Plastic Money when you Travel Overseas

Today, almost all banks and reputed financial institutions issues bank cards. These include both credit and debit cards, each coming with its own set of unique offers to gain popularity. While some lets you get a purchase on discount, others may offer cash back options. And while all this seams fine in your own home country, there might be a few exceptions if you plan to travel abroad. Usually, they work in most countries, along with all its premium offers. However, to reduce unwanted complications while travelling, it is always better to cross-check with your financial provider well in advance; this will give you enough time to look for redressal measures.  In case you plan to on getting a new card, look for plans that have attractive offers nationally and internationally. 

Travel Destination Homework

While travelling abroad, we might need to use the ATMs as well. So, it is important to know the popular card networks around the world. Maestro, from MasterCard, has one of the largest ATM networks in the world. The VISA network is also equally popular with a wide network; it also has the Plus network in some countries.

You will find their respective logos on your bank cards, letting you identify the network you come under. So, while using your cards at overseas ATMs, it is important to match the network, failing which your transaction might be declined. Most counties carry these popular names, nonetheless it is always better to check before travelling.

Both VISA and MasterCard cards have online network locators, for easy location search. And for instance, you will not be able to find a Maestro ATM in Turkmenistan nor will you be able to use your VISA card in Serbia.

Checking with Financial Institution or Bank

Be sure to check with your bank or financial institution, well in advance. They will be able to give you the clear picture of how you can use your card overseas. Apart from clarifying network connectivity, they might also be able to highlight bank card offers validity, special discounts, entry access to airport lounges and much more.  

The customer support team might also help you understand the foreign exchange rates and currency conversions fees, which are attracted on using your card abroad. These rates and fees largely vary, so ensure that you are able to maintain a balance to cover that, apart from your other expenses. While using your bank cards overseas, you might have to adhere to local usage and withdrawal limits, so it is always to better to plan your expenses ahead.

Factors that Affect Your Health Insurance Premium

India’s per capita healthcare spending has increased at a compound annual growth rate of 10.3 percent 2008 through 2011, and is expected to reach Rs 5488.98 (USD88.7) by 2015, according to a 2014 report by KPMG. With the healthcare expenditure rising, there has been a significant increase in the number of people buying medical insurance in India. In order to capitalize on this favourable market, many healthcare insurance companies are offering competitive premiums. In general, an insurance company determines your premium after considering a number of factors, such as, your age, medical history, and lifestyle.

Physical and Medical Risk Factors

Here are 8 most important factors that your insurer may assess when determining your healthinsurance premium.

1.      Body Mass Index: In general, BMI is directly proportional to premium rates, meaning that people with a higher BMI will need to pay a higher premium, because they are susceptible to diseases, such as, diabetes, sleep apnea, and heart and joint problems.

2.      Tobacco Use: Insurance companies penalize applicants who use cigarettes or use tobacco rampantly by charging them higher premiums, as they are obviously more prone to cancer and lungs related ailments. They will also have a weaker immune system.

3.      Gender: Women tend to pay higher medical premiums than men as they are at higher risk of suffering from chronic diseases, undergoing surgeries, and getting into pregnancy related complications.

4.      Age: Premiums are usually lower for younger individuals. Young people will usually have fewer diagnosed and undiagnosed health conditions than older people will have.

5.      Pre-existing Medical Conditions:  If you are already suffering from a disease that may worsen your health conditions with time, you could be charged a higher healthcare insurance premium.

6.      Family History: For applicants who have a family history of certain medical conditions or ailments, the premiums may be higher. For instance, if some of your immediate family members had cancer, you may be charged a higher amount.

7.       Profession: If you work in an area exposed to hazardous chemicals or radiation, or have a job profile that involves high injury risks, you may need to shell out much higher insurance premiums.

8.      Marital Status: It is said that married couples live longer and are generally healthier than single people. Thus, married people, especially men, enjoy a better premium along with marital bliss.

Make sure you live a healthy lifestyle and include exercising and physical activities in your daily routine to improve your health conditions, as well as to get a better deal from your health insurance company.