance policy. You should list all your personal belongings and determine their monetary value. With a proper inventory, you will have a better idea of the coverage you need. Make sure all of the items you are claiming have documentation such as sales receipts and/or photographs with a list of model and serial numbers.

Choose the right amount and type of coverage: Once you have an estimate of the monetary value of your belongings, you can sit down to determine the amount of coverage you need. There are several types of coverage such as actual cash value and total replacement cost value, and the premiums will be quite different. You can contact your local insurance agent to clarify what would be best for your circumstances.

Floaters and riders: Floaters and riders are the most common additional types of coverage people can choose. These are generally applicable for expensive belongings like jewelry or high-end electronics and are not included in standard homeowner’s insurance. You must be careful when choosing floaters and riders, though, because this additional coverage purchased for individual items can become rather expensive.

Figure out your deductible: The trickiest part of choosing homeowners’s insurance is figuring out the deductible. You need to make sure you are paying for the most effective insurance without spending too much. With the help of a good local insurance agent and your carefully prepared inventory, you can get the lowest deductible to keep your belongings covered inexpensively, and properly.

These tips should help you find the best homeowner’s insurance for your needs if you are buying a home or condo in Rochester NY. Don’t forget to ask questions and check for discounts with a reputable Rochester NY insurance agent so you can protect your belongings with the most affordable homeowners’s insurance policy available.

What to Do When You Are Involved In a Car Accident

One of the wisest decisions you can make is to insure your motor vehicle with the best auto insurance in Rochester, NY. Knowing that you are covered is certainly reassuring when you run into a situation like an auto accident and your local professional agent will be with you through the claims process. Even if it is the first time you have had to file a claim, everything can go smoothly with the help of your agent.

Here are the steps you need to follow when you are involved with a car accident whether or not there is personal injury or property damage.

Start your claim: This is the logical first step if you are safe and sound. If you are injured, your first action is to go to the hospital, even if the injury seems minor. You start your claim by informing the agent who provided you with the auto insurance in Rochester, NY as soon as possible.

Contact the claims adjuster: After you have filed a claim, a claims adjuster or handler will take charge of looking at your car and determining the degree of damage. Keep important information like your policy number, insured’s name (as written on the policy), claim numbers and police reports handy. The adjuster will examine your car, look over your insurance coverage, and decide the best course of action.

Car repair mechanic: There are several car repair options available. You can direct the insurance agent and claims handler to a mechanic or body shop you trust or they can also find a repair shop they trust. In either case, your car should be repaired in the best possible manner. A good mechanic and body shop will get your vehicle up and running in no time.

Settling the insurance claim: The last part of the claims process is settling the claim. It depends in part on the type of accident in which you have been involved. If it was minor, it will obviously take less time than if it was severe. The number of vehicles and people involved, the degree of injuries, and who is at fault, will also play a big part in the speed of settling the claim.

These are the steps that are generally involved in the claims process for an auto accident. Once the repair bill comes, you will surely be glad you have the appropriate auto insurance in Rochester, NY. You should inform the issuing agent as quickly as possible to make sure the claim gets filed. Remember to drive safely and hope that you can avoid dealing with the trauma of an auto accident.

Why Your Business Needs Worker’s Compensation Insurance

Do you own a small business or are you about to start one? Whatever your situation may be, you will need worker’s compensation insurance. Even if you have everything else that is required such as your business license, permits and TIN, you might miss out on this particular provision and it is definitely an important one. Worker’s compensation insurance is mandatory in many states and is also helpful in keeping you and your workforce safe. Moreover, with the advent of pay as you go worker’s comp, it has become easier than ever before to manage your premium payments.

Worker’s compensation is a type of insurance which covers medical and other rehabilitation costs if your employee is injured on the job. At times, well-managed worker’s compensation plans also cover some part of the lost wages for the time period the employee is out of work. This enables the employee to have peace of mind and limits the likelihood of them suing you. As a business owner, you also have the peace of mind knowing that your employee is safe and you don’t have to worry about their medical bills.

As a small business owner, you have well-trained employees who may be relatively new to the field. This means that they might be at a higher risk for an on-the-job injury. There are instances where clients have refused to work with a business based on the absence of worker’s compensation. You don’t want that for your business, do you? Taking these things into consideration, you should opt for worker’s compensation as soon as possible if you haven’t signed up for it already. The fines for not having some type of worker’s compensation can be pretty hefty and the repercussions could ruin your business. Having worker’s compensation will hurt less than paying unnecessary fines.

Here are some reasons why small businesses should not avoid worker’s compensation insurance:

In the case of an on-the-job injury, you might not be in a financial position to help your employee with medical bills. If the employee needs extensive medical attention, you, as the business owner, will be liable for the expenses.
Even if you are able to take care of your employee in the hospital by paying the medical bills, there is a chance you might not be able to support his family when he is unable to work and the doctor advises rest. This non-earning phase due to the injury might leave the employee and his family without resources which can cause a financial burden for you.
At times, it is not even just the medical bills and post-injury sustenance – it is more about being there. This is where you must step in, no matter what! Being a small business owner, your relationship with your employees matters. Insurance will take the financial burden off your shoulders and you can give your employees the support and respect they deserve. Simply checking in with them goes a long way to getting your employee back to work.

