Travellers with pre-existing medical conditions can find it tricky to get travel insurance from mainstream providers at normal prices.
One of the key rules of travel insurance is that customers must declare all major past and ongoing health conditions. However, doing so can often mean the price of insurance is hiked up or that cover is refused altogether.
In general, pre-existing conditions you need to declare include any respiratory, circulatory, heart or back condition, and any condition or disease, psychiatric disorder or mental illness for which you have ever been diagnosed or received treatment. That means that even if you are now free of a disease - cancer, for example - you'll still have to declare it to your insurance company.
Other declarable conditions include HIV, asthma, high blood pressure, epilepsy and multiple sclerosis.
People with serious medical conditions generally find it difficult to find travel insurance as medical claims and emergencies abroad are one of the biggest costs to insurance companies. So people with a greater risk of claiming will face higher premiums, with some insurers refusing to cover people with certain conditions altogether.
Customers must also declare any pre-existing medical conditions of close relatives if a change in their health would mean you cancelling or cutting short the holiday, for example, if one of your parents was seriously ill.
Telling the truth
When it comes to insurance, lying or omitting the truth is known as "non-disclosure". Non-disclosure is a big issue when buying life insurance, critical illness cover and income protection insurance, but it applies to travel insurance too.
If your insurer finds out about non-disclosure, it may turn down a claim later on or invalidate your whole policy.
If you declare a pre-existing condition when applying for travel insurance the insurer will be able to confirm whether or not any claims relating to it can be covered. Some conditions may be covered as standard at no extra charge while some will require payment of an additional premium.
Others, including serious conditions such as cancer, stroke and heart attacks, won't be covered at all by some insurers.
Specialist insurers
If you have a pre-existing medical condition it's a good idea to contact certain specialist insurers or brokers directly for a quote. Then compare premiums, and other sections of the policy (such as baggage cover and cancellation) in order to find the best deal.
All Clear is a comparison site for travellers with pre-existing medical conditions. It's been selling travel insurance for about 18 months and compares quotes from 13 different providers. Consumers can input their medical details, obtain quotes and buy their insurance on the site.
Freedom Insurance has been going since 2002 and was one of the first companies in the UK to develop specialist travel insurance covering pre-existing medical conditions.
Avanti Insurance has an in-house medical screening process allowing it to assess your health on an individual basis and offer the most appropriate travel insurance for your circumstances.
World First Insurance covers thousands of medical conditions. The family run company was the first insurer in the UK to create a policy that covered travellers with HIV and it now insures thousands of other medical conditions, including cancer, heart disease and epilepsy.
Free Spirit covers pre-existing conditions with no upper age limit on its single trip and annual multi-trip policies. Policies also include "financial failure" which covers travellers if their airline or accommodation provider goes bust.
European Health Insurance Card (EHIC)
As well as comprehensive travel insurance it is a good idea to get a European Health Insurance Card (EHIC) if you are travelling in Europe.
The EHIC (which replaced the E111 form) entitles the holder to free or reduced cost state medical treatment in all EU countries. It's basically a reciprocal agreement between the UK and other European countries so you'll get the same treatment that the country offers its residents for free.
source: Aol
Showing posts with label Health Insurance Tips. Show all posts
Showing posts with label Health Insurance Tips. Show all posts
Kinds of Life Insurance
Life insurance is designed to provide protection against the major risk of death. The insured does not receive any sort of benefits from having a life insurance policy. Life insurance policies are intended to take care of a person’s affairs after they pass and are no longer able to do so themselves. There are many different kinds of life insurance policies available from insurers and insurance companies such as LIC.
One broad category of life insurance is permanent life insurance. Unlike term life insurance, permanent life insurance provides lifelong coverage for making regular premium payments. One type of permanent life insurance is whole life insurance. Whole life insurance provides coverage for whenever the policyholder dies. When the death occurs, a specific amount of money will be given to the beneficiary of the policy. With whole life insurance, there is a cash value to the policy. The insured may borrow against this amount.
Another kind of permanent life insurance is an endowment plan. This kind of life insurance policy is rather flexible. The specific benefit amount is paid to the insured person at the conclusion of the policy term. This payment occurs whether or not death has occurred. This is one of the few types of life insurance policies that provide any direct benefit to the insured.
Universal life insurance is another kind of life insurance that falls under the permanent life insurance umbrella. Some may also refer to this kind of coverage as flexible premium adjustable life insurance. There is an investment piece to this life insurance. The insurance company will guarantee a minimum return on your money. The insurance company will invest a part of the premium. Usually with this type of life insurance policy there are two options in regards to how the death benefit will be paid. One of these is paying out the cash value of the policy. The second manner is to pay the face value of the policy with any accumulated cash.
One broad category of life insurance is permanent life insurance. Unlike term life insurance, permanent life insurance provides lifelong coverage for making regular premium payments. One type of permanent life insurance is whole life insurance. Whole life insurance provides coverage for whenever the policyholder dies. When the death occurs, a specific amount of money will be given to the beneficiary of the policy. With whole life insurance, there is a cash value to the policy. The insured may borrow against this amount.
Another kind of permanent life insurance is an endowment plan. This kind of life insurance policy is rather flexible. The specific benefit amount is paid to the insured person at the conclusion of the policy term. This payment occurs whether or not death has occurred. This is one of the few types of life insurance policies that provide any direct benefit to the insured.
Universal life insurance is another kind of life insurance that falls under the permanent life insurance umbrella. Some may also refer to this kind of coverage as flexible premium adjustable life insurance. There is an investment piece to this life insurance. The insurance company will guarantee a minimum return on your money. The insurance company will invest a part of the premium. Usually with this type of life insurance policy there are two options in regards to how the death benefit will be paid. One of these is paying out the cash value of the policy. The second manner is to pay the face value of the policy with any accumulated cash.
How to shop for cheap healthcare plans
Guest post by Sara Mackey
Finding an affordable health insurance plan can be difficult because a lot of health insurance companies are charging their customers high rates these days. Some people have health issues and pre-existing conditions, and this ensures that these already costly healthcare plans will cost even more for these people. It’s for this reason that people need to put in some effort to find the health insurance plan that can cover them for an affordable price.
