That we save up some money and start to feel good about our finances.

Then, a financial emergency comes along and wipes it all away,

We are back to square one.

Leaves us all frustrated!

But how can we jump off this perpetual roller coaster without getting hurt?

We need to decide what is a Financial Emergency Kit, before getting to that there is another question that needs to be answered first and that is what can actually be the financial emergencies that we may find ourselves in need the financial emergency Kit:

Unexpected Job Loss:

Even if you’re amazing at your job, you may be laid off or otherwise unable to work. You’ll need to be prepared for that kind of income shortfall as well. You will also want to start reducing your expenses and attempting to increase your income in other ways.

Unexpected Medical/Dental Expenses:

If you or someone in your family suddenly becomes ill and your health insurance doesn’t cover all of the cost, you may need to pay some of those bills immediately.
Just don’t forget to get a health insurance, so under certain emergencies, you can negotiate these costs with your insurance and at least get some relaxation when the emergency arises and pay less than full price for a certain emergency.

Unexpected Travel:

If you have a family member that suddenly falls ill or pass away, you may have some unexpected travel, which may create a dent in the budget and may create a financial emergency causing strain on your mental peace.

Unexpected Car Expenses:

If your primary vehicle needs immediate repair so you can continue to work, so that is the cost that needs immediate attention.

Natural disasters:

Natural disasters are something that is unforeseen yet there are certain things that we prepare ourselves against by getting Insurance that covers many natural disasters, but you may discover certain specific expenses are not included or that your insurance plan doesn’t reference specific disasters, so it may be one of the things that check your financial emergency checkbox.

Major home repairs:

If your roof starts to leak, all of a sudden in a rainy season you’ll need to fix it immediately. Some home issues could render your house unlivable, and others will only increase in severity the longer you allow them to go unaddressed.

This kind of emergency is inevitable and needs to be handled on an urgent basis, so yeah some plan/alternative should be there for this unknown-unknown risk, that may arise at an unexpected time creating a chaos in your financial calendar.

What’s an Emergency Fund Anyway?

An emergency fund is simply defined as an account where you set aside funds/measures/policies to be used for unexpected expenses. It’s a “just in case” account.
You want to have something that mitigates risks, so you don’t need to rely on debt when a financial emergency inevitably arises.

A long-term financial emergency arises (i.e. job loss, the death of your parents, spouse) so that you can weather the storm much longer.

What are the Essentials of your Financial Emergency Kit?
Some of the things that are important to face/overcome your financial catastrophe can be as follows

Estate/Wills documents:

Estate planning is really the highest form of financial emergency planning because it addresses the ultimate personal financial emergencies, medical exhaustion or death.
Make sure your family has an easy access to this material if something happens to you or your loved one your emergency kit includes, estate documents would include copies of current wills (for you and your spouse or partner, children etc.), your advanced directives health/financial powers of attorney (which designate specific individuals to step in to manage your money or healthcare if you cannot do so) as well as other documents that provide additional guidance for operating businesses and managing and distributing other assets you have.
Make sure these documents are always current and that contact information is included for all the qualified experts you took assistance to prepare them estate or business attorneys, tax professionals and financial planners.

Insurance policies:

Having insurance policies such as (life, car, home) is an important and wise decision one can make regarding your assets, they are your coverage against a natural disaster or any uncertain situation, but it’s important to think a little more broadly. File as much policy and contact detail as you can for any health, disability, business, life and accident coverage you have and remember that it’s particularly important to note or file documentation on this coverage at work, too. Sometimes we sign up rather blindly for work-based benefits only to realize how important they may be in a financial emergency.

Set some cash aside:

Plan for at least three months’ worth of expenses, the size of your emergency fund will vary based on your personal risk tolerance, the types of emergencies you’re most likely to encounter, and your personal circumstances (including your income).

