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While it is true that a Startup is an early-stage company, being in the “startup” has many factors and processes to worry about, the health and medical care of its elements is no less important. Remember that having a solid team can be a key factor in achieving success. And since we are all prone to illnesses or accidents, today we are talking to you about Major Medical Expense Insurance for Technology Startups.

But, what exactly does Major Medical Expense Insurance consist of? It is a  contract that provides financial security against medical care expenses in the event of an unforeseen event, seeking that there is no economic imbalance of the insured. Coverages vary according to the company you hire.

Coverage:

The insurance that concerns us today ranges from hospitalization expenses, medical care, surgical interventions, medications, and clinical analyzes, among other professional services, of course, this will depend on the insurance company and the plan you hire. It must be taken into account that the insurances are old, that is, they do not cover the insured immediately.

Other issues to consider when you are going to take out health insurance are the information you must provide and the terminology, which is sometimes complex to fully understand what is included in the policy and which will be crucial to know if it is the right insurance for your needs. . For this reason, it is important that you carefully read all the specifications and requirements that they ask for. You must also define if you want insurance for the country or a visit abroad, since not all insurance has this modality, and even if it does. They also have particular specifications.

What should I know when taking out Major Medical Expense Insurance?

When hiring your insurance, they will ask you about your health, or if you suffer from a chronic disease. You must answer honestly, as giving false answers could affect the validity of your policy. Get an idea of ​​the insured amount you require, which will depend on your age and profile and the hand, on the level of coverage you want.

 Regarding the concepts, keep in mind the following:

1. Premium. It refers to the amount you must pay to your insurance company to maintain coverage for your employees. This is the first thing to consider is the cost, making sure to balance it with other expenses such as copay, deductible, and coinsurance.

The premium is classified as single (a single payment during the term of the contract) and periodic (monthly, semi-annual, annual payment, etc.). While it is classified as fixed (the amount of payment remains constant) and variable (the amount to be paid varies) according to the value of the premium.

2. Copayment. Employee health insurance may include copayment, which is a small sum of money paid each time a medical service is used. The insurance plan may require a copayment for a doctor’s visit or prescription drug, even if the insurer pays the rest later. Co-pay insurance is very useful if your employees do not see the doctor frequently, but if they make frequent visits to the doctor’s office, consider choosing an affordable and consistent co-payment.

3. Deductible. It refers to the amount of money that your collaborators will pay before the insurer reimburses that amount for covered medical claims.

Keep in mind that not all insurance plans require it, but if your employees choose a plan with a high deductible they can lower their monthly premiums. Of course, it is recommended that the deductible does not exceed 5% of your annual gross income.

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4. Coinsurance.  It is the amount that your collaborators must pay for medical services after covering the copayment or deductible of their insurance plan. For example, the insurer limits the coverage of certain services to 80% of the charges, while the beneficiary would pay the remaining 20%, even if they have already paid their deductible.

5. Out-of-pocket limit. This is the limit amount that your collaborators will pay for services in a plan year. Once the costs have been paid on their own (usually through deductibles, copays, or coinsurance), the insurance company covers the expenses 100 percent for any additional medical services.

It is necessary to remember that you can make use of your insurance for major medical expenses when the total of the expenses derived from an illness or accident is greater than the deductible to be considered as a major medical expense.

And since we know that a Major Medical Expense Insurance for Technology Startups is not enough to protect your business completely, we have comprehensive packages that support your company from different angles. Do not be left with doubts, it is always a good time to ensure your assets and we have experts who can help you in choosing the policy that best suits your needs.

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