Jan 10, 2013

A medical insurance broker

Medical insurance broker can come in real handy if you do not have any insurance policy at present. Individuals who are self-employed and are suffering from any serious medical condition always take the assistance of a medical insurance broker. Medical insurance broker also helps people that deals with group insurance. Generally speaking, a medical insurance broker does not work for any specific firm. The main responsibility of medical insurance broker is to collect details about the medical insurance policies offered by the various insurance companies. Apart from rates, medical insurance broker will also let you know about the coverage that is being offered by the insurance companies. A medical insurance broker knows the market fully well so you do not need to worry about the authenticity of insurance companies that is being recommended by them. Often, medical insurance broker will analyze your financial condition first before suggesting any medical insurance policy. This is important because there is no point going for a policy that you cannot afford. Finding experienced medical insurance broker is not that easy as there are only limited number of medical insurance
brokers operating in the market. This is because of the simple reason that unlike life insurance and car insurance brokers; the commission of medical insurance brokers is quite low. In addition, rules of medical insurance is a bit complicated as compared to the car and life insurance. It has been noticed that medical insurance brokers do not have any linkage with the insurance companies and they work exclusively for the consumer. This in turn make sure that you get the best possible deal without any sort of favoritism. Before taking the services of any medical insurance broker, check his reputation in the market. If you are not happy with the commission rate of broker, you always have a choice of opting for another broker.

Dec 18, 2012

BIBA Origins

BIBA Origins In 1977 BIBA was created with the sole purpose of representing independent insurance brokers. Once the Financial Services Act was passed in 1988, Independent Financial Advisors joined BIBA and as a result the name “BIBA” was altered to British Insurance and Investment Brokers Association (BIIBA). In 1994, BIBA helped establish the Independent Financial Advisors Association because the independent financial advisors desperately needed an association to represent them.
After the formation of the IFA Association in September 1999, “BIIBA” reverted back to “BIBA”, dropping the “Investment” part. Today, BIBA represents the insurance industry and advises consumer bodies, members, the regulator and other stakeholders on crucial insurance issues. It offers the following facilities and services to its members : Press Office and Marketing Support Member Support Team Publications Consumer Advice Internet Schemes and Facilities for brokers to offer to consumers and businesses. IT Support Insurance Training Services Technical Services
The training sessions include short course assessments. These assessments consist of approximately 10 - 15 multiple choice questions to test the trainees understanding of the main aims and objectives of the course. Companies can send their employees to attend training programs in London or other locations such as locations such as Birmingham, Ipswich, Leeds, Leicester, Liverpool, Manchester, Newmarket, Norwich, Romford, Bristol and Cardiff. If you feel that a training session should be held in your area, contact the Training Coordinator at BIBA (020 7397 0243). Check the ‘Schedules London’ page on the BIBA website for courses held in London and the ‘Schedules Regions’ page for courses held across the UK. BIBA offers both Open Training and In-house Training. In open training, the session is held at your office or any other location you select, but local members will be permitted to join the sessions if you have fewer than 14 members of staff attending the session. You can use this type of training if you want to get just a few members of your staff trained in one subject. In-house training is customized training provided at your office or any other location you select. BIBA will send a trainer to the location to train a maximum of 14 members of staff per training session. Discounts are available and BIBA provides all the training materials.
BIBA offers members a Schemes Collection and a Broker Business Portfolio. The Schemes collection consists of competitively priced insurance products that are high quality and easy to sell such as the unique payment protection insurance (PPI) scheme that is only offered by British Insurance to BIBA members. PPI provides consumers with a financial safety net against the risks of unemployment, sickness and accidents (ASU).The Broker Business Portfolio offers members special services such as training, IT Support, internet, marketing support and technical services etc. The following committees report to the board On the BIBA website, there is a search tool available that helps you find brokers across the UK. These brokers help you find the insurance policy that most closely matches your needs. They will make sure you find a good insurance policy with low premium payments.

Dec 14, 2012

The European Health Insurance Card

However, for all the limitations on travel insurance cover, where Edward's argument falls down in my eyes is on the question of medical cover. The Foreign Office travel advice pages are explicit in advising us not to travel without insurance, and the examples it uses to explain why are the potentially high cost of hospital treatment, and medical repatriation. It quotes £35-45,000 for air ambulance to return to the UK from the US east coast, £12-16,000 for an air ambulance from the Canary Islands, and £15-20,000 for a scheduled flight, stretcher and doctor escort from Australia. The chances of having to use these services are minuscule, but the costs are so substantial that they would be a significant issue for most of us and not one we would like to have to deal with in such circumstances.
Of course, the FCO wants us all to be properly insured – it makes life easier for them. But, on balance, while Edward's approach sounds temptingly refreshing, he is leaving himself open to some potentially very expensive risks. Yes it is always worth having insurance, in fact many holidays, e.g. cruise lines, demand proof of insurance before booking. It does not have to be expensive, although if you are 70+ or going for more than 30 days, take a deep breath! Some bank accounts carry automatic full travel insurance, i.e HSBC Premier, saving you the bother, but after a colleague had to extend his house mortgage to pay for repatriation after a skiing accident, I know what I would do, if I am spending hundreds/thousands of pounds for a holiday, a few more for insurance is nothing.
What he might consider when buying insurance, however, is buying a cheaper, more basic policy – one that covers medical treatment, cancellation costs and personal liability, for example – but not less crucial events, such as lost luggage or airport delays. Many insurers offer cheaper premiums for such policies and they are a good option for less risk-averse travellers such as Edward. European Health Insurance Card The European Health Insurance Card – details and applications at nhs.uk/ehic – confirms your right, as a citizen of a European Economic Area country (30 countries, including Switzerland, see website for details), to emergency medical treatment under the health system of another member country. That treatment may not be entirely free. In France, for example, you must pay to see a GP or a specialist, you may have to pay for any prescribed drugs and, while emergency treatment in hospital is normally free, ambulances are not. Also, in some countries you may be taken automatically to a private clinic for treatment. This would not be covered by the EHIC, nor would medical repatriation. Note that an EHIC must be renewed every five years.