Information on Medical Insurance Self Packages

2007-03-08 10:33:40

( Insurance )



The traditional way, whether you are a company with tens, hundreds or thousands of employees or a self employed individual is to purchase an insurance coverage for your employees and company or for yourself from any one of the various commercial insurance providers.

But saving for the rainy days can take many guises, and one way of managing future risks to you and your company is by obtaining medical insurance self packages.

The concept underlying self insurance like medical insurance self plans is similar to that of commercial insurance. But in this case, you pay yourself or a certain reserve of funds premiums instead of paying a commercial insurance provider. Self insurance is the equivalent of stuffing your money under the mattress for future emergencies. You do this in the guise of saving money in the bank or acquiring assets and equity from which to draw funds when emergencies arise.

In the case of medical insurance self packages, money or assets are acquired and saved for medical emergencies.

But there are a lot of things you need to consider before deciding to abandon commercial insurance providers in favor of providing medical insurance self packages for yourself or for your company and its employees.

You would have to know the risks to you or your company. Insurance cannot be merely dabbled in. It has to be taken seriously and you need to know what risks you are facing. In any insurance situation, you need to know how much you need to outlay for future insurance needs so that you can meet them when the need arise. If you are planning to provide medical insurance self packages for your company or medical insurance self employed insurance for yourself, or any type of self insurance for that matter, then you would have to ask yourself, can you predict with the greatest amount of exactitude and preciseness exactly how much reserve you need for self-insurance?

Of course to be able to do this, you would also need to predict what future emergencies could arise. Medical emergencies are an obvious choice. How about other types of emergencies? And even if you were able to pinpoint the types of coverage you would need, can you pinpoint the extent of your need?

Finally, with self insurance, you’d have to spend resources on researching the risks and you’d have to teach yourself risk management. This wouldn’t be so hard if you have your own insurance department. But commercial insurance providers are experts in these and much more flexible than you could ever be. After all, they have a lot of clients which spread the risks considerably for them.

Ultimately, it’s your choice whether to get medical insurance self packages or not. Just think carefully before you decide.


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