INDIAN HEALTH INSURANCE SCENARIO
|
|
- Roderick Thompson
- 7 years ago
- Views:
Transcription
1 INDIAN HEALTH INSURANCE SCENARIO by: Shri Jagendra Kumar, Corporate Head (Trg.), Shriram General Insurance, Jaipur. The Chairman of the Insurance Regulatory and Development Authority (IRDA) has said that low consumer awareness and insufficient healthcare infrastructure are the major hindrances to widen the reach of healthcare insurance in India. Health care costs have witnessed a phenomenal rise in the current times; this has led the customers to insure not only themselves but their family members for any future medical expenses and other related requirements. The need to insure assumes even more importance with older generations who are either retired or will be retired in the near future. In times of high health cost, one needs to get covered for health risks. A good insurance policy should cover Doctor's visit, Lab tests, Hospital stays and Diagnostic tests. There are quite a few companies covering health risks with good Insurance policies. Health Insurance (popularly known as Mediclaim) offers protection in case of unexpected medical emergencies, in India. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other costs incurred. Leading insurance companies are coming out with new plans to meet the requirements of their customers. Health care insurance plans especially target customers in the higher age group. It is necessary for younger people to start planning for their future after they retire, at an early age, so as to lead a financially stable life in later years. Medical expenses are sky high these days. Even a small treatment or an appointment with a doctor might consume a lot of money. Health insurance is a must; it saves money and covers unexpected calamities. Health insurance comes in handy to meet emergencies of severe ailment or accident. Sometimes it is associated with covering disability and custodial needs. Life is unpredictable, insurance can make it safe and secure from bearing huge loss. Health insurance is affordable and carries the assurance and freedom from insecurities that threaten life now and then. Provision of healthcare by the Public Sector is the responsibility shared by Central, State and Local Governments, but over the years the National spending on Health under five year plans has decreased from 3.3% in the first plan to 0.7% in the eighth plan. Approximately 6% of GDP is spent on Health care out of which only 1.3 % is in Government Sector. Even then the Life expectancy has increased from 50 to 61 and infant mortality has decreased from 137 to 74 per 1000 births. SPECIAL FEATURES OF INDIAN HEALTH INSURANCE COVERS: ICICI Lombard provides EMI payment plan on health insurance. Family floater is also available but the limit on family floater is Rs. 3 lakh only. Cholamandalam MS General provides a health cover upto Rs. 10 lakh subject to meeting income criteria and also covers the highest number of 140 day surgeries. IFFCO Tokio General provides normal products at normal pricing however they allow Ayurvedic treatment under their health policy. New India Assurance have started product for senior citizens and have raised sum assured for normal policy to Rs. 10 lakh. They are also planning to raise this limit to Rs. 25 lakhs. New India has recently come out with premium rates where India is divided into three zones; Zone 1 Mumbai (highest rates) Zone 2 Delhi/Banglore and Zone 3- Rest of India (lowest rates). They have a highest list of 4082 hospitals for cashless arrangements. Oriental insurance has done away with No Claim Bonus concept for new policy holders however they provide a discount of 5% on premium if you do not opt for cashless settlement option. Reliance General has the lowest premium rates for those who are below 45 years. They provide on the spot handing over of 99 2
2 The Journal policy with activation on phone. Reliance is not keen on group health products but provides family floater on their health policy. Royal Sundaram provides payment facility by credit card but do not issue policy for individuals on stand-alone basis. They allow no claim bonus at 15% in comparison to 5% of others. Star Health & Allied which is the first stand-alone health insurance company of India, is issuing policy to Senior Citizens without medical test. However, those submitting medical tests get 10% discount. Star Health is making in-house settlement of claims and not using TPAs. They have introduced the concept of Co. pay, limit 30% to 50% for senior citizens. They have special product for senior citizens with higher premium and Micro Insurance concept for low income group. TYPES OF HEALTH INSURANCE COVERS: Normally following kind of insurance products are available in any insurance market: 1. Basic Medical expenses insurance 2. Major Medical Insurance 3. Disability Income Insurance 4. Medicare Supplement Insurance 5. Long-term care Insurance 1. BASIC MEDICAL EXPENSE INSURANCE: Medical expense insurance policies historically provided coverage only when the insured was hospitalized. Not most policies cover outpatient treatment. Some policies pay benefits directly to the service providers after the medical bills are submitted to the insurer by the hospital or physician. Other insurance companies pay the insured or allow the insured to assign benefits to the provider. Basic medical insurance policies often have no deductible provision and salespeople often call this insurance firstrupee coverage because the insurer pays covered losses from the firs rupee onward. For example, if Rajesh incurred Rs. 2,000 in expenses having an arm set in the emergency room, basic medical insurance would cover the entire bill. Insurance company will provide 'reasonable and customary' payments for the care provided; however, amount limitations may apply. Some contracts provide benefits paying a specific amount for example, Rs. 200 per day, that can be substantially less than the amount the hospital charges. If an insured wants a contract specifying larger payments, the premium is increased. Contracts can provide various benefit periods, including 90 day, with the premium increased accordingly. In purchasing the coverage, a consumer should consider the trade-off between the larger daily coverage limit and the longer length of coverage. 