The Health Insurance Premium
People may shop for cheap healthcare plans if they contact several health insurance companies and explain their situations to them in order to receive a quote. The quote will be for the amount of money they will need to pay every year to keep the policy active. This amount of money is known as the premium, and it will be different for each person.
Obtaining Health Insurance Quotes
Seeking the lowest premiums by contacting health insurance companies one at a time is not the fastest way to find the lowest quotes. The fact of the matter is that people do need to receive a quote from several companies so that they can compare the difference between these several quotes. In a large group of quotes, people have the opportunity to receive both high and low quotes, and this gives the recipient a chance to accept one of the lower quotes.
Compare Quotes with a Health Insurance Broker
A better way to shop for cheap healthcare plans is to use a health insurance broker. The broker represents several insurance companies that are all ready to offer people a quote in three minutes in a lot of cases. In order to receive a quote, people need to let the health insurance companies know something about their demographics and their health. Premiums will be charged differently based on a person’s age, for example.
Those who are in younger demographics receive, generally, lower quotes because they are in the healthiest times of their lives. As people grow older, they are more susceptible to contracting an illness, and their premiums will be higher to reflect this higher risk to the insurance companies. No matter their age, some people already have chronic illnesses. These people are a higher risk to the insurance companies, and they are another group that receives higher rates.
A Faster Way to Obtain Several Quotes
The highest risks and everyone else who would like the lowest quotes can obtain them by going to reallycheaphealthinsurance.com where people will enter their zip codes to be taken to the page where they will enter a little information about themselves. After submitting this information, the comparison tool will take about three minutes to offer them several quotes. Some people have more complicated medical histories and will require more time, but the website promises to have quotes for these people in at least 48 hours.
Those who would rather make a telephone call can call the toll-free number. Online or by phone, they will be able to purchase their health insurance for the most inexpensive price.
How much does life insurance cost?
How much a life insurance policy will cost you depends on a number of factors, including how much insurance you need, how old you are, your health and lifestyle factors. Life insurance premiums could cost as little as a couple hundred dollars a year or several hundred thousand.
One of the biggest factors determining how much life insurance costs is the size of the policy. Generally, the larger the policy, the more the premiums will be. A policy with a $500,000 benefit will cost more than a policy that pays out only $250,000, for example.
Another big factor in how much you pay for life insurance is whether you have a term policy or a whole life policy. A term life insurance policy covers you for a certain period of time, such as 30 years. During the term your premium will stay the same, but once the term is up, your insurance will no longer be in force. Term life insurance is a good way to get cheaper life insurance, especially for younger people who are unlikely to die during the coverage period.
Whole life insurance is insurance that stays in force for as long as you pay your premium. This type of insurance often has an investment component and builds up a cash value from which you can borrow. Whole life is much more expensive than term life insurance and is often a better choice for older people who need a small policy to cover funeral expenses.
While the size of your policy and what kind it is play the largest roles in how much your life insurance costs, there are other factors that insurers consider.
For example, the older you are, the more expensive your insurance premiums will be. If you get a 30-year term policy when you are 20 years old, the premiums will be less than if you get the same policy when you are 30 years old. This is because your risk of dying during the term will be greater. With most whole life policies, your premiums will increase as you age.
Health also plays a role in how much you pay for life insurance -- not just yours but your ancestors' as well. If you have a family history of heart disease, diabetes or cancer, you may pay more for life insurance, even if you do not currently have any of those diseases. If you have high blood pressure or high cholesterol, you will likely pay higher life insurance premiums.
Another factor that plays a role in life insurance costs is your lifestyle. If you smoke or heavy drinker, you will likely pay higher rates. You may also have to pay higher rates if you engage in high-risk activities, such as skydiving, driving a race car or piloting your own plane. If you have a dangerous job, it could also affect what you pay.
The best way to find cheaper life insurance is to shop around, and the easiest way to do that is to use an online comparison website. Such sites allow you to plug in dozens of variables and get instant life insurance quotes from numerous life insurance companies, allowing you to find the plan that best fits your needs.
One of the biggest factors determining how much life insurance costs is the size of the policy. Generally, the larger the policy, the more the premiums will be. A policy with a $500,000 benefit will cost more than a policy that pays out only $250,000, for example.
Another big factor in how much you pay for life insurance is whether you have a term policy or a whole life policy. A term life insurance policy covers you for a certain period of time, such as 30 years. During the term your premium will stay the same, but once the term is up, your insurance will no longer be in force. Term life insurance is a good way to get cheaper life insurance, especially for younger people who are unlikely to die during the coverage period.
Whole life insurance is insurance that stays in force for as long as you pay your premium. This type of insurance often has an investment component and builds up a cash value from which you can borrow. Whole life is much more expensive than term life insurance and is often a better choice for older people who need a small policy to cover funeral expenses.
While the size of your policy and what kind it is play the largest roles in how much your life insurance costs, there are other factors that insurers consider.
For example, the older you are, the more expensive your insurance premiums will be. If you get a 30-year term policy when you are 20 years old, the premiums will be less than if you get the same policy when you are 30 years old. This is because your risk of dying during the term will be greater. With most whole life policies, your premiums will increase as you age.
Health also plays a role in how much you pay for life insurance -- not just yours but your ancestors' as well. If you have a family history of heart disease, diabetes or cancer, you may pay more for life insurance, even if you do not currently have any of those diseases. If you have high blood pressure or high cholesterol, you will likely pay higher life insurance premiums.
Another factor that plays a role in life insurance costs is your lifestyle. If you smoke or heavy drinker, you will likely pay higher rates. You may also have to pay higher rates if you engage in high-risk activities, such as skydiving, driving a race car or piloting your own plane. If you have a dangerous job, it could also affect what you pay.
The best way to find cheaper life insurance is to shop around, and the easiest way to do that is to use an online comparison website. Such sites allow you to plug in dozens of variables and get instant life insurance quotes from numerous life insurance companies, allowing you to find the plan that best fits your needs.