However, it is recommended that you set aside at least three months’ worth of expenses and preferably six months or more. You need to know how much you spend in a typical month and plan to cover at least three months to be safe.
Only use the fund for real emergencies. Once you have established such a fund, don’t tap into it for anything else. This isn’t a reserve of handy extra money you can use for a vacation nor is it a surplus for splurging on Ramadan and festivals gift shopping. The fund is only for emergencies and shouldn’t be touched until you’re forced to cover an expense that your regular income can’t absorb.

Have a backup plan:

If your emergency fund isn’t enough to cover an unexpected expense/ condition you need to have backup plans do you have in place.

It may seem redundant to have an emergency fund to cover your emergency fund, but you’ll be glad that backup parachute is there if you should need it, Credit cards, it helps in keeping the insulating layer of funds if needed in emergency, make your retirement plans so you don’t have to work when you can have some peaceful time, establish college savings for your children, to meet the needs when time be and obviously, you shouldn’t use them unless you have to.

Be-Proactive:

If you can, try to prevent emergencies before they occur, Invest in solid insurance policies that protect you from the bulk of unplanned expenses you’d otherwise face. Take care of your home with upgrades and as-needed repairs, get regular medical checkups and keep your vehicle in good running condition.

What about the Other Financial Emergencies? What about all of those other expenses that depleted your savings in the past?

There are things like gifts, vacations, insurance premiums, school field trips, sports uniforms, etc., right?
Those types of expenses are not emergencies; they’re not even unexpected, they just occur at irregular intervals. If you sit down and think through these types of expenses, you can plan more appropriately for them.
For example, if you know that you’re going to spend PKR 50, 000 during the holidays, you need to start saving several months in advance. Even some of the expenses you think are unexpected (i.e. school field trips), are actually not, you know they’re going to occur, but maybe just not when. Just set some money aside for these types of expenses on a monthly basis and dip into it when needed.

Plan Ahead for these Irregular Expenses

One of the best ways to plan ahead for irregular expenses is to create an annual budget,by viewing the next 12 months of income and expenses, you can see if an irregular expense will fit into the month it normally occurs. If it doesn’t, you’ll need to start setting aside money for the expense several months in advance.

For example, if your child’s college fee is PKR 60, 000 and it’s due every six months, you might want to save PKR 20, 000 per month for the three months before the fee is due.
If you can’t budget PKR 20, 000 per month, you need to start saving PKR 10, 000 per month for six months before the fee is due.
By planning ahead, you’ll have the money set aside and you can pay the bill without having to dip into your emergency fund or worse, having to take on debt.

Here’s what you to do should do:

Grab a blank piece of paper and think about all of the irregular expenses you have throughout the year. You may need to look at your statements to help jog your memory.
• Write these expenses down and include the dates you need to pay them and how much they normally cost.
• Create an annual budget and start plugging in these irregular expenses.
• Adjust the expenses in your annual budget until you’re able to not go over budget in any given month.
• Start saving for these expenses in separate savings accounts
• Pull the money when the bill is due and start saving for the next time!

Building a financial emergency kit requires some thinking, but it can help you avoid major losses and speed up decision making in a crisis. Work with people you trust to make it accessible and useful to your family and trusted individuals, as well the expenditures which are irregular sort it out beforehand by setting aside some funds and not mixing or overlapping it your emergency funds as emergency funds are just for emergencies so, If you find yourself facing a major life crisis, you would be prepared to handle the financial fallout.

Khurram Zahid

The post 5 Essentials for your Financial Emergency Kit appeared first on Smartchoice.pk.

It is known for a fact that around the world women are more susceptible to fall to Cancers, that can not only be life threatening for a person, at the same time it is huge emotional and financial blow that causes a person an additional trauma of not being able to meet the expenses , some of the basic expenses that causes the family to suffer begins with a mere visit to an oncologist, surgeries, chemotherapy, radiation, medicines and many other known unknown expenses that comes our way when such situation arises.

Being a woman is a beautiful feeling, the endurance and patience they carry is the epitome of grace but at the same time they are fragile and can be easily hurt due to smallest thing happening around them.

