Sunday, November 29, 2009

Tips on Health Insurance

By Jonathan Tse

It is very important to have health coverage, especially for college graduates who may have a lot of debt from school and not much income. Although health insurance is very expensive, it is an investment that must be made, otherwise on top of college loans, one could also be paying thousands in health bills. For those who already are covered by their own health insurance, it would be best to max out the use of your current health insurance plan. Do not take for granted the services that your health insurance plan covers for the current year because they may not be covered next year.

It is important to max out on your current deductible and get things checked out before the end of the year. It is important to also look ahead and try to take care of any issues that may come up in the future and make use of your health policy. Make appointments to see your doctors or get extra refills for next year. Also make sure to use all of the money in your flexible savings accounts before the money disappears. Take advantage of any free or low cost preventive tests or screenings because these services may not always be free.

For those who are new and have never purchased health insurance before, it is very important to keep in mind that the location has a great influence on the price of health insurance plans. Larger cities often have lower-priced health insurance programs because there is more competition between insurance companies. Plans with higher deductibles mean that there will be lower payments later on. Insurance brokers are also very helpful in helping to find health insurance plans with the best rates and can help you compare the options that are available. Often they will have a larger network to work from that will make it easier for them to find the right plan for you. If you are not sure what plan to purchase quite yet, there are often trial periods for health insurance as well. These can be cheap coverage or coverage with a limited period money-back guarantee for a short period of time in which you can try out the plan to see if it is right for you. These often only cover for major incidents such as car accidents and major injuries. It is also important to negotiate for services not covered to reduce the amount you have to pay out of your pocket.


  1. Insurance sector in the UAE is expected to double by 2010 along with its demand for new employees, according to Emirates Insurance Association, an umbrella organisation for US$3 Insurance Companies in Dubaioperating in the country.

    Sheikh Faisal bin Khalid Al Qasimi, chairman, Emirates Insurance Association, said yesterday: "The UAE is witnessing growth rate of 15 to 20 per cent annually in the insurance business as its traditional role is to support and underpin the development of all sectors of the economy. As the UAE opens up the insurance sector, international insurers are looking to enter (it). This will increase job opportunities, intensify competition and bring new products and services and help the UAE insurance industry to mature. Local companies, however, are firmly established and strong enough to weather the change.”

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