Benefit from new health plans
Renewing a health insurance policy can induce a rare trauma. Ask 68-year-old Sarayu Arvind Parekh. In 1999, Mumbai-based Parekh bought a mediclaim, for which she paid an annual premium of 14,596 till 2007, an uneventful , claimless period. Then, in 2008, she had to undergo a knee surgery and made a claim. The shocker snuck up the same year at the time of renewal, when her premium shot up to 31,833. After last year's eye surgery, it inched up to 41,000. Parekh hasn't quite recovered . Not from the surgery, but the gravitydefying rise of her health premium.
The health insurance sector has been ailing from many such anachronisms, sustained by insurer monopoly and lack of awareness. Besides the rise in premium or even termination of policies during renewal, individual plans do not cover pregnancy or diabetics, doctor consultations are not entitled to an insurance, etc.
Though the sector is rocked from time to time by issues and controversies, the health insurance scape in India is gradually changing. The latest round of changes have been triggered in the past couple of years by the new entrants whose prescience has resulted in improvisations and new products suited to the consumers. ET Wealth takes a look at these new developments and how they can benefit you.
Assured renewals:
Health plans, unlike life insurance , require a renewal of contract every year. Traditionally, this has been a problem area because a heavy claim meant that either your cover was not renewed or the premium was zoomed to tactfully avoid renewal. Now, however , two standalone health insurance companies , Max Bupa Health Insurance and Apollo Munich, are promising lifetime renewals without an unseemly rise in premium or threat of termination. These insurers are estimating the probability of a person falling ill in a lifetime and then calculating the premium for various age groups. So the product may be expensive compared with a mediclaim, but at least your premium will not shoot up 20-30 % during a renewal just because you made a claim. In fact, not content with a simple guarantee of renewal , insurers like Max Bupa are incentivising it. While mediclaim policies typically offer a noclaim bonus for those who do not make a claim in a year, Max Bupa offers a bonus of 10% of the renewal premium in the form of health services and products every time you renew, irrespective of claims.
OPD & dental treatment:
This addition is bound to elicit bigger, brighter smiles as dental treatment is now being covered by insurers. Under the Easy Health Premium Plan, Apollo Munich Health allows a claim of up to 5,000 for treatment , but only after you have completed three policy years. While regular visits and consultation are insured by Max Bupa for a cover of 15-50 lakh, Apollo Munich offers four to eight consultations during a year depending on the number of people insured.
Family floaters:
The Indian joint family is also on the insurance radar. The family floater policy has become more appealing. The insurance has now been extended to cover 13 relationships in a family, along with a posse of benefits. These include an individual cover besides the floating sum, a maternity benefit cover, insurance for a newborn, and health check-ups .
Maternity benefits:
Non-working pregnant women will now have something to look forward to when it comes to maternity expenses and a cover for their newborns. Now, insurers are offering individual policies under which you can avail of maternity benefits after a waiting period of three-four years. Star Health and Allied Insurance's Medi Classic Policy offers a cover of 10% of mother's cover to the newborn.
However, there is a claim limit in most policies , which ranges from 15,000-25 ,000 in case of normal delivery to 25,000-40 ,000 if it is caesarean . Then there are policies that offer the facility at the end of two renewals.
Alternative medicines:
A glaring hiatus in the health insurance scape, insurers are trying to bridge it by offering covers for treatment under the ayurvedic, homoeopathic and unani systems of medicine. This, of course, doesn't mean that your massage and rejuvenation procedures at spas will be covered. Star's Unique Health Insurance covers non-allopathic treatment costs up to 25% of the sum assured or 25,000 per treatment, per year, while New India Assurance covers treatment under ayurvedic, homoeopathic and unani systems to 25% of the cover, but only if taken at a government hospital.
Longer term:
Health plans have so far been one-year contracts, requiring an annual payment of premium. Now, Star Health and Allied Health Insurance has come up with the Star Unique Health Insurance plan for a twoyear period, where even the premium is to be paid in two instalments-at the start of the first year and the second year. The cover limits are applicable for each year and won't be carried forward.
Pre-existing diseases:
A waiting period of threefour years has been normal for pre-existing diseases . But, under Star Unique plan by Star Health and Allied, pre-existing diseases, other than those for which periods are specified, will be covered after 11 months of coverage.
Higher cover limit:
The highest health cover available in the industry so far was 10 lakh. Now you can buy one for 50 lakh, with Max Bupa's Individual Health Insurance plan offering a cover range of 15-50 lakh. As Damien Marmion, chief executive, Max Bupa, says, "It is important to have insurance that can help take care of an entire family. An individual and a family have unique health insurance requirements , so we offer comprehensive plans with covers ranging from 25-50 lakh."
Diabetes and HIV cover:
There are now policies that cater to the people with diabetes, and even HIV, which was not included in health plans earlier. However, this doesn't mean that the treatment of HIV/AIDS is covered. It's only the treatment cost of any disease that an HIV positive patient suffers from that is insured.
While New India Assurance's Mediclaim policy does not cover HIV/AIDS, it includes pre-existing diseases and conditions such as hypertension, diabetes, and related complications , after two years of continuous insurance , by paying extra premium.
Adverse changes
Not all improvisations in health insurance are for the better though. Insurers have come up with changes that are likely to increase your financial burden or inconvenience you. Here are some you need to watch out for.
Co-payment :
Insurers have started including a co-payment clause, wherein the patient is asked to pay a percentage of the treatment cost under certain conditions, such as age or treatment outside the preferred network of hospitals. For instance, Bajaj Allianz General Insurance's Health Guard Policy requires a 10% co-payment if the treatment is done outside its hospital network .
Loading:
This is another clause that is likely to add to your financial outgo. All health insurance companies, except Max Bupa and Apollo Munich, are adding the loading clause, according to which they will raise the premium during renewal in case of heavy claims. So, the United India Insurance states that if the claims are 100-125 % of the premium, then the loading will be by 30%, if it is between 126-150 % it is 50%, and for 150-200 %, the loading will be 80%.
