Insurance

Health insurance is a medical insurance policy that assures financial coverage for medical expenses when a policyholder is hospitalized. Under the health care law in Switzerland, it is mandatory for all its residents to be covered under a basic health insurance policy. There are various health insurance plans readily available in Switzerland to cater to every aspect of an individual's medical needs. Health insurance policy comes packed with various features that assist an individual in managing expenses during medical emergencies. An individual pays a fixed amount of money called premium in exchange for these features for a certain interval of time to ensure that the policy remains in force. This premium is calculated based on certain important factors in accordance with the specific terms and conditions of the service provider. It is essential for a policyholder to know the factors on which the premium cost of their insurance policy is based upon. Below discussed are the importan

Health insurance plans are dynamic in nature. There are various branches of health insurance. Since an individual has different needs, each branch is designed to keep a particular need in mind. Each plan aims to fulfill the various needs of an individual. A health insurance plan helps an individual to share the financial risk associated with health. It is very important to select a plan which suits the requirement and affordability, as the premium charges depend on the required coverage of an individual. Therefore, it is essential to compare and select the best type of health insurance plan which suits an individual's preference. Below are some important types of health insurance plans available in Switzerland: 1. Individual health insurance plan An individual health insurance plan is a policy purchased by an individual for himself/herself. This health insurance plan covers the medical costs incurred on an individual’s life. This plan, thus, covers the costs for only one indivi

Before purchasing a health insurance policy, it is required to do proper research and comparison because you are investing your valuable money in the plan. It is important to select a plan which suits your pocket and requirements. Health is one of the significant factors in a person's life which cannot be neglected in any condition. In the case of health insurance policy, the concern is not only money but your health as well. Every person has different requirements when it comes to a health insurance policy, therefore, the insurance providers have introduced so many variants of the health insurance policy. Therefore, it becomes essential to compare health insurance policy before buying them.  Most of the time people end up buying a health insurance policy that does not match their needs and requirements and also does not result in any benefit when required. Therefore, it becomes essential to compare health insurance policy before purchasing them and maintain benefits out of th

In Switzerland buying a health insurance policy is a must. In case of medical emergencies, a health insurance policy offers financial assistance to the policyholder for medical care. It also helps in covering critical illnesses and treatments. Health insurance policy is an important plan for an individual's healthcare. Though for an individual paying a heavy amount on insurance premiums can be difficult. In such a situation, opting for budgeted health insurance is a good decision. Besides choosing the best health insurance plan it is also required to choose a plan that comes in your budget.  A budgeted health insurance policy enables an individual to cover himself/herself with a lower premium. It offers financial freedom to an individual from medical expenses, without disturbing the existing financial situation. Buying an expensive insurance policy, where the affordability that costs your savings, is not the ultimate goal of a health insurance plan. Although the importance of

The healthcare sector in Switzerland is regulated and governed by the Swiss Federal Law. According to the Swiss Federal Law called LAMal, it is compulsory for every citizen residing in Switzerland to have basic health insurance. LAMal aims to ensure high-quality healthcare for everyone. Buying an insurance policy is compulsory in Switzerland, the government of Switzerland ensures subsidies for those who cannot afford basic health insurance. The government of Switzerland also keeps a check on the cost of insurance charged by the insurance providers. The federal law of Switzerland ensures that the insurance providing companies don't charge an excessive amount of money to the policy buyer. As per LAMal, it is important for a Swiss resident to select a good policy with better coverage so as to minimize the expenditure spend on healthcare and maintain health quality index in the country.  Apart from being a compulsory law, health insurance is an essential buy in the present times

Buying a health insurance policy is the first step for preventing any medical uncertainties in life. Uncertainties are unpredictable one never knows when a medical emergency will occur. Having a health insurance policy provides us with the best chance to shape our lives in extreme medical emergencies. A health insurance policy provides monetary protection to an individual from the unforeseen risks of life so that financial worry is the last thing on mind. Few important factors that are considered before buying a health insurance policy in Switzerland are listed below. 1. The efficiency of the claims process Before buying health insurance you need to learn about the claim process. If the process is not efficient in the case of a medical emergency it can bring big hindrance. An individual needs to learn about the claim process whether it is simple or not. The efficiency of the claiming process should be well researched before buying the policy from an insurance provider. It requi