2. MAJOR MEDICAL INSURANCE: Major Medical Insurance policies provide coverage for potentially large medical expenses rather than paying for the first rupees of loss. This coverage provides valuable family protection but can be expensive, costing families a higher premium. The following three characteristics distinguish major medical coverage from basic medical plans: a. Major medical policies have a substantial deductible provision. These policies cause insured to pay an amount of medical bills equal to a substantial deductible, perhaps Rs. 500 or so. This deductible lowers the insurer's costs because the first rupees of all losses are not covered, and these are the most likely to be incurred. Second, in marginal cases where treatment may not be necessary, the insured has strong incentives to avoid overusing medical care. Some polices apply the deductible to each illness or accident but limit the total amount deducted to some annual maximum. If Rajesh has a Rs medical bill with a Rs. 500 deductible, the insurer would only pay Rs. 1500/-. b. Major medical policies have participation provision. With a major medical policy, the insurer agrees to pay only a percentage of the insured's bill; the insured must pay the difference. This sharing of costs is called the participation provision. Typically the insurer pays 75 to 80 percent of the bills after the deductible requirement is met. The insured pays the remaining 20 to 25 %. c. Medical Expense and Disability Income Insurance Major medical insurance plans have high limits of liability, such as Rs. 50,000 or Rs. 1,00,000, or even larger. As an example of a major medical plan, assume that Naresh incurs Rs in medical expenses while being 100
3 treated in a hospital. Assume he has a Rs. 1,00,000 medical policy with a Rs. 5,00 deductible and an 80% participation provision. Under these circumstances, Naresh collects Rs. 22,000 from his major medical insurance, calculated as follows: Rs. 28,000 medical expense Rs. 500 Deductible Rs. 27,500 Covered expense 22,000 covered expense X covered percentage 80% equals the ins. Payment (0.8 X 27,500) = Rs. 22,000 Rs. 5,500 covered expense patient's co-payment percentage equals the patient's responsibility ( 0.2 X 27,500) = Rs Some major medical policies place a cap on the insured's payments. In the proceeding example, Naresh collected Rs, 22,000 from the insurer but he also paid Rs, Rs. 6,000 (Rs. 500 deductible plus Rs. 5,500 in participation payments). If his major medical policy capped the insured payments at Rs. 3,000 for example, his participation payment responsibility would have needed after he paid Rs. 2,500, because at this point the deductible (Rs. 500) plus his participation payment equaled the cap ( Rs. 3,000). 3. DISABILITY INCOME INSURANCE Disability resulting from illness or accident may be an even greater peril to a family than premature death because disability not only cuts off income but also may create large medical expenses. Moreover, a six month or longer period of disability is a more likely of cause of loss to people in their working years than is premature death. Disability income insurance replaces income not earned because of illness or accident. Disability income insurance policies are designated as either short or long term, depending on the period for which coverage is provided. Short-term policies provide a specific number of weeks of coverage, after a brief (for example, one week) elimination period. An elimination period also called a waiting period is a period that must pass before an insured is eligible to receive insurance payments. The purpose of the elimination period is to exclude payments for minor illness. The elimination period is consistent with the purpose of insurance to cover severe losses but not expenses. This provision also helps keep premiums affordable. Longer term disability income insurance policies provide a number of years of protection after a substantial elimination period has elapsed. Coverage typically ends at the age 65, the age when many people retire. The definition of disability is one of the most important contractual features. Some contracts have an 'own profession clause while others have an 'any profession' clause. Even among these categories, different insurers can vary contractual language. Consider the following clause defining the term 'totally disabled. The insured is totally disabled when he is unable to perform the principal duties of his occupation. After the initial period, the insured is totally disabled when he is unable to perform the principal duties of his occupation and is not gainfully employed in any occupation. Insurers generally state temporary disability benefits as a % age or amount per week or month, for a stated number of weeks, months or years. Disability contracts also vary according to the length of each benefit period and the amount of each monthly benefit. Benefits may be paid for any practical length of time, including life say 1% of the sum insured or maximum Rs. 30,000/- per week. 4. MEDICARE SUPPLEMENT INSURANCE Medicare supplement insurance, also known as Critical illness insurance, is designed specially to supplement benefits provided under the Health insurance policies. This coverage typically pays for such illnesses the various health policies exclude. Insurers base the premiums for critical illness cover on the insured's age when the policy is issued and the amount of coverage provided. Policies do not cover ordinary illness and normal hospitalization. 5. LONG TERM INSURANCE: Many insured could benefit from insurance policies covering lengthy stays in long-term care facilities. Among the different types of conditions that can create a need for long-term care are paraplegia, arthritis, mental illness, mental retardation, and respiratory disorders. These 101