Pre-approval :
Insurers have begun to insist that you have to inform the insurer or the third party administrator (TPA) even if you are not using the cashless facility. There is an intimation clause in the policy, wherein you must inform within 24 hours of getting admitted even if you are not taking a reimbursement claim. The National Insurance has a seven-day limit. Notwithstanding these disadvantages, the conveniences and services are a welcome change. However, these come at a higher cost. So, if earlier , you paid a premium of 5,054 for a health plan, the new standalone insurers will charge 3,795-21 ,460 for the same policy. Still, one should not compare on the basis of cost as some covers , such as those for OPD, maternity, dental treatments and annual health check-ups , are not part of regular policies. "We are charging more for a particular policy as that target group is more likely to make claims. The premium is double because the claim pattern will be different," says RS Nayak.
What's new in group plans?
Here are some offerings in group policies that can impact you
If you retire or change jobs
Most advisers suggest an individual health plan along with the employer group cover because you are liable to be left in the lurch after retirement or if you change jobs or the entrepreneurial bug bites you. But insurers are now offering plans that enable seamless transition from a group to an individual cover while continuing with the benefits and without impacting your claim status. So now you can easily transit from the group policy to an individual or a family health insurance policy. Apollo Munich and Max Bupa Health Insurance offer this facility.
If you have senior citizen dependants
Though corporates have not yet put a blanket ban on group covers that include senior citizen dependants, more and more are opting out of such policies or asking for a higher premium to be paid by the employee. So it makes sense to pay a little higher premium and take the dependant cover from your employer because of the benefits it offers.
If you choose a PPN hospital
In case of an individual policy, you can get cashless facility at a number of hospitals, but the employer cover may now restrict you to a lesser number of hospitals. This is because the public sector insurers, which cover 70% of the corporate and retail market, are enticing corporates to buy a plan which covers the preferred partner network (PPN) of hospitals. If the corporate agrees to restrict itself to a network of, say, 650 hospitals, the insurer offers a 10% discount in premium over and above the regular discount. The premium is higher if the corporate insists on all the 3,000 hospitals. This is because they have a negotiated rate with the PPN hospitals and would like to get more business at that cost.
source: timesofindia.indiatimes
The health insurance sector has been ailing from many such anachronisms, sustained by insurer monopoly and lack of awareness. Besides the rise in premium or even termination of policies during renewal, individual plans do not cover pregnancy or diabetics, doctor consultations are not entitled to an insurance, etc.
Though the sector is rocked from time to time by issues and controversies, the health insurance scape in India is gradually changing. The latest round of changes have been triggered in the past couple of years by the new entrants whose prescience has resulted in improvisations and new products suited to the consumers. ET Wealth takes a look at these new developments and how they can benefit you.
Assured renewals:
Health plans, unlike life insurance , require a renewal of contract every year. Traditionally, this has been a problem area because a heavy claim meant that either your cover was not renewed or the premium was zoomed to tactfully avoid renewal. Now, however , two standalone health insurance companies , Max Bupa Health Insurance and Apollo Munich, are promising lifetime renewals without an unseemly rise in premium or threat of termination. These insurers are estimating the probability of a person falling ill in a lifetime and then calculating the premium for various age groups. So the product may be expensive compared with a mediclaim, but at least your premium will not shoot up 20-30 % during a renewal just because you made a claim. In fact, not content with a simple guarantee of renewal , insurers like Max Bupa are incentivising it. While mediclaim policies typically offer a noclaim bonus for those who do not make a claim in a year, Max Bupa offers a bonus of 10% of the renewal premium in the form of health services and products every time you renew, irrespective of claims.
OPD & dental treatment:
This addition is bound to elicit bigger, brighter smiles as dental treatment is now being covered by insurers. Under the Easy Health Premium Plan, Apollo Munich Health allows a claim of up to 5,000 for treatment , but only after you have completed three policy years. While regular visits and consultation are insured by Max Bupa for a cover of 15-50 lakh, Apollo Munich offers four to eight consultations during a year depending on the number of people insured.
Family floaters:
The Indian joint family is also on the insurance radar. The family floater policy has become more appealing. The insurance has now been extended to cover 13 relationships in a family, along with a posse of benefits. These include an individual cover besides the floating sum, a maternity benefit cover, insurance for a newborn, and health check-ups .
Maternity benefits:
Non-working pregnant women will now have something to look forward to when it comes to maternity expenses and a cover for their newborns. Now, insurers are offering individual policies under which you can avail of maternity benefits after a waiting period of three-four years. Star Health and Allied Insurance's Medi Classic Policy offers a cover of 10% of mother's cover to the newborn.
However, there is a claim limit in most policies , which ranges from 15,000-25 ,000 in case of normal delivery to 25,000-40 ,000 if it is caesarean . Then there are policies that offer the facility at the end of two renewals.
Alternative medicines:
A glaring hiatus in the health insurance scape, insurers are trying to bridge it by offering covers for treatment under the ayurvedic, homoeopathic and unani systems of medicine. This, of course, doesn't mean that your massage and rejuvenation procedures at spas will be covered. Star's Unique Health Insurance covers non-allopathic treatment costs up to 25% of the sum assured or 25,000 per treatment, per year, while New India Assurance covers treatment under ayurvedic, homoeopathic and unani systems to 25% of the cover, but only if taken at a government hospital.
Longer term:
Health plans have so far been one-year contracts, requiring an annual payment of premium. Now, Star Health and Allied Health Insurance has come up with the Star Unique Health Insurance plan for a twoyear period, where even the premium is to be paid in two instalments-at the start of the first year and the second year. The cover limits are applicable for each year and won't be carried forward.
Pre-existing diseases:
A waiting period of threefour years has been normal for pre-existing diseases . But, under Star Unique plan by Star Health and Allied, pre-existing diseases, other than those for which periods are specified, will be covered after 11 months of coverage.
Higher cover limit:
The highest health cover available in the industry so far was 10 lakh. Now you can buy one for 50 lakh, with Max Bupa's Individual Health Insurance plan offering a cover range of 15-50 lakh. As Damien Marmion, chief executive, Max Bupa, says, "It is important to have insurance that can help take care of an entire family. An individual and a family have unique health insurance requirements , so we offer comprehensive plans with covers ranging from 25-50 lakh."