Typically, worker’s compensation insurance is required as soon as you have one or more employees who are not business partners. With changing times and technology in our lives, pay as you go worker’s compensation has become an easier method to pay the premiums for worker’s compensation. Several businesses are opting for pay as you go plans over traditional methods. The traditional method has a degree of guesswork involved in it, but with pay as you go worker’s compensation, billing becomes precise and accurate. So, put your best foot forward and choose a suitable pay as you go worker’s compensation plan as soon as possible.

How to Get the Best Auto Insurance Policy?

When it comes to auto insurance, some people buy it simply because it’s mandatory but often they don’t pay attention to the details. However, we all should be careful and knowledgeable when buying auto insurance. There is so much more to an auto insurance policy than just being required by law. When you are looking for an auto insurance, it’s always a good idea to go a local insurance agent for the best deals and coverage. For instance, if you are from the Rochester, NY area you should look for auto insurance in Rochester, NY. This will help you in the long run as your insurance agent will be easily accessible when you need assistance with a claim or need to change your coverage.

If you are looking for auto insurance in Rochester, NY, here are a few things you should keep in mind to obtain the best available auto insurance policy.

Third Party Property Damage & Bodily Injury Insurance

Third party insurance is one of the mandatory parts of an auto insurance policy. You should know what things are covered by your third party insurance. “Third Party” refers to other people and their property, This coverage covers your legal responsibility to other for damage to property and injury to their person.

No Fault Insurance

Most states, like NYS, also mandate No Fault Insurance. This coverage provides funds for medical expenses, wages and other certain expense that you and your passengers incur as a result of an injury while using your auto.

Collision Coverage

This part of the policy covers damage to your auto regardless of whose fault the accident was. A deductible normally is applied to any payment meaning that you will incur part of the cost of repairs yourself.

Comprehensive Cover

Comprehensive cover also applies to your auto and covers damages caused by events other than what is covered by “collision coverage”. For instance, it will pay for damages to your car from accidental fires, thefts, striking an animal and other causes.

Bundling and Deductibles

Bundling (buying, for example, auto and homeowners insurance though the same agent) helps you save money. Buying your auto policy with a higher deductibles,primarily with Collision and/or Comprehensive is another good way to lower premiums.

This article should help guide you when you are looking to buy auto insurance. If you are looking for auto insurance in Rochester, NY, choosing a Rocheter, NY Independent Agent is certainly a good thing to consider.

5 Must-Have Business Insurance Policies

Looking for business insurance in Rochester, NY?

There are many options for you, but first of all, congratulations for taking the right step. Choosing business insurance is the first important decisions. It is even mandatory by law to have certain business insurance policies. Whether you are starting a new business or you are a seasoned businessman, it is important to spend time on your business insurance decisions.
Here are some business insurances that you should seriously consider:

Professional Liability Insurance: When we talk about our professional fields, the question of errors is inevitable. There are several instances of professional errors that have led to serious lawsuits. Protection from such lawsuits can come from Errors and Omissions Insurance. No one wants to be held liable for professional miscalculations but there is no escape when this happens. These lawsuits are generally expensive and having professional liability insurance can ease business owner stress when errors occur.

Commercial Property Insurance: Depending on where your business property is located, it is prone to elements such as floods or earthquakes. This can put you in a position of risk. Having proper commercial property insurance can help you in these situations. Commercial property insurance is one of the most sought after business insurance policies in Rochester, NY considering the location and risks present there. Make sure you ask your insurance agent about the types of commercial property insurance you will need to stay protected.

Workers’ Compensation Insurance: This is one type of business insurance that every employer must have. Workers’ compensation insurance will allow your employees to claim benefits when injured on the job. When an employee is injured at work, the employer is responsible for the employee’s injuries, and workers’ compensation insurance will cover those medical expenses.

Commercial Vehicle Insurance: This can be one of the most important business insurances to add to your business insurance package. There is a chance that you will use a vehicle to carry out commercial transportation. In the case of a mishap on the road while on duty, the vehicle’s automobile insurance would cover limited areas. However, the goods that might be damaged due to the incident might not be covered by general automobile insurance. This part is generally covered by your commercial vehicle insurance. Hence, it is important to add commercial coverage to your insurance package.

Industry Related Insurance: There are certain industry specific insurance policies that are available and important. These policies vary from industry to industry and state to state. Ask your agent for up to date information to help you with making the right decisions based on your industry and location.Your insurance agent will be aware of the insurance policies available in your state, the limits, advantages and costs, and whether it is mandatory.

These are the major insurance policies that you should take into account when considering business insurance in Rochester, NY. Insurance is important and can reduce business risks and losses. Business insurance keeps your business financially backed up and offers peace of mind to you and your staff. Whether you are a start-up or an established business, these insurance policies are a must-have and should be taken into consideration.