Switzerland healthcare system is ranked as one of the best healthcare systems globally, the government of Switzerland requires all individuals residing in the country to have a basic health insurance. Throughout the globe, the healthcare system in Switzerland has a high class reputation. Any individual living or working in Switzerland is required to purchase a health insurance policy. Under compulsory healthcare policy in Switzerland, buying health insurance can become costly. The cost of the insurance premium depends on the location where you live. The premium charges also depend on the policy and the policy provider. Basel, Zurich, and Geneva are some cities where premiums are charged higher. Depending on the location of the insured, some medical expenses are tax deductible. Across the country, if the medical cost of an individual exceeds 10% of its income, the individual is liable for tax deduction on health insurance premiums. Health insurance premiums may be deductible up to

In Switzerland, health insurance is governed by a federal law called LAMal. This law aims to ensure high-quality health care for everyone. Under this law, it is compulsory for everyone in Switzerland to have a basic health insurance policy. The cost of the health insurance premium is paid by the insurer itself and for those individuals who come below the line of income, premium charges are paid by the government. As per the budget presented in 2016, the Swiss Canton of Vaud spent 15.6% of its total budget on healthcare – a total of CHF 1.4 billion or around CHF 1,900 per person. In Switzerland prices and plans of health insurance policy differs from place to place. From a financial point of view, paying the lowest possible premiums for compulsory health insurance is generally a good move. Health insurance policy ensures financial safety and assistance to the insurer from a medical crisis. It provides risk-sharing security to the insurer regardless of all their health-related outc

Health insurance is a policy that covers the cost of medical expenses incurred by the policyholder during a medical emergency.  With the consecutive year on year increase in the cost of medical treatments, it can be rightly stated that Health is Wealth.  Changing lifestyles, increased intake of fast food, rise in pollution levels, obesity and many other factors have adverse negative impacts on an individual’s health. These negative impacts may result in various health-related issues and diseases.  Moreover, the cost associated with the treatment of such diseases is increasing rapidly. In order to take a financial precaution against exorbitant medical bills, it is advisable to invest in health insurance plans that will provide coverage for the incurred  medical expenditure.  Presently, there are many health insurance policy providers available in the market that provides different schemes and plans as per the requirement of the individual. Health insurance pol

Health insurance surely provides a safeguard to medical emergencies. It benefits the insurer with cashless medical treatments and facilities, although these treatments are cashless in nature but they are chargeable. Health insurance companies charge a premium periodically for insuring the policyholder. This chargeable premium differs from policy to policy. Chargeable premium also depends on the insurance provider for which there are many alternative options available in the market to compare and choose from. An individual can select the best suitable insurance provider and policy as per its requirement and affordability. Health insurance in Switzerland is compulsory but expensive, however, by following a few steps, an individual can reduce the cost of health insurance. The following listed ways can effectively minimize the cost charged on heavy premiums: 1. Compare various health insurance providers and policies It is advisable to compare various insurance providers and po

Health insurance is a type of insurance that acts as an agreement between an insurer and a health insurance company to cover the cost of an individual’s medical expenses during the time of a medical emergency. Health insurance helps a person cover all their future medical expenses. In this process, an insurer agrees to pays a certain rate or premium each month in return of which a health insurance company agrees to pay a portion of the covered medical cost.  In Switzerland, a health insurance policy is mandatory for every one of its residents including expats and newborns. Thus, the health insurance system has compulsory rules and norms when it comes to subscribing to a health insurance policy. According to the Transferwise blog, the average health insurance premium size in 2017 was 447 CHF per month per person making  the average annual spend to 5,363 CHF per year (447*12). Transferwise also stated that the monthly health premium depends on  the location of the insurer. C

The health insurance system in Switzerland is acknowledged for being one of the best insurance systems in Europe. Health insurance is compulsory for all persons residing in Switzerland; by birth or within three months of taking up residence there. Health Insurance is an agreement between an insurance company and an insurer. This agreement enables a guarantee of compensation for medical expenses by the insurance company to the insurer in case of any medical illness faced. The health insurance policy usually covers expenses like doctor consultation fees, medical test charges, hospitalization cost, and sometimes post-recovery charges to some extent. According to FINMA (Swiss Financial Market Supervisory Authority), Swiss insurance companies achieved aggregate annual profits of CHF 10.6 billion in 2018, which represents a 40% increase over the year 2017. The Swiss insurance market is growing with every passing year. Although there are many healthcare insurance policies and sche