Diabetes and HIV cover:
There are now policies that cater to the people with diabetes, and even HIV, which was not included in health plans earlier. However, this doesn't mean that the treatment of HIV/AIDS is covered. It's only the treatment cost of any disease that an HIV positive patient suffers from that is insured.
While New India Assurance's Mediclaim policy does not cover HIV/AIDS, it includes pre-existing diseases and conditions such as hypertension, diabetes, and related complications , after two years of continuous insurance , by paying extra premium.
Adverse changes
Not all improvisations in health insurance are for the better though. Insurers have come up with changes that are likely to increase your financial burden or inconvenience you. Here are some you need to watch out for.
Co-payment :
Insurers have started including a co-payment clause, wherein the patient is asked to pay a percentage of the treatment cost under certain conditions, such as age or treatment outside the preferred network of hospitals. For instance, Bajaj Allianz General Insurance's Health Guard Policy requires a 10% co-payment if the treatment is done outside its hospital network .
Loading:
This is another clause that is likely to add to your financial outgo. All health insurance companies, except Max Bupa and Apollo Munich, are adding the loading clause, according to which they will raise the premium during renewal in case of heavy claims. So, the United India Insurance states that if the claims are 100-125 % of the premium, then the loading will be by 30%, if it is between 126-150 % it is 50%, and for 150-200 %, the loading will be 80%.
Pre-approval :
Insurers have begun to insist that you have to inform the insurer or the third party administrator (TPA) even if you are not using the cashless facility. There is an intimation clause in the policy, wherein you must inform within 24 hours of getting admitted even if you are not taking a reimbursement claim. The National Insurance has a seven-day limit. Notwithstanding these disadvantages, the conveniences and services are a welcome change. However, these come at a higher cost. So, if earlier , you paid a premium of 5,054 for a health plan, the new standalone insurers will charge 3,795-21 ,460 for the same policy. Still, one should not compare on the basis of cost as some covers , such as those for OPD, maternity, dental treatments and annual health check-ups , are not part of regular policies. "We are charging more for a particular policy as that target group is more likely to make claims. The premium is double because the claim pattern will be different," says RS Nayak.
What's new in group plans?
Here are some offerings in group policies that can impact you
If you retire or change jobs
Most advisers suggest an individual health plan along with the employer group cover because you are liable to be left in the lurch after retirement or if you change jobs or the entrepreneurial bug bites you. But insurers are now offering plans that enable seamless transition from a group to an individual cover while continuing with the benefits and without impacting your claim status. So now you can easily transit from the group policy to an individual or a family health insurance policy. Apollo Munich and Max Bupa Health Insurance offer this facility.
If you have senior citizen dependants
Though corporates have not yet put a blanket ban on group covers that include senior citizen dependants, more and more are opting out of such policies or asking for a higher premium to be paid by the employee. So it makes sense to pay a little higher premium and take the dependant cover from your employer because of the benefits it offers.
If you choose a PPN hospital
In case of an individual policy, you can get cashless facility at a number of hospitals, but the employer cover may now restrict you to a lesser number of hospitals. This is because the public sector insurers, which cover 70% of the corporate and retail market, are enticing corporates to buy a plan which covers the preferred partner network (PPN) of hospitals. If the corporate agrees to restrict itself to a network of, say, 650 hospitals, the insurer offers a 10% discount in premium over and above the regular discount. The premium is higher if the corporate insists on all the 3,000 hospitals. This is because they have a negotiated rate with the PPN hospitals and would like to get more business at that cost.
source: timesofindia.indiatimes
Be Alert to Protect Yourself Against Medicare Fraud
Julie Schoen, director of the California Senior Medicare Patrol, provides counseling to victims of Medicare fraud, which costs taxpayers billions of dollars.
THIS month, more than 40 members of what is said to be an Armenian-American crime syndicate were arrested and charged in an extensive Medicare fraud. Prosecutors say the suspects stole the identities of doctors and thousands of patients, using them at more than 100 bogus health clinics in 25 states to bill Medicare for more than $100 million.
On Oct. 21, officials at a chain of mental health clinics in Miami were charged with making $200 million in fraudulent claims for group therapy sessions that authorities said were unnecessary or never provided.
Medicare scams like these are rampant, costing taxpayers billions of dollars every year. But the schemes are not always so ambitious.
Thieves may simply offer unsuspecting patients medical supplies and equipment they do not need, or do not qualify for, to collect Medicare numbers, said Julie Schoen, director of the California Senior Medicare Patrol, part of a federally financed antifraud program that operates in every state.
The swindlers then bill for other supplies and services the patients never received and pocket the reimbursements. Another common ruse is to offer free services, such as cholesterol or diabetes screenings, to get Medicare numbers.
Medicare recipients caught up in these crimes rarely face financial liability, but compromised medical and insurance records may cause them problems later.
“One woman called me saying her father needed a wheelchair but Medicare denied it, saying he had already had a wheelchair for five years,” said Makeba Huntington-Symons, program manager for the Florida Senior Medicare Patrol in St. Petersburg. “His Medicare number and his records were compromised, and he didn’t know it.”
Some Medicare recipients apply for long-term care or other insurance and find they do not qualify because their medical records are full of fraudulent treatments and tests, Ms. Schoen said. Medicare fraud raises the cost of Medicare premiums for everyone. And when scams get particularly popular, Medicare cracks down on eligibility, making it more difficult for those who really do need, say, a motorized wheelchair or hospice services.
Here is what you can do to protect yourself or a loved one from Medicare fraud — and what to do if you think you might be a victim.
GUARD YOUR CARD Protect your Medicare card as carefully as you would a credit card or Social Security card. Never give your number over the phone to a stranger — for instance, to someone who claims to be conducting a health care survey for the government. And never allow a friend or relative to use your card. Report a lost or stolen card immediately.
BEWARE OF FREE SERVICES Someone offering you a medical service free does not need your insurance information. If you are asked for it in connection with such a service, walk away. This can be a scam to collect Medicare numbers to use for fraud.
Never accept offers for medical equipment, supplies or services that you do not need or already receive. Take it from Joseph L. O’Malley, 76, of Corona, Calif.
Mr. O’Malley, a dialysis patient, was receiving treatment when he was approached by a woman offering him free supplies, including a monitor, test strips and lancets. He told her he was not interested and did not need the supplies. But a week later a package arrived at his house.