4 The Journal conditions affect both of young and old people, which argue against the common misconception that only older people require long-term care. As our society ages and healthcare costs increase, long term care facilities will become more necessary. Demographic factors also point to a great need for long-term care facilities and for innovative methods to finance people's stay in such facilities. Certain demographic factors lead to the conclusion that the need for nursing homes will increase in the next few decades. Many women now work outside the home and cannot provide care for elderly relatives. Many families have fewer children than preceding generations, making care of elderly parents by family members more difficult. The mobility of families means many children no longer live close enough of their parents to provide care if it is needed. Among the many issues long-term care insurance policy designers must address, are: the trigger of coverage, the benefits provided, and the limitations of coverage. A fourth concern is premium. The general pattern for insurers is to require level premiums payable for life using merged-gender rates that increase rapidly with age. Some policies specify medical certification of need as the trigger of coverage. More modern policies specify the insured event as an inability to perform a specified number of activities of daily living. A few policies mention the loss of cognitive capability, thus covering mental impairment. Two types of benefits are most common. One type of longterm care policy provides a specified daily amount limit of coverage say Rs. 200, Rs. 500 or more, that is paid regardless of the expenses incurred. Another type of policy provides a percentage reimbursement of the costs incurred. Naturally, the higher the percentage covered, the higher the premium. PREMIUM TREND OF PRODUCTS: India's health insurance market is growing. In order to reduce the public burden of healthcare costs and address issues with the healthcare system, the government is incentivizing health insurance off-take in the country on both the customer and the manufacturer ends. Consequently the country is seeing heightened activity in the health insurance domain resulting in some very notice interesting developments in the sector. The manufacturers of insurance products have to sit up and take notice of how the consumer is behaving and responding to stimuli in this market. General insurers of India have the pricing freedom and can rate their products according to their suitability. The rate variation of various insurers is visible here: Co's Name Product Name Coverage Premium Amount Apollo DKV Easy Health Individual - Rs. 1,00,000 Rs. 1,095 Standard Plan STAR Health Medi Classic Rs. 1,00,000 Rs. 1,200 New India Mediclaim policy Rs. 1,00,000 Rs. 1,270 Oriental Individual Mediclaim Rs. 1,00,000 Rs. 1,310 National Mediclaim Rs. 1,00,000 Rs. 1,377 IFFCO Tokio Individual Medishield Rs. 1,00,000 Rs. 1,384 Bajaj Allianz Health Guard Policy Rs. 1,00,000 Rs. 1,453 STAR Health STAR Medi premier Rs. 1,00,000 Rs. 1,488 The penetration of health insurance in India has been low. It is estimated that only about 3% to 5% of Indians are covered under any form of health insurance. In terms of the market share, the size of the commercial insurance is barely 1% of the total health spending in the country. The Indian health insurance scenario is a mix of mandatory social health insurance, voluntary private health insurance and community based health insurance. Even if there is a marginal increase in the type of healthcare insurance services, we will find our physical capacities insufficient. Therefore, there is an urgent need to build alternative systems to take care of the deficit in healthcare infrastructure. There is a need of building up investment in infrastructure and adequate training along with focus on improving the traditional systems of government and public hospitals. Affordable Indian health insurance policies provide financial cover for routine and critical illness. Although the affordable Indian health insurance sector is in its infancy, it has great growth prospects. In the insurance sector, the presence of an increasing number of private international players will prove beneficial. Most Indians are benefitted and covered by group insurance policies as these are typically sponsored by employers. IRDA Chairman has said that Indian health industry is a buoyant sector with lots of potential and scope for expansion. Requiring the third-party administrators 102
5 (TPAs) to build their IT systems and infrastructure for speedier claim processes, encouraging insurers to make their systems robust and embarking on wide consumer awareness programmes are the various measures undertaken by IRDA towards the growth of the health insurance in India. However, things are improving gradually. It is time to take major steps in bringing good health to all people. Affordable Indian health insurance policies cover hospitalization expenses including nursing, diagnostics and medicine costs. Most of these policies exclude healthcare expenses during the first month of the policy. Treatment expenses for certain diseases are also not covered in the first year span of the policy. These diseases are listed in the healthcare policy document. Some of the insurers offer reimbursement only for medical facilities that are availed at designated medical institutions. With increasing focus on healthcare and availability of several attractive plans by large number of players, health insurance coverage in India has picked up in recent times. Young professionals are also focusing on proper planning to take care of any future emergency. 103
This is a licensed product of AM Mindpower Solutions and should not be copied
1 TABLE OF CONTENTS 1. India Heath Insurance Industry Introduction 2. India Health Insurance Industry Size 2.1. By Premium Underwritten, FY 2006-2.2. By Number of Policies and Premium per Policy, FY 2010-3.