Being a witness to this situation first hand, it was shattering to see when my aunt was diagnosed with breast cancer, it was something we had heard and its impact that it has on families but when experienced personally cancer is disease that does only effect your blood cells yet is also affects our confidence, our family the people around us and primarily the strain it causes breaks a person in every possible manner.

The very first thing we usually do is to see doctors and not only one but minimum two hoping and praying that the first one and his opinion would be all wrong and everything shall be okay, yet when the second doctor also confirmed the latter.

We went into full time schedule of hospital, home, hospital, our world revolved around the doctor and the things he prescribed for the procedural activities, at that moment everything in our life became secondary, our whole life went on hold like a movie that had paused without us knowing anything when it shall resume to normalcy.

The one thing that was source of relief in this time of strain and pain was that a year back she had gotten Jubilee insurance “HER CARE” plan, at that time it seemed like an accessory an additional card in the wallet, even an undue liability that she had imposed on herself without having any indication of it coming to use, little did we know that it’s going to be the primary source of quality care in the near future.

The premium she had paid the previous year seemed a little price to pay for the amount that was being spent day in and day out for the treatment expenses, leaving us only to be concerned about the well being of my aunt only as Jubilee insurance with its specialized women centric Plan took care of the rest.

Along with the policy coverage, we were also provided with additional services to make this stressful period easier, some of the add-on services were out-patient services, facility of second opinion before reaching to conclusion and 24/7 medical hotline for any emergency that may arise anytime keeping the critical situation at hand in understanding.

The incident like this my family made me realized and opened my eyes to a fact that Insurance plays a vital role in economic development by helping individuals and families manage risk and deal with uncertainty.
Some of the BASIC reasons why women should put “HER PLAN” on their bucket list:

You need 5-10 times your annual salary in coverage

It is recommended by most experts that buying a policy that’s five to ten times your annual income, is a good place to start.

 You can buy “HER CARE” coverage online

Women do just about everything online, from grocery shopping, to ordering a car service. Until recently, however, buying insurance was anything but online. It usually takes several weeks and required paper applications, phone calls, doctor’s visits, emails, and faxes – all with no promise of coverage, with this plan of Jubilee insurance you can Place your order for “HER CARE” plan online.

No income doesn’t mean “NO” insurance

Many assume that the only family member who needs insurance is the primary breadwinner, but they couldn’t be more wrong. Not only is being a stay-at-home mother or wife one of the most demanding jobs in the world, but the cost of replacing all the work they do is quite significant, according to an analysis all the work a stay-at-home mom accomplishes equates to a big sum of money if your family had to outsource it all, so a person who manages the home, take cares of the day to day need is considerably important and needs a customized Plan that helps her being around your family for a longer period of time and can be assured quality health care.

Not only is insurance affordable, it’s even more affordable for women

Women often have more expenses than men when it comes to clothing, cosmetics, and self-care, but they don’t have to pay more for a plan that solely is for “HER”, premiums starting from as low as PKR 3,900 to the sum insured 750,000 that provides her cushion in the face of a medical crisis.

Women’s needs and preferences differ by segment and life cycle events, requiring insurers to tailor products and services keeping the need and importance of it Jubilee insurance has introduced for the first time in Pakistan “HER CARE” that celebrates women by providing specific critical illness policy that solely covers illnesses common among women.

While there may be plenty of plans that cater to the general population of men and women alike, there are as many reasons as to why women need a specific plan that’s personalized to their unique needs.

Khurram Zahid

The post “Jubilee HER CARE Policy” A Great Defensive Game Plan Against Medical Crises for Women in Pakistan appeared first on Smartchoice.pk.

What HR should consider before offering health insurance

When you are a company offering health insurance to your employees, it positively effects your company though you have to weigh out the risk factors also as it deals with big amounts. Here are a few things your HR should compare before selecting an health insurance plan for employees:

Related Read: Why Health Insurance is NOT a Thing to Avoid

1. Weigh out the disadvantages

Insurance premiums tend to change every year, so you should have a good know-how on the working of the particular insurance company and their fluctuations. Carefully analyze the terms and conditions, the duration and the extent to which the insurance is provided. Compare the upfront costs and the payment pattern of different companies and see which one suits you best.