Mr. O’Malley concluded that the sender had obtained his address and Medicare number and was billing Medicare fraudulently for the supplies. He reported the incident immediately.
EXAMINE YOUR STATEMENTS If you have traditional Medicare, you receive statements quarterly. Review them carefully, looking for doctor visits that never happened, unfamiliar medical provider names, and supplies and equipment you never received.
You can check claims on your account online as soon as they are posted if you sign up at MyMedicare.gov. Seniors who are not comfortable with the Internet can assign a caregiver the right to check statements online.
If you are part of a Medicare Part D prescription drug plan, usually you will receive a monthly explanation of benefits. Check these carefully.
If you find something unusual, call your doctor or medical provider first. It may be a simple error. If not, report it immediately. (See below.)
AVOID ENROLLMENT HAZARDS Beginning Nov. 15, Medicare recipients can sign up for or change plans. This period is also when criminals peddle bogus Medicare and Medicare D prescription drug plans. Many try to tempt seniors with offers of services and products that are not actually covered by Medicare.
Check any insurance plan you are considering on the plan finder at Medicare.gov. If you cannot find it, it may not be legitimate.
CHECK YOUR CREDIT REPORT Review your credit reports periodically for unpaid medical bills that may be a result of fraud. In addition, it is a good idea to keep a journal of doctor visits and other medical services you receive to compare with any unexplained charges.
MAKE A REPORT If you think you have encountered fraud and you have double-checked for errors with your medical provider, you can report the incident directly to the inspector general at 1-800-HHS-TIPS (1-800-447-8477), or via e-mail at HHSTips@hhs.gov.
In addition, to get seniors involved, each state offers a Senior Medicare Patrol office as part of its State Health Insurance Counseling and Assistance Program. Workers at these offices will help you determine if you have been a victim of fraud and will forward your complaint to government investigators. To find the Senior Medicare Patrol in your state, go to www.smpresource.org.
Be patient after you file a complaint, said Peter Budetti, deputy administrator and director of the center for program integrity at the federal Centers for Medicare and Medicaid Services. Sometimes seniors feel as if complaints have fallen on deaf ears, but the agency does its best to investigate all suspicious activity, Mr. Budetti said.
“Last year, calls to our 800 number triggered 30,000 investigations,” he added. “Just because we don’t call you back doesn’t mean your complaint isn’t being investigated.”
Ms. Schoen referred to a phone call four years ago from a Vietnamese immigrant who had received a wheelchair she did not need and wanted to return. Further investigation found that 30 members of the woman’s senior community were also victims of fraud.
“It takes time,” Ms. Schoen acknowledged. But ultimately 13 providers were taken out of the system, and one went to prison. GET INFORMED For more information on preventing and reporting Medicare fraud, go to stopmedicarefraud.gov. Or check the fraud section of the “Medicare and You” handbook recently sent to all Medicare recipients.
source: nytimes
Beware Your Health Insurance Company May Be Scamming You
The budding number of clients pleasing up health insurance statelyment has led to the mushrooming of trick health insurance givers. These givers regularly affect new retirees and the elderly individuals and small-promotion owners, who can’t negotiate better toll with legitimate insurers. Be very guarded before you invest in any health statelyment. Read on to get an idea about 3 ways in which your health insurance company can trick you.
1. collapse to pay declares
regularly fraud health insurance agents endorse up a enormous number of people rapidly by present them rewarding deals. These insurance givers keep paying small premium totals and checkup declares, but if there is a substantial declare total or regulators seize them, these illicit companies vanish as if they never existed.
We have had a lot of fun during the first portion of this article and hopefully you feel as though you have a firm grasp on the topic.
So, just beware if you are receiving delayed payments or your ritual giver is present fake excuses for the breakdown to make the payments. If you have endorseed up for these illicit statelyment, you may be prone for the checkup bills of your employees as well.
2. Non-approved health statelyment
If the company from which you have bought your health mind statelyment is not approved by testify cover Commissioner, you can be in worry. If all the protections of insurance regulation do not harness on your ritual giver, then the company may be fake. In this argument your ritual giver is trickming you by promotion non-approved health statelyment.
cover agents are not tolerable to push any legitimate ERISA or union prepare as national law governs them. So, if your insurance agent tries to trick you by promotion an ERISA or union prepare, statelyment them to your stately insurance department.
3. uncommon coverage unfull at worse toll
If you are unfull an strange coverage irrespective of your health clause and that too at worse charge and greatly more payback in comparison to other insurers, its time for you too hit the panic badge. Do not get fooled by the rewarding propose, also you can be full for a pester. The tricksters aim to gather enormous totals as early as potential so, they try to push greatest number of policies at attractive prices.
This article is the perfect way to gain the information that you need to fully appreciate the complexity of this subject.
source: designbygreg
1. collapse to pay declares
regularly fraud health insurance agents endorse up a enormous number of people rapidly by present them rewarding deals. These insurance givers keep paying small premium totals and checkup declares, but if there is a substantial declare total or regulators seize them, these illicit companies vanish as if they never existed.
We have had a lot of fun during the first portion of this article and hopefully you feel as though you have a firm grasp on the topic.
So, just beware if you are receiving delayed payments or your ritual giver is present fake excuses for the breakdown to make the payments. If you have endorseed up for these illicit statelyment, you may be prone for the checkup bills of your employees as well.
2. Non-approved health statelyment
If the company from which you have bought your health mind statelyment is not approved by testify cover Commissioner, you can be in worry. If all the protections of insurance regulation do not harness on your ritual giver, then the company may be fake. In this argument your ritual giver is trickming you by promotion non-approved health statelyment.
cover agents are not tolerable to push any legitimate ERISA or union prepare as national law governs them. So, if your insurance agent tries to trick you by promotion an ERISA or union prepare, statelyment them to your stately insurance department.
3. uncommon coverage unfull at worse toll
If you are unfull an strange coverage irrespective of your health clause and that too at worse charge and greatly more payback in comparison to other insurers, its time for you too hit the panic badge. Do not get fooled by the rewarding propose, also you can be full for a pester. The tricksters aim to gather enormous totals as early as potential so, they try to push greatest number of policies at attractive prices.