More informationQUESTIONNAIRE ON HEALTH INSURANCE
QUESTIONNAIRE ON HEALTH INSURANCE Section A Name : Tel No : Area of Residence : Locality : Urban/Rural (Constituency) 1. Age Group a) 18-30 b) 31-40 c) 41-50 d) 51-60 e) Above 60 2. Gender a) Male b) Female
More information12 things to look before you buy Health Insurance
12 things to look before you buy Health Insurance One of the biggest problems an indian investor faces today is to pick a health insurance policy for his family. With so many Insurance companies, so many
More informationWhile rating the features of the 16. Family Floater Health Insurance. Avail full benefits once you settle down. Ketchup BFSI Report
Ketchup BFSI Report Floater Insurance Avail full benefits once you settle down insurance is one of the largest growing sectors in the non-life insurance sector. Due to increasingly high medical costs and
More informationBooming Health Insurance in India
Brochure More information from http://www.researchandmarkets.com/reports/1211154/ Booming Health Insurance in India Description: In the Indian non-life insurance industry, health insurance is the second
More informationPrint. Disability Insurance Planning for Professionals. By Lawrence B. Keller and Harry R. Wigler
Page 1 of 6 Print Disability Insurance Planning for Professionals By Lawrence B. Keller and Harry R. Wigler DECEMBER 2007 - Doctors, lawyers, and other professional clients of CPAs often pay attention
More informationExplore New Roads Gap Medical. May Insurance Broker Meeting September 2015
Explore New Roads Gap Medical May Insurance Broker Meeting September 2015 1 Why Explore New Roads? The New Road Marketplace changes Broker opportunities Customer needs Timely solutions ACA unfolding Shrinking
More informationCHALLENGES AND OPPORTUNITIES FOR INDIAN MOTOR THIRD PARTY INSURANCE POOL
CHALLENGES AND OPPORTUNITIES FOR INDIAN MOTOR THIRD PARTY INSURANCE POOL INTRODUCTION Jagendra Kumar, Corporate Head, (Trg), Shriram Group Companies, Jaipur Indian Motor Third Party Insurance Pool (IMTPIP)
More informationHealth Insurance Industry in India
Brochure More information from http://www.researchandmarkets.com/reports/1195955/ Health Insurance Industry in India Description: The health insurance market covers very smaller part of the total population
More informationPlanning for Long-Term Care
long-term care insuranceo october 2014 2 The Reality of Living Longer 4 Why Should You Consider Long-Term Care Coverage? 7 Protecting Your Assets, As Well As Your Health Planning for Long-Term Care Summary
More informationProduct design and Pricing Issues in India. Rakesh Khandelwal
Health Savings Account Product design and Pricing Issues in India Biresh Giri Rakesh Khandelwal June 29, 2011 Agenda Agenda Health Savings Account (HSA) Consists of two benefit components: A traditional
More informationArchana Singh, Consumer Voice FSRG Group
BFSI Report Travel Are You Taking Precautions for Safe Travel? Travel insurance is increasingly on the international traveller s checklist. Imagine being in the dreamy meadows of Switzerland, only to wake
More informationLifeline Health Insurance Plans > Supreme. Health Insurance that works for you. Call 1860 425 0000 royalsundaram.in
Lifeline Health Insurance Plans > Supreme Health Insurance that works for you Call 1860 425 0000 royalsundaram.in LIFELINE PRODUCT BENEFITS BASELINE (1) (2) COVER Sum Insured (SI) INR Inpatient Care Pre
More informationPlanning for Long-Term Care
long-term care insurance october 2013 2 What is Long-Term Care? 4 Why Should You Consider Long-Term Care Coverage? 6 Protecting Your Assets, As Well As Your Health Planning for Long-Term Care summary the
More informationHealth Insurance business is doing reasonably well but it is largely coming from pure Health Insurance companies or Non-Life companies and the Life
Health Insurance business is doing reasonably well but it is largely coming from pure Health Insurance companies or Non-Life companies and the Life companies seem to be struggling in this space. Discuss
More informationAn Introduction to Long-Term Care Insurance
Manning & Napier Advisors, LLC An Introduction to Long-Term Care Insurance August 2011 Approved CAG-CM PUB026-R (10/11) Long-Term Care As people approach retirement, their insurance needs often change.
More informationL O N G T E R M C A R E. Safe. Sound. Secure.
L O N G T E R M Safe. C A R E I N S U R A N C E Sound. Secure. LONG TERM CARE Long term care is the care you receive when you cannot take care of yourself for an extended period of time. This care can
More informationHealth Insurance Policies
Standard Definitions of Terminology used in Health Insurance Policies PUBLISHED IN THE GUIDELINES ON STANDARDISATION IN HEALTH INSURANCE VIDE IRDA CIRCULAR NO: IRDA/HLT/CIR/036/02/2013 DATED 20.02.2013
More informationTHE ORIENTAL INSURANCE COMPANY LIMITED
THE ORIENTAL INSURANCE COMPANY LIMITED Regd. Office: ORIENTAL HOUSE, P.B. No. 7037, A-25/27, ASAF ALI ROAD, NEW DELHI - 110 002 PROPOSAL FORM FOR OVERSEAS MEDICLAIM- BUSINESS AND HOLIDAY (To be submitted
More informationLong-Term Care: Frequently Asked Questions About Long- Term Care Insurance
FACT SHEET LTC: FAQ s About Long-Term Care Insurance (H-003) p. 1 of 5 Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance Long-Term Care (LTC) insurance only pays for long-term
More informationCity of West University Place Summary of Employee Benefits
of West University Place Summary of Benefits Regular Status: If you successfully complete the provisional period you may become a regular full time employee. Work Week: 40 hour work week (fire personnel
More informationTo Download our Insurance Network List Click Here
We at BizWorld recommend HealthFirst-Cover more for you and your family to cover all the unexpected medical expenses and tragedy that might occur unplanned or planned. With HealthFirst-Cover More at your
More informationSubmission to the National Health and Hospitals Reform Commission (nhhrc).
Submission to the National Health and Hospitals Reform Commission (nhhrc). A New Health Savings Based System for Australia. A new health savings based system is proposed based on the best aspects of the
More informationAffordable Care Act (ACA) Health Insurance Exchanges and Medicaid Expansion
Affordable Care Act (ACA) Health Insurance Exchanges and Medicaid Expansion Table of Contents Expanded Coverage... 2 Health Insurance Exchanges... 3 Medicaid Expansion... 8 Novartis Pharmaceuticals Corporation
More informationVirginia. A guide for individuals and families. The health insurance benefits you want, at a cost you can afford
Virginia A guide for individuals and families CoventryOne is an individual product (for individuals and families) offered by Coventry Health Care, an Aetna company. The health insurance benefits you want,
More informationShort-Term Disability Insurance
Short-Term Disability Insurance Developed for the Employees of State of Tennessee, County of Shelby, Shelby County Government Protecting Your Family Securing Your Future As long as you've got your health.