2. The number of employees in your company

Depending on what size of a company you are, HR must be very careful in deciding this sort of thing. While smaller company or an entrepreneurial venture may have lesser employees, they also have a smaller amount go capital they can invest in health insurance. All of these things certainly count when deciding health insurance policies.

3. Look for a renowned trusted insurance company

In today’s world, being fooled at all levels is very common. It’s better to be safe than sorry. Insurances, over time tend to take up a good amount from us, and if it is not returned as promised, it will be counted as a very big loss, leading to a loss of trust and reputation of your company. The employees expect you to authenticate the insurance company that you are offering, hence it is important for your HR to carefully look into the credibility of the insurance company and try getting the ones that are known and trusted in the market.

Related Read: 5 Questions to Ask Before Going for Health Insurance in Pakistan

4. The post you are offering the insurance too

Like with every post, the salary varies, similarly the insurance policies should be such that they cater to the position your employee is on and is worth their standard. This not only attracts the best of employees to apply, but also gives a good outlook to your company’s attitude towards its workers.

5. Coverage

This is the most important factor which determines the worth of an insurance. As per definition, insurance coverage is ‘the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage, such as auto insurance, life insurance – or more exotic forms, such as hole-in-one insurance – is issued by an insurer in the event of unforeseen occurrences.’

6. Claim process

This includes the procedure of pre or post payments by the insurance company. It refers to the process of submitting medical slips to the company and claiming the money. This is the core procedure in any insurance company.

7. Existing illness

A pre-existing condition is a medical condition that started before a person’s health insurance went into effect. This is important for employees who are suffering from a particular illness which is lifelong before getting the insurance. This is a very common phenomenon, hence should be taken into consideration.

8. Deductible, co-payment and the coinsurance

Deductible is the amount that you have to pay before the insurance companies starts covering your eligible health costs. Co-payment is something similar to deductible but has to be paid each time you want to use your insurance. However, coinsurance is the percentage of cost that you will have to pay during any medical procedure (this is your share of the total cost). As it is evident from the definition, this is how the insurance companies work, thus it is one of the core information that has to be evaluated by the HR before final selection.

Related Read: 6 Vital Dos And Don’ts Of Health Insurance Plans

Companies, especially newer companies and entrepreneurial ventures, should seriously consider giving their employees health insurance. Nowadays, health insurance is a huge attraction for those interested in any job.

Khurram Zahid

The post Going to Offer Health Insurance to Your Employees? These 8 Things Your HR Should be Comparing appeared first on Smartchoice.pk.

Health insurance is when you insure the availability of money via an insurance company of your choice, for the chance of an unfortunate circumstance such as an injury or an illness that requires a lot of money to be treated. In Pakistan, mostly salaried people or people who earn a mediocre amount of money pay a specified amount to insurance companies as per their packages to ensure that money is available to pay for health care. The company then holds responsibility to make the money available when you require it. Different companies offer different packages and you choose according to what you can afford and what you may want to attain in the time of need. Compare health insurance policies from different companies before deciding upon a specific plan.

Why is health insurance necessary?

Following are some of the factors that prove that health insurance is necessary in a capitalistic environment like ours:

1. The government and private healthcare division has created classes in the system itself and quality healthcare, in a developing country like Pakistan. Good healthcare can only be bought with money because the better it is the costlier it gets. To ensure recovery, a person spends as much money as possible on health and to be able to do that, money must be invested and saved for the sole purpose of meeting up with medical needs.

2. The working sector of Pakistan, or the middle class, do not pay as much attention on their health as they should because as it appears, they do not get the time to visit the doctor every once in a while, to get check-ups.

3. Personal level savings are not reliable in such cases because they are more subjected to be used for other purposes and it is very difficult to save up for separate uses at a domestic level. Generally, money is mostly saved without setting out goals or uses. The only way that remains is health insurance.