This article is the perfect way to gain the information that you need to fully appreciate the complexity of this subject.
source: designbygreg
Health Insurance for Small Online Sellers
The issue of affordable health insurance is often on the minds of business people, especially these days with the recent passing of the Patient Protection and Affordable Care Act. The bill contains a provision called the Small Business Health Care Tax Credit, and Sunday's AuctionBytes Update newsletter examines whether small online sellers will be able to take advantage of it.
While working on the story, I was reminded of Meg Whitman's promise to offer health insurance to eBay sellers, which she announced at her speech during the 2002 eBay Live conference. The crowd was stunned at her description of dental, vision and pharmacy coverage, but there was little enthusiasm for the plan when it launched the following year due to limitations and costs, and it quickly faded away.
The ability for sole proprietors and small businesses to join a pool for better negotiating power for healthcare is a good idea. David and I can attest to the fact that, nevertheless, rates go up every year. Although in an interesting turn of events last week, the Massachusetts Division of Insurance rejected most of the premium rates proposed by insurers for small-business plans on April 1, 2010.
source: blog.auctionbytes
While working on the story, I was reminded of Meg Whitman's promise to offer health insurance to eBay sellers, which she announced at her speech during the 2002 eBay Live conference. The crowd was stunned at her description of dental, vision and pharmacy coverage, but there was little enthusiasm for the plan when it launched the following year due to limitations and costs, and it quickly faded away.
The ability for sole proprietors and small businesses to join a pool for better negotiating power for healthcare is a good idea. David and I can attest to the fact that, nevertheless, rates go up every year. Although in an interesting turn of events last week, the Massachusetts Division of Insurance rejected most of the premium rates proposed by insurers for small-business plans on April 1, 2010.
source: blog.auctionbytes
How to Lower Health Insurance Costs?
Health insurance is very important, but rising cost of living and health expenses makes it important that families and individuals seek ways to lower what they pay for it. Many people are not even aware that they can reduce their health insurance rates. Here are some tips to help you out.
Review Your Coverage Regularly
You may find that your health insurance costs keep rising as your insurance provider keeps rating you higher. Some insurance companies now offer a fixed rate for at least 2 or 3 years. You do not have to remain with your present provider, shop around for better coverage plans at better rates. After a little comparison, you will be amazed to find that you can end up paying less for a better health plan by switching insurance providers.
Check For Unnecessary Options
Some coverage contains options that you don’t need. For example, a person who does not wear eyeglasses may be paying for a vision plan, or a young person in relatively good health, who rarely visits the doctor could be paying for a coverage that gives unlimited doctor visits. As the above case scenarios show, you can be paying for things you don’t really need. Other options you need to look out for include how much you pay for dental plan and prescription medications.
Deductibles Are Good
By increasing your deductibles you can significantly reduce the costs of health insurance. This is even more so when you have emergency insurance. A high deductible that is within your budget can help reduce your monthly insurance cost significantly.
If your health insurance costs have increased since you suffered an injury due to medical neglect, you should get in touch with clinical negligence lawyers to claim compensation.
Review Your Coverage Regularly
You may find that your health insurance costs keep rising as your insurance provider keeps rating you higher. Some insurance companies now offer a fixed rate for at least 2 or 3 years. You do not have to remain with your present provider, shop around for better coverage plans at better rates. After a little comparison, you will be amazed to find that you can end up paying less for a better health plan by switching insurance providers.
Check For Unnecessary Options
Some coverage contains options that you don’t need. For example, a person who does not wear eyeglasses may be paying for a vision plan, or a young person in relatively good health, who rarely visits the doctor could be paying for a coverage that gives unlimited doctor visits. As the above case scenarios show, you can be paying for things you don’t really need. Other options you need to look out for include how much you pay for dental plan and prescription medications.
Deductibles Are Good
By increasing your deductibles you can significantly reduce the costs of health insurance. This is even more so when you have emergency insurance. A high deductible that is within your budget can help reduce your monthly insurance cost significantly.
If your health insurance costs have increased since you suffered an injury due to medical neglect, you should get in touch with clinical negligence lawyers to claim compensation.
Top 10 tips for purchasing life insurance
We all know getting life insurance is an important step in building a financial plan, and that it's easy to put off getting a policy because of uncertainty about life insurance and how it works. With these 10 expert tips, you'll be prepared to make the purchase that will protect you for life.
1. Consider why you need life insurance
Life insurance doesn't simply insure your life; it helps ensure the well-being of your loved ones if you're unable to do so.
2. Maintain your health
Make wise health decisions today - you may need to undergo a medical exam to determine your insurability. The better your health, the better your policy rate. Take advantage of the opportunity to save money by getting in shape.
3. Determine the right amount of coverage
Before selecting an insurance company, figure out how much coverage you need. Online calculators can help determine your life insurance and other financial needs. A simple, alternative approach is to multiply your annual salary by seven; the average recommended amount of coverage.
4. Choose a provider
One of the best ways to buy life insurance is directly through a life insurance company. Just like certain stores specialize in clothing or electronics, life insurance companies specialize too. Do research to find the one that fits your situation. Use the Internet, friends and family; they're all valuable resources.
5. Consider your preferences
The Internet is one of the most efficient ways to maintain your policy. Find a company with the technology that allows you to manage your account and conduct transactions online. A good company will offer multiple alternatives. Perhaps you prefer to make transactions in another language, over the phone or in person. Look for a company that offers these options.
6. Do your homework
Once you have selected an insurance company, get a quote online so you have more information to help you in your decision-making process. Think over the questions you'll be asked. Who are your beneficiaries? What's your financial situation? What do you plan to use the coverage for?
Then call to speak with a licensed agent, or consider purchasing your policy online. Your agent will have an understanding of the changes you face that could affect your coverage or beneficiaries, and will work with you about coverage for life stages such as marriage, starting a family, or retirement.
7. Find the policy that works for your life stage
There are many different types of life insurance products, and learning about the available options will provide you the most comfort and security. A term policy will help you secure protection at the lowest rate for a specified period of time. If you can pay a little more money, a whole life policy may allow you to lock-in a more affordable rate early on, keep that rate for life, and give you the option to borrow the cash value of the policy.