More informationPresented By: Mark Kirby Senior Long-Term Care Insurance Specialist 888-532-8232 mkirby@ltcr.com
Activities of Daily Living: Bathing Transferring Toileting Eating Dressing Continence Cognitive Impairment: Dementia / Alzheimer s Reasoning Orientation Services Personal Care Homemaker Services Skilled
More informationAnswers to your questions about coverage from Standard Insurance Company
Voluntary Short Term Disability Insurance CITY & COUNTY OF DENVER Answers to your questions about coverage from Standard Insurance Company STANDARD Voluntary INSURANCE Short Term COMPANY Disability Insurance
More informationAG Accident Choice Plus SM
CLIENT Guide AG Accident Choice Plus SM Accidental Injury Insurance Did you know? More than 60% of all bankruptcies in America are medical-related. 1 About 1 out of every 9 Americans seek medical attention
More informationUniversity of British Columbia (the University) CUPE Local 2278 English Language Instructors
University of British Columbia (the University) CUPE Local 2278 English Language Instructors Contract Number 23218 Part G Effective January 1, 2008 Table of Contents Table of Contents General Information...1
More informationCritical Illness Health Insurance Claims - Reliance General Insurance
Critical Illness Health Insurance Claims - Reliance General Insurance http://www.reliancegeneral.co.in/insurance/health-insurance/critical-illness/claim-procedure-health-insurance.aspx Critical Illness
More informationThis glossary provides simple and straightforward definitions of key terms that are part of the health reform law.
This glossary provides simple and straightforward definitions of key terms that are part of the health reform law. A Affordable Care Act Also known as the ACA. A law that creates new options for people
More informationMEDICAID BUY-IN for Workers with Disabilities
MEDICAID BUY-IN for Workers with Disabilities April 15, 2014 1 Medicaid Buy-In for Workers with Disabilities Medicaid Buy-In Affordable health care coverage for people with disabilities who work and earn
More informationDisability. Short-Term Disability benefits. Long-Term Disability benefits
Your plan provides you with disability coverage that gives you and your family protection against some of the financial hardships that can occur if you become disabled or injured. The benefits include:
More informationLong-Term Disability Insurance
Long-Term Disability Insurance Developed for the Employees of Lake County Board of County Commissioners 817763 a 06/12 Protecting Your Family Securing Your Future As long as you've got your health. If
More informationYour Long-Term Care Insurance Benefits
Long-Term Care Long-Term Care Insurance can help you or an eligible family member pay for costly Long-Term Care assistance when you can no longer function independently. For more information on See Page
More informationX International Conference on Wearable Micro and Nano Technologies for Personalized Health Tallinn, Swissôtel, June 26 28, 2013
Electronic Data Enablers for Quality Care and Personalized Perspective of Estonian Insurance Fund Tanel Ross, Chairman of the Management Board, Estonian Insurance Fund Thursday, June 27 Ladies and gentlemen,
More informationGROUP DISABILITY INSURANCE
GROUP DISABILITY INSURANCE GROUP DISABILITY INSURANCE GROUP DISABILITY INSURANCE for New Employees of for New Employees of FLORIDA ATLANTIC UNIVERSITY FLORIDA ATLANTIC UNIVERSITY Underwritten by: Standard
More informationHHS Final Rule on Transitional Reinsurance Fee Adds to Employer Costs
HHS Final Rule on Transitional Reinsurance Fee Adds to Employer Costs March 2013 A transitional reinsurance fee is being added to the penalties and taxes imposed on employers and their fully insured and
More informationFacts About Long-Term Care Insurance In Virginia
1-877-310-6560 www.scc.virginia.gov/division/boi/index.htm Facts About Long-Term Care Insurance In Virginia Shop Carefully and Avoid Pitfalls Long-term care insurance is designed to assist individuals
More information5. Defined Benefit and Defined Contribution Plans: Understanding the Differences
5. Defined Benefit and Defined Contribution Plans: Understanding the Differences Introduction Both defined benefit and defined contribution pension plans offer various advantages to employers and employees.
More informationWORKPLACE INJURY INSURANCE: Worker s Handbook
WORKPLACE INJURY INSURANCE: Worker s Handbook A GUIDE TO YOUR WORKERS COMPENSATION INSURANCE The following information is provided as a basic guide to your Workers Compensation Insurance. For more complete
More informationICICI LOMBARD GENERAL
Group Health Insurance Policy ICICI LOMBARD GENERAL INSURANCE CO LTD. TRAVELEX INDIA PVT LTD 1 ST JAN 2013 to 31 st Dec 2013. 1 of 14 Contents Terminology. Scope of coverage. Policy terms and conditions.