4. To think that medical expenses can be escaped is highly impractical since we live in a developing country like Pakistan where pollution, accidents, terrorist attacks, diseases like heart attack, high and low blood pressure and diabetes are very common. Health insurance in Pakistan will help remove a potential burden from your finance and will allow you to be worry-free from a very important and inevitable part of your life.

Hence, health insurance is very much necessary to meet up with your health needs as per requirement. It is easy to compare health insurance in Pakistan because all details are available online and health insurance quotes are also easily available. Anyone can research about different health insurance policies in no time.

Related Read: 5 Questions to Ask Before Going for Health Insurance in Pakistan

Consequences of not getting health insurance

1. Risking precious lives due to lack of money:

The obvious consequence is not having enough money and ending up risking a life by not choosing to rely on health insurance.

2. The psychological pressure:

Unavailability of money would result in extended disease and that further would mean psychological pressure and would make you regret your decision of not getting a health insurance.

3. Use of other savings:

In such circumstances people use up their general domestic level savings having no other choice and little money is then left for emergency use or any other purposes you may require it for. Honestly, some health insurance policies are not even that expensive and you can easily check which ones suit your budget by comparing health insurance quotes.

4. Financial strain on the monthly budget:

Regular check ups will also put a dent on your monthly budget effecting your daily livelihood drastically.

Related Read: 6 Vital Dos And Don’ts Of Health Insurance Plans

The affordability of health insurance in Pakistan

To give you a summary as to how health insurance works and how is it therefore very much affordable, here is an overview of the steps to be followed:

1. The fact that you choose your own package as per your demands is what makes it affordable. Compare health insurance packages and policies of different companies and chose the one that you think is feasible for you and meets your needs. This would depend on the money you can offer to the company and how you can submit it, i.e. monthly, annually etc. Different companies offer a variety of policies that can even cover complete all medical expenses. Examples include family health-care plan to meet the medical needs of your family as a whole, personal injuries can also be covered along with expenses for in-home treatments of minor surgeries, services such as hiring an ambulance for transportation and burial costs for if in unfortunate cases the patient dies. Health insurance quotes ensure that you can look at which health insurance packages are most applicable for you.

2. After comparing health insurance and choosing it, all there is left to do is to buy the plan and submit investments as per your package and you will be saved from the extra effort of worrying yourself about your health expenditure.

Related Read: Government & SECP Announce New Initiatives To Boost Health Insurance In Pakistan!

There remains no reason of not choosing to invest in health insurance, because it is incredibly necessary for the majority of the population of Pakistan that consists of working class or salaried people. Health being one of the vital needs of human beings, demands capital investment and avoiding health insurance is similar to avoiding health itself.

Khurram Zahid

The post Why Health Insurance is NOT a Thing to Avoid appeared first on Smartchoice.pk.

Get the companionship of an amazing partner, start a new chapter and a whole new life and finally, set a home of our own. Isn’t it? Most of us desire to end up in future this way. To initiate a fresh start, build up an empire of your own and have family, lovely kids and feel complete in its truest meaning.

However during this course of time, while establishing a sound life and family, we tend to forget our own health and mental status. Many couples show negligence toward their own well-being and this affects them adversely in the longer run.

Below are the top 5 health care tips for the couples with kids so they can stay fit and energetic to continue the life cycle and maintain a balance between their own stability and other responsibilities doing full justice to both.

Stay active and fit

This is one of the key factors towards health and well-being. If parents will stay fit and healthy, only this way they can fully concentrate on the grooming of their kids and can stay well for long to spend a happy life with each other. Most couples usually stop exercising once they have kids but it is wrong. Your own energy and fitness comes above any other responsibility. If you have stopped exercising after having kids – resume it. Find alternate ways to adjust your schedule. Your workout doesn’t necessarily need to be inside the gym with heavy machines and fancy clothes.

You can pick up any sport that you enjoy with your partner and play. You can do small and feasible home exercises to keep moving. But don’t be idle. After all, health is wealth!