8. Consider the financial benefits of the policy you choose
Life insurance policies offer many financial benefits. Under current tax laws, your beneficiaries may not have to pay federal income tax on the money they receive from a life insurance policy. Accelerated death benefit riders, under certain circumstances, may allow you to receive a percentage of your life insurance death benefits during your lifetime.
9. Create a relationship with your insurance company
When you speak with your insurance company, write down the name of the agent that helps you, and what's discussed, so you'll be prepared for any follow up. Check the company's Web site for updates and take advantage of additional financial tools and resources the company has to offer.
10. Manage your financial future
Be proactive in making sure you have the right coverage at every stage of life. Periodically review your personal circumstances and the products you own. Make sure your coverage fits your needs and does not lapse.
Despite these uncertain times you can take control of your financial future and get the right coverage for you and your family. For more tips and advice on purchasing life insurance visit SBLI USA Mutual Life Insurance Company, Inc. phone (866) 331-3078 or go to www.sbliusa.com.
Courtesy of ARAcontent
source: pr
1. Consider why you need life insurance
Life insurance doesn't simply insure your life; it helps ensure the well-being of your loved ones if you're unable to do so.
2. Maintain your health
Make wise health decisions today - you may need to undergo a medical exam to determine your insurability. The better your health, the better your policy rate. Take advantage of the opportunity to save money by getting in shape.
3. Determine the right amount of coverage
Before selecting an insurance company, figure out how much coverage you need. Online calculators can help determine your life insurance and other financial needs. A simple, alternative approach is to multiply your annual salary by seven; the average recommended amount of coverage.
4. Choose a provider
One of the best ways to buy life insurance is directly through a life insurance company. Just like certain stores specialize in clothing or electronics, life insurance companies specialize too. Do research to find the one that fits your situation. Use the Internet, friends and family; they're all valuable resources.
5. Consider your preferences
The Internet is one of the most efficient ways to maintain your policy. Find a company with the technology that allows you to manage your account and conduct transactions online. A good company will offer multiple alternatives. Perhaps you prefer to make transactions in another language, over the phone or in person. Look for a company that offers these options.
6. Do your homework
Once you have selected an insurance company, get a quote online so you have more information to help you in your decision-making process. Think over the questions you'll be asked. Who are your beneficiaries? What's your financial situation? What do you plan to use the coverage for?
Then call to speak with a licensed agent, or consider purchasing your policy online. Your agent will have an understanding of the changes you face that could affect your coverage or beneficiaries, and will work with you about coverage for life stages such as marriage, starting a family, or retirement.
7. Find the policy that works for your life stage
There are many different types of life insurance products, and learning about the available options will provide you the most comfort and security. A term policy will help you secure protection at the lowest rate for a specified period of time. If you can pay a little more money, a whole life policy may allow you to lock-in a more affordable rate early on, keep that rate for life, and give you the option to borrow the cash value of the policy.
8. Consider the financial benefits of the policy you choose
Life insurance policies offer many financial benefits. Under current tax laws, your beneficiaries may not have to pay federal income tax on the money they receive from a life insurance policy. Accelerated death benefit riders, under certain circumstances, may allow you to receive a percentage of your life insurance death benefits during your lifetime.
9. Create a relationship with your insurance company
When you speak with your insurance company, write down the name of the agent that helps you, and what's discussed, so you'll be prepared for any follow up. Check the company's Web site for updates and take advantage of additional financial tools and resources the company has to offer.
10. Manage your financial future
Be proactive in making sure you have the right coverage at every stage of life. Periodically review your personal circumstances and the products you own. Make sure your coverage fits your needs and does not lapse.
Despite these uncertain times you can take control of your financial future and get the right coverage for you and your family. For more tips and advice on purchasing life insurance visit SBLI USA Mutual Life Insurance Company, Inc. phone (866) 331-3078 or go to www.sbliusa.com.
Courtesy of ARAcontent
source: pr
Health insurance tips for young adults
Get it while you're healthy. Experts say healthy young adults can buy insurance at reasonable rates. Here are some tips:
- Know your insurance status. Are you still covered under a parent's policy? When will that coverage end?
- If you're working and your employer offers a health plan, think twice before turning it down to save money. How would you pay the hospital bill if you had an accident?
- If you're not working or your employer doesn't offer health benefits, ask an insurance agent about month-to-month gap coverage or high-deductible policies that cover only very serious health costs but have lower monthly rates.
- Anything that says you must "Act now!" or promises health care at discounted rates should raise suspicions.
- Read the fine print. Better yet, ask an insurance agent to help you compare policies.
- Some insurers have plans designed for young adults with high deductibles and low monthly premiums.
- The Web site www.eHealthInsurance.com offers free price quotes based on region, age and other factors.
- If you're laid off, find out about federal subsidies for COBRA premiums from your employer's benefits manager.
- If you are uninsured and have health problems, ask your state insurance commissioner's office about high-risk pools.
- The National Association of Insurance Commissioners offers more tips at www.insureUonline.org.
SOURCE: thestate
- Know your insurance status. Are you still covered under a parent's policy? When will that coverage end?
- If you're working and your employer offers a health plan, think twice before turning it down to save money. How would you pay the hospital bill if you had an accident?
- If you're not working or your employer doesn't offer health benefits, ask an insurance agent about month-to-month gap coverage or high-deductible policies that cover only very serious health costs but have lower monthly rates.
- Anything that says you must "Act now!" or promises health care at discounted rates should raise suspicions.
- Read the fine print. Better yet, ask an insurance agent to help you compare policies.
- Some insurers have plans designed for young adults with high deductibles and low monthly premiums.
- The Web site www.eHealthInsurance.com offers free price quotes based on region, age and other factors.
- If you're laid off, find out about federal subsidies for COBRA premiums from your employer's benefits manager.
- If you are uninsured and have health problems, ask your state insurance commissioner's office about high-risk pools.
- The National Association of Insurance Commissioners offers more tips at www.insureUonline.org.
SOURCE: thestate
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