More information2016 Medicare Supplement Insurance Plans
Mutual of Omaha Insurance Company 2016 Medicare Supplement Insurance Plans We ve got you covered. Go Play! 105831 Policy Forms MM20-21669 Plan A, MM21-21670 Plan B, MM22-22407 Plan C, MM23-22408 Plan D,
More informationUnified Health One. Guaranteed Issue and Instant Fulfillment
Unified Health One Limited Benefit Health Insurance Plans For Individuals and Families 00% Guaranteed Coverage for Individuals and Families Who Cannot Afford or Qualify for Full Comprehensive Medical Plans
More informationGROUP DISABILITY INSURANCE UNIVERSITY OF SOUTH FLORIDA
GROUP DISABILITY INSURANCE WITH MEDICAL HISTORY STATEMENT GROUP DISABILITY INSURANCE (to WITH be used MEDICAL during non-open HISTORY enrollment STATEMENT periods) (to be used during non-open enrollment
More informationWhat types of benefits are available in a long term care policy or certificate?
What is long term care? Long term care encompasses a wide range of medical, personal and social services. People may need this care if they suffer from prolonged illness, disability or cognitive impairment.
More informationwww.investacc.co.in Personal Health Insurance We take smarter care of your risk So you can take better care of your finances.
www.investacc.co.in Personal Health Insurance We take smarter care of your risk So you can take better care of your finances. Why Investacc? A partnership providing the expertise you need. The coverage
More informationU.S. Senate Finance Committee Hearing on Health Insurance Market Reform
U.S. Senate Finance Committee Hearing on Health Insurance Market Reform Testimony of Pam MacEwan Executive Vice President, Public Affairs and Governance Group Health Cooperative September 23, 2008 Washington,
More informationConsensus Principles for Health Care Delivery
Consensus Principles for Health Care Delivery TABLE OF CONTENTS Consensus Principle for Healthcare Delivery... 3 Responsibilities of Various Parties to the Health Care System... 4 Individuals and Families...
More informationHealth Insurance. INSURANCE FACTS for Pennsylvania Consumers. A Consumer s Guide to. 1-877-881-6388 Toll-free Automated Consumer Line
INSURANCE FACTS for Pennsylvania Consumers A Consumer s Guide to Health Insurance 1-877-881-6388 Toll-free Automated Consumer Line www.insurance.pa.gov Pennsylvania Insurance Department Website Increases
More informationExtend Health. New Health Coverage with More Choices
Extend Health New Health Coverage with More Choices Get ready for a new approach to health coverage with more flexibility to choose a plan that fits your needs. Effective January 1, 2013, health care benefits
More informationA Study on Growth Impact of General Insurance Companies, Period 2007 2011
Volume 2 Issue 2 (May 2013 Issue A Study on Growth Impact of General Insurance Companies, Period 2007 2011 Neha Jain 1, Dr. R. k. Shrivastava 2 1 Associate Professor, Mathematics Jims, Vasant Kunj, New
More informationFrequently Asked Questions About Our Preventative Care Offering
Frequently Asked Questions About Our Preventative Care Offering Q: What is different in the Preventative Care service that I would not get in the Traditional service? Time, access, and focus on healthy
More informationSOCIAL SECURITY AND PENSIONS IN INDIA
SOCIAL SECURITY AND PENSIONS IN INDIA PRESENTATION APRIL 2-3, 2003 COLOMBO (SRI LANKA) U.KSINHA MINISTRY OF FINANCE, GOI, NEW DELHI FRAMEWORK OF THE PRESENTATION BASIC FACTS ON INDIAN ECONOMY COMPONENTS
More informationNew Patient Visit. UnitedHealthcare Medicare Reimbursement Policy Committee
New Patient Visit Policy Number NPV04242013RP Approved By UnitedHealthcare Medicare Committee Current Approval Date 12/16/2015 IMPORTANT NOTE ABOUT THIS REIMBURSEMENT POLICY This policy is applicable to
More informationNorth Carolina Institute for Early Childhood Professional Development HEALTH INSURANCE: INFORMATION AND TIPS FOR CHILD CARE EMPLOYEES AND EMPLOYERS
North Carolina Institute for Early Childhood Professional Development HEALTH INSURANCE: INFORMATION AND TIPS FOR CHILD CARE EMPLOYEES AND EMPLOYERS Often times in the early care and education field we
More informationVoluntary Long Term Disability Insurance
Voluntary Long Term Disability Insurance For Government of the District of Columbia Employees Answers To Your Questions About Coverage From Standard Insurance Company About This Booklet This booklet is
More informationGROUP MEDICARE SUPPLEMENT PLANS. S5753_081213_GB03_MN Internal Approval 08/13/2013
2014 GROUP MEDICARE SUPPLEMENT PLANS S5753_081213_GB03_MN Internal Approval 08/13/2013 CREATE A HEALTHIER ORGANIZATION. Your employees are your organization s most valuable asset. As they retire, you want
More informationAny credit balance from the initial payment on the account will be applied on the following month s statement.