Know the little things

One of the basic factors upon which the health of the couple as well as the success of the marriage falls upon after having kids and family is – to keep it real and simple, as it was before marriage or becoming parents. Couples are advised to be appreciative and know the little things about each other. Does he have a meeting to attend? Is she going to have a party with her friend? Does he have to go and take the kid to the park? And many other little things that we tend to ignore and forget on daily basis.

Remembering the non significant and otherwise unimportant, minute details will keep the intimacy alive and encourage the partners to talk about their engagements and make your partner feel loved and cared for. These are the little ways that make your spouse feel special and hence so, it leads to the success and healthfulness that proves fruitful in the longer run.

Pre-plan everything

Pre – planning is very important once you become parents. Whether that is you planning about your own future goals or the betterment of your kids; you must have a clear picture of what you are going to do next. From managing own upcoming projects to looking into your kids’ needs, their health, expenditures and other basic demands – planning helps you stay organized and focused and hence saves you from the extra baggage that comes in the form of unwanted worries and tensions at certain phases of life.

Therefore, it is always stressed to plan before hand – plan your upcoming month, week or even the next vacation that you are going to have. Stay systemic will make sure you do not get into sudden issues and hence ensures yours and the happiness of your family for sustaining a healthy environment.  

Get health insurance

This might sound typical and stupid to so many but it is the most crucial aspect to work upon, especially after having kids. It has been proven over and over again that many couples lying to next each other wonder about the money plans and health policies 90% of the times and it should be trusted that the little disagreements can send your marriage to the south. Find individual and family health assurance policies for you and your people at affordable prices.

Having health insurance benefits you in so many ways and keep you tension-free in the bigger picture. You receive the best health care through this, your family’s and kids’ health is safe and secured and above everything else, it saves you from the crisis once any unfortunate health problem is faced. No one plans to get sick, hurt or injured. But everyone needs healthcare at one or the other point of life and having health insurance and medical insurance will promise the best quality care leading to a happy marriage.  Compare health insurance providers in Pakistan and see which plan is best for you and your family.

Related Read: 5 Questions to Ask Before Going for Health Insurance in Pakistan

Have a clear and stable financial strategy 

This might sound unrelated to health but basically, this is what that decides how healthy you are going to be in your life. Don’t get worried if you spend a lot and your partner saves pennies. Having one outlook over the financial issues is not necessary, however, resolving all the money related queries as early as possible and ending up on one unanimous decision saves a lot of disagreements in the future. A logical, clear and justified financial plan helps you handle the household more effectively, enables you to raise the kids in a better way and actually define the stability of your marriage, the quality of your own mental and physical well-being and the success of future goals.

Final Words

Marriage and family are a responsibility. It is a knot that ties us to the most valuable relations in our life. We must respect our parents and be kind to them so that in the future we can also groom our kids in the most amazing ways. Planning and mutual consideration define the success of any marriage and the stability of the family. These tips will help you stay intact to your family members and keep you running in the walk of life.

Khurram Zahid

The post Top 5 Health Care Tips for Couple with Kids appeared first on Smartchoice.pk.

While looking for the best health insurance plan you have to find the health insurance providers who have a well-established Health Insurance Department. The best health insurance companies in Pakistan include Alfalah insurance company, Allianz EFU health insurance, Jubilee general insurance, among many others.

The staff should be competent and well experienced. They should be able to serve the insured members with the best possible healthcare at an affordable cost. In th end it is all about the economy, the efforts and your relationship with the company.

Health insurance in Pakistan is not something everyone understands or takes advantage of. Here we have outlined a few question that you should ask your health insurance provider before making any decision.

1. How to pay the monthly premium at the most affordable price possible?

First, you need to ask your employer if he offers Health insurance. Avail this opportunity if presented to you. This is generally the best option around because the employer typically contributes 50% or more of the monthly premium thus making it more affordable. You do not have to pay for it all on your own.

Secondly, remember to let your broker know your (or your family’s) annual projected income for the upcoming year. Why? Simply because this exercise will determine if you are eligible for premium assistance through your state or otherwise.

Third, determine as soon as possible whether it is better to go with a high deductible plan to keep your premium cost down while applying for an individual/family plan. This will help you save money at least on the monthly premium.

2. What is the best plan for you and your family, and why?

The best possible way to answer this is by first understanding what you can afford, your needs and medical usage history. After discussing this with your health insurance provider, you can look over the advised plans, and choose what suits your needs.

Another thing to consider is that can you change the plan if it is necessary later, and how much change will it be to move to a different plan if your situation changes.

3. What Does the Plan Cover?

Different health insurance plans might cover different types of medical care. For example, some might not cover mental health, prescription drugs, or maternity care. All insurance plans must cover these ten “essential health benefits”, or most of them.

• Emergency services
• Hospitalization
• Laboratory tests
• Maternity and newborn care
• Mental health and substance-abuse treatment
• Outpatient care (doctors and other services you receive outside of a hospital)
• Pediatric services including dental and vision care
• Prescription drugs
• Preventive services (such as immunizations and mammograms) and management of
• chronic diseases such as diabetes
• Rehabilitation services

The rules for insurance provided by larger health insurance companies might be different but most of them will cover these set of benefits. If you are selecting from plans from a larger employer and are unsure what the plans cover, ask your employer to provide you with the Summary of Benefits and Coverage (SBC), which is a standard form that will state exactly what the plan covers and does not cover.

4. How Much Does the Plan Cost?

When you’re looking at the cost of health insurance plans, consider two main factors:

First, what will be the amount that you will pay to the insurance company for your plan, usually paid monthly. This is called the premium.

Secondly, and quite important what is the amount you will pay out of your own finances when you receive medical care.

These amounts will be reflected as a combination of deductibles, coinsurance, and copays.

These are called your out-of-pocket costs.

To make plan and cost comparison easier, the plans will be displayed in standardized various combinations of premiums and out-of-pocket costs. If not, you should ask your health insurance provider for these.

Make sure you understand the new plan coverage levels. Which plan coverage will be right for you depends on your health and financial situation. If you have an expensive medical condition or have a planned medical procedure, consider a plan with a higher premium that covers more of your costs. If you are generally healthy you might come out ahead by paying a lower premium and a bigger share of your health costs. Of course, you need to be prepared to pay more if you unexpectedly become sick or injured.

5. Ask about everything you are unsure of

Will you be able to continue seeing your current Doctors? Ask about the things you need to keep in mind when choosing your doctors and hospitals. Ask for a list of the doctors and hospitals that are covered to decide if the plan is right for you, and make sure all is in order.

What information do you need to provide to the health insurance provider in order to receive a health insurance plan? Now days only the basic information such as names, address, birth dates, social security numbers are needed. and if you are applying through a state your family income and proof of residency are required amongst a few other things.

In the end you will have to rely on your health insurance provider to guide you, so keep in mind that you have to find a health insurance .provider who you feel comfortable with. They should take time to listen, understand your economical and medical history, and give you advice and support to make the critical decision of choosing a health insurance plan which will be smooth and easy. Just remember to think through everything.

Khurram Zahid

The post 5 Questions to Ask Before Going for Health Insurance in Pakistan appeared first on Smartchoice.pk.

In recent days, tensions between Pakistan and India have escalated to such heights that there has been unprovoked firing across the Line of Control due to which many nearby civilian areas have also been affected and there have been causalities as well.  With the risk of war looming around, it’s always a good idea to have insurance cover. In this article we will pinpoint some of the key types of insurance one must avail for sure while living in such sensitive areas of the country.