Friendship Health Payment and Insurance Policies RATES All prevailing room rates and charges for supplemental services or supplies are made available to you at Friendship. Prevailing room charges may be
More informationHow super works. MySuper. Member Booklet Supplement. 1 July 2015
Member Booklet Supplement How super works July 205 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: Employer Sponsored members dated
More informationTMAIT Insurance Guides for Physicians. Long-term Disability Insurance
TMAIT Insurance Guides for Physicians Long-term Disability Insurance TMAIT Insurance Guides The TMAIT Insurance Guides are intended to help physicians make sound insurance decisions for themselves and
More informationA CONSUMERS GUIDE TO INDIVIDUAL HEALTH INSURANCE IN ARIZONA
A CONSUMERS GUIDE TO INDIVIDUAL HEALTH INSURANCE IN ARIZONA Published by the Arizona Department of Insurance Janet Napolitano, Governor Charles R. Cohen, Director of Insurance August 2003 1 Table of Contents
More informationLONG TERM CARE INSURANCE IS NOT FOR THE ELDERLY!
LONG TERM CARE INSURANCE IS NOT FOR THE ELDERLY! What s that you say? Long Term Care insurance (LTCi) is NOT for the elderly?! Did you know that over 45% of all claims for Long Term Care are for people
More informationHealth Net Life Insurance Company Medicare Supplement Plan Policy/Certificate PLAN G
Health Net Life Insurance Company Medicare Supplement Plan Policy/Certificate PLAN G EOC ID: 432814 Table of Contents NOTICE TO BUYER:... 5 TERM, RENEWABILITY AND CONTINUATION PROVISIONS... 5 COVERED
More informationYour Disability Plan Handbook...
due benefits. End of Definition of Disability Tax Information Insurance Premiums Thrift Plan Flexible Spending Reductions Rehabilitation & Vocational Training Return-to-work Incentives Appeal Process Notification
More informationLPL Insurance associates. Guide to Long-Term Care Insurance
Guide to Long-Term Care Insurance Long-term care insurance can be confusing, no matter who you are, especially if you don t know who to turn to for expert advice. The decision to purchase long-term care
More informationHealth Options Program
Pennsylvania Public School Employees Retirement System (PSERS) Health Options Program 2016 The HOP Pre-65 Medical Plan The Program Offers Many Advantages! PSERS sponsors the for the sole benefit of PSERS
More informationGreat American Life. Fixed Annuity with Long-Term Care Rider B1044306NW
Great American Life Long-Term Care Annuity SM Fixed Annuity with Long-Term Care Rider B1044306NW Building Lifestyle Security At Great American Life Insurance Company, we concentrate on one very important
More informationHitachi Data Systems Deferred Compensation Plan II - Sales
Hitachi Data Systems Deferred Compensation Plan II - Sales Introduction Plan Overview Deferrals to the Plan Benefits Available Investment Measurement Options Benefit Payments Summary of Plan Provisions
More informationEducator Benefits Solutions
Educator Benefits Solutions Your employees deserve an affordable choice when it comes to income protection Educator Benefits Solutions provides three different coverage options to choose from and make
More informationIf you decide to retire or have been laid off from your job before you turn 65 and you are not yet eligible for Medicare, what do you do?
CONTENTS Health Insurance Considerations for Empty Nesters Medicare Considerations Long-Term Care Insurance Considerations Health Insurance Considerations for All Life Situations Disability Insurance Considerations
More informationHealth Insurance. Is your insurance company listening to you? Handbook on
Is your insurance company listening to you? If your complaints have not been addressed by your insurance company, please contact to register your complaints and track their status or you may email us at
More informationBENEFITS OUTLINE. An introduction to the valuable benefits available to new and prospective regular employees of the Research Foundation for SUNY
BENEFITS OUTLINE An introduction to the valuable benefits available to new and prospective regular employees of the Research Foundation for SUNY HEALTH CARE Health Care The RF Health Care plan features
More informationVoluntary Short-Term Disability Insurance
Voluntary Short-Term Disability Insurance 817763 a 06/12 Developed for the Employees of Marion County - Oregon Protecting Your Family Securing Your Future As long as you've got your health. If you're physically
More informationComparative Study of Health Insurance Systems in Various Countries
2015; 2(1): 122-127 IJMRD 2015; 2(1): 122-127 www.allsubjectjournal.com Received: 20-12-2014 Accepted: 05-01-2015 e-issn: 2349-4182 p-issn: 2349-5979 Impact Factor: 3.762 Ashish Kumar Research Scholar,
More informationHealth Insurance. A Small Business Guide. New York State Insurance Department
Health Insurance A Small Business Guide New York State Insurance Department Health Insurance A Small Business Guide The Key Health insurance is a key benefit of employment. Most organizations with more
More informationImportant Issues on Ageing in India Recommendations To Planning Commission- Will social improvements for elderly grow by 8 %?