Life & Health Insurance:
It’s widely said that “Health is Wealth” and this is surely said for all the right reasons. A person can only perform and manage his daily workflow only if he is well and fit enough to do so.  Staying health is one of the most aspects of one’s life.  The organization where you work might have already offered you health insurance as a benefit but the covers associated with health insurance are only for the cost of treatments of any ailments or injuries etc. hence you should preferably get life insurance to counter the omnipresent threat of terrorism hence in the unfortunate scenario of death or major disability, your family gets financial support to continue their everyday life without being interrupted abruptly. Ideally you should buy a cover that provides you around 5 to 10 times of your annual income in monetary compensation and if you have any loans or liabilities then it should be around 15 to 20 times to provide enough timeframe for your dependents or next of kin to cope up and become stable.

Property Insurance:
Next in the line of assets in terms of value is usually one’s property. You should get insurance cover for your property be it for business purpose or residential. It protects damage to property and personal possessions in the case of terrorism and incidents of explosions or fire etc. Choose a policy that covers these incidents under terrorism to ensure adequate compensation.

Car Insurance:
Going forward, let’s talk about cars. Usually these are the most valuable assets after property and should be insured. For those people who live in such areas where terrorist activity is imminent, it’s advised that they opt for comprehensive car insurance instead of just third-party insurance to make sure that their car is safe from risk of fire, damage, arson, terrorist attacks etc. And in case of total loss you’d be reimbursed as per the depreciation and current market value. We’ve our car insurance portal where you can get real time quotations for your new or used car and compare different policies and buy an auto insurance plan online too!

Conclusion:
Lastly we should also mention that these policies do not cover biological, chemical or nuclear attacks. However it’s still encouraged that you opt for the above mentioned insurance plans to minimize the loss of money and property as well as get some compensation against loss of life or disability even though there’s no true replacement of life. Also buying insurance policies for property is a really sane idea because in case your area needs to be evacuated for any military operation, chances are that your property will sustain damage. Government is supposed to compensate people for any losses occurred but as the situation prevails in Pakistan expecting anything from the government within due time would be equal to blowing a trumpet in front of a buffalo. Thus you should consider taking matters in your own hands and ensure that you and your loved ones have a safety cover in case the worst happens though here’s hoping that such a time never befalls upon us however the wise man said that “Prevention is better than cure” and that says it all!

Khurram Zahid

The post Living Near PAK-IND Border? Here’s Why You Should Consider Getting Insurance appeared first on Smartchoice.pk.

He termed as the health program being revolutionary, with this project being a milestone of a journey ahead aimed at bringing quality health services to the underprivileged. He added that using these health cards, the poor can access any private hospital to get treated free of any charge. No longer would anyone need to sell their valuables and property or take loans to get healthcare services.

The PM vowed to oversee the National Health Program himself saying that it’s the state’s duty to provide such services to the public and it’s the people’s basic right to have access to good health facilities.

We think it’s a good move even though a very tiny one at showing that the government is committed to the welfare of the general public. However in the not too distant past, the life insurance benefit of up to 1 Lac Rupees per person on the Smart National Identity Card was halted as people reported not being able to get compensations against their claims.

In another turn of events, Securities Exchange Commission of Pakistan (SECP) has also given the green light to a new micro-insurance product under the relevant rules. Named “First Sehat Tahaffuz Plan” under which hospitalization will be provided to low income beneficiaries of any micro-finance institution. Most low-income citizens face a number of hazardous events like sickness, accident, disability due to accident, deaths or natural disasters such as earthquake, fire and flood etc. All such hazards come with negative effects leading to a decline in income due to death or disability or a rise in medical expense or both. People with less income are more vulnerable to these hazards, as they are exposed to a higher number of risks because of their more hazardous living and working conditions. Micro-insurance can play a major role in providing  financial protection against losses by ensuring financial shock absorbency of low-income households to both predictable and unpredictable risk events and to maintain general well-being. With the introduction of new micro-insurance products in the market, it is envisaged that the acceptance of insurance in the masses would increase by the day while carrying a positive impact on the insurance penetration and insurance density levels in Pakistan.

Khurram Zahid

The post Government & SECP Announce New Initiatives To Boost Health Insurance In Pakistan! appeared first on Smartchoice.pk.