Important Issues on Ageing in India Recommendations To Planning Commission- Will social improvements for elderly grow by 8 %? HELPAGE INDIA Comparative Demographic Facts 25 21 21 20 % 15 10 8 12 India
More informationYou can use life insurance
Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals
More informationLong Term Disability Insurance
Long Term Disability Insurance This subsection summarizes the group Long Term Disability Insurance plan available through PEBB. It is a summary only. For full details, see the Certificate of Insurance
More information2019 Healthcare That Works for All
2019 Healthcare That Works for All This paper is one of a series describing what a decade of successful change in healthcare could look like in 2019. Each paper focuses on one aspect of healthcare. To
More informationASO. BlueCross BlueShield of Oregon HOW AN ADMINISTRATIVE SERVICES ONLY (ASO) PLAN CAN WORK FOR YOU AN INTRODUCTION FOR GROUPS OF 51-99 MT HOOD
BlueCross BlueShield of Oregon ASO HOW AN ADMINISTRATIVE SERVICES ONLY (ASO) PLAN CAN WORK FOR YOU AN INTRODUCTION FOR GROUPS OF 51-99 Regence BlueCross BlueShield of Oregon is an Independent Licensee
More informationBenefits Summary for UAB Hospital Management LLC Employees www.uab.edu/benefits
Benefits Summary for UAB Hospital Management LLC www.uab.edu/benefits HUMAN RESOURCE MANAGEMENT Health Care, Dental, and Vision Plans For new employees, coverage under UAB s group health care, dental,
More informationUnderstanding the Variations in Long-term Care and Chronic Illness Riders
Understanding the Variations in Long-term Care and Chronic Illness Riders Shawn Britt, CLU, CLTC Director, Advanced Consulting Group Nationwide America is aging. The Baby Boomer generation - once our nation
More informationConsider Alternative Solutions if:
Alternative Solutions is a group association fixed indemnity health insurance plan underwritten by Madison National Life Insurance Company, Inc., a Wisconsin insurance company. Madison National Life is
More informationUS ARMY NAF EMPLOYEE LONG TERM CARE INSURANCE
US ARMY NAF EMPLOYEE LONG TERM CARE INSURANCE INTRODUCTION This booklet is published by the US Army NAF Employee Benefits Office. It is intended to provide you with useful information about the US Army
More informationA study on Awareness of Health Insurance among people with special reference to Rajasthan (India)
A study on Awareness of Health Insurance among people with special reference to Rajasthan (India) Sonal Kala Research Scholar Department of Accountancy & Business Statistics University of Rajasthan, Jaipur
More informationHealth Insurance. INSURANCE FACTS for Pennsylvania Consumers. A Consumer s Guide to. 1-877-881-6388 Toll-free Automated Consumer Line
INSURANCE FACTS for Pennsylvania Consumers A Consumer s Guide to Health Insurance 1-877-881-6388 Toll-free Automated Consumer Line www.insurance.state.pa.us Pennsylvania Insurance Department Website Increases
More informationLong Term Disability Insurance FOR EMPLOYEES OF THE UNIVERSITY OF NEW MEXICO
Long Term Disability Insurance FOR EMPLOYEES OF THE UNIVERSITY OF NEW MEXICO Answers to your questions about coverage from Standard Insurance Company STANDARD INSURANCE COMPANY About This Booklet This
More informationHealth Plan Comparison
Freedom. Choice. Flexibility. For Agent Use Only Health Plan Comparison Starmark Signature Plans Starmark Consumer Health Plans Fully insured health plans specifically for small businesses. Flexible plan
More informationUnderstanding Medicare Fundamentals
Understanding Medicare Fundamentals A Healthcare Cost Planning Overview By Mark J. Snodgrass & Pamela K. Edinger JD July 7, 2012 Money Tree Software, Ltd. 2430 NW Professional Dr. Corvallis, OR 98330 2012
More informationLIC s Jeevan Tarang Table No. 178
LIC s Jeevan Tarang Table No. 178 Benefit Illustration: INTRODUCTION: This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the
More informationAssurant Employee Benefits Link
Assurant Employee Benefits Link Group DISABILITY Short-Term Disability Insurance Assurant Employee Benefits * Link coverage can provide financial protection to your employees when a disability strikes.
More informationHealth Insurance Policy Holders Perception towards Public Sector Health Insurers in Erode District Of Tamil Nadu
Health Insurance Policy Holders Perception towards Public Sector Health Insurers in Erode District Of Tamil Nadu P.Saravana Kumar, Assistant Professor & Head, Dept. of M.Com(CA), Sri Vasavi College(SF),Erode.
More informationHealth net S. Your health, your finances, your decision. HSA: Health Savings Account
Health net S HSA PROGRAM Your health, your finances, your decision. HSA: Health Savings Account A plan ahead Do you contribute to an IRA or a 401(k)? If so, you ve already made a good decision to plan
More informationFREQUENTLY ASKED QUESTIONS: EMPLOYER MEDICAL OBLIGATIONS FOR FOREIGN WORKERS S PASS HOLDERS
FREQUENTLY ASKED QUESTIONS: EMPLOYER MEDICAL OBLIGATIONS FOR FOREIGN WORKERS S PASS HOLDERS (I) Q1 A1 Medical Obligations under Employment of Foreign Manpower Act What are the medical obligations of employers
More informationHealth Savings Accounts (HSA)
What is a Health Savings Account? Health Savings Accounts (HSAs) were created so that individuals covered by qualified highdeductible health plans could receive tax-preferred treatment for money saved
More informationThe unbelievable health plan.
The unbelievable health plan. Unbelievable RESTORE BENEFIT Apollo Munich introduces a first of its kind, unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it
More informationTIAA 2016 Benefits AT A GLANCE
TIAA 2016 Benefits AT A GLANCE TIAA is committed to making financial well-being possible for its clients, and the company is equally committed to the well-being of its employees. That s why we offer a
More informationLong-Term Disability Insurance
Long-Term Disability Insurance Developed for the Employees of City of Colorado Springs (Employees with less than 5 years of PERA Service) (City Council Members) How This Program Protects You If you suffer
More information