Saturday, 29 March 2008
Massachusetts health insurance law unconstitutional
Two legal expert opinions in the Los Angeles Times conclude that the law requiring residents of Massachusetts to have health insurance is probably unconstitutional. No constitutional challenge has yet been brought to the courts but, if challenged, this approach would likley be struck down. Karl Manheim, law professor at Loyola Law School and Jamie Court of the Consumer Watchdog explain the legal difference between required auto insurance, which is constitutionally legal, and required health insurance which is not.
Uninsured in New Mexico
In New Mexico, the rate of uninsured is about 21% of the state population; significantly higher than the national average. State officials believe that a majority of the uninsured qualify for a cost-subsidized insurance plan that may cost about $35 per person per month. State administrators presume that many people do not know that they are eligible for coverage. Most of those who do not qualify for the cost-subsidized program are eligible for a number of commercial health insurance plans that cost less than $200 per person per month. Some of the short term medical insurance plans are more appropriate for season workers and the supplemental insurance plans are more likely to encourage basic and preventative health care visits because they require no deductible or co-pay. MedSave.com hosts a listing of low cost health insurance plans available in New Mexico.
We have long believed that consumer education campaigns are the most cost-effective method of reducing the number of uninsured in the United States. In New Mexico, however, the issue may be complicated by language and cultural barriers, as well as the requirement to prove citizenship for the cost-subsidized plans. (Commercial health insurance does not require citizenship but is usually more expensive than the state plan).
We have long believed that consumer education campaigns are the most cost-effective method of reducing the number of uninsured in the United States. In New Mexico, however, the issue may be complicated by language and cultural barriers, as well as the requirement to prove citizenship for the cost-subsidized plans. (Commercial health insurance does not require citizenship but is usually more expensive than the state plan).
Wednesday, 26 March 2008
Americans Oppose Health Insurance Restrictions
Americans are calling for reforms in the health care system but increasingly want health insurance to be left as a free market system. In contrast, the largest portion of legislative initiatives throughout the country focuses on revising and restricting health insurance and leaves the rest of the health care system unchanged. Public opinion, at least judged by the trend of opinions posted on many news Web sites, shows increasing awareness of the distinction and intolerance of this political approach. The pattern of failures of legislative actions aimed at addressing health care costs - ranging from Health Savings Accounts to universal health insurance in Massachusetts – underscore the fact that addressing health insurance laws will not solve the health care crisis. Americans want to address the real underlying causes of high health care costs and want health insurance to remain an open market system with a range of individual choices.
A new survey called “2008 Health Care for America Survey” sponsored by the AFL-CIO of 260,000 mostly middle income respondents showed that one third of Americans skipped needed health care because of the high cost. The decision does not appear to be connected to whether or not they had health insurance. This is in contradiction to the primary arguments for universal health insurance.
This week’s U.S. News and World Reports (3/25/08) says “"There is a lot of data that suggests that those who do have private health-care coverage are very satisfied," said (the executive vice President of Americans Health Insurance Plans). One survey found that "87 percent of respondents with private insurance said their health-care coverage gives access to good medical care at an affordable cost".
This blog covers reports on many of the state reform proposals as reported by various media and we find that an increasing number of commentators are in tune with the theme “keep the government out of health care” and “let a market economy prevail in health insurance”. Writers in online forums are increasingly concerned that pending or proposed legislation may restrict access to low cost health insurance plans like short term medical insurance and supplemental limited benefit health insurance that are now available through cost-conscious consumer Web sites like MedSave.com.
One of the well-phrased comments in this theme was published today in The Cente Times newspaper quoting Keith Richardson, 46, of Clarion, Pennsylvania; pastor of the First Baptist Church of Clarion running for the 5th Congressional District. “We have to look to the root causes for increases in medical costs, such as lawsuit abuse and excessive governmental intervention. I’d seek reforms that curb lawsuit abuse, such as capping punitive damages in most cases, or making plaintiffs in frivolous suits responsible for costs. I’d oppose any attempts to nationalize health care insurance. Free-market, private- sector forces are key to efficient and competitive health care and insurance systems. More government involvement means higher costs, greater waste, lower efficiency and reduced quality of health care. Just ask anyone from Canada who gladly pays extra to get health care in the U.S.” Based on recent trends of published opinions on the topic of health care reform, we beleive Mr. Richardson's position now represents the general opinion of the majority of Americans.
Although we see a lack of confidence in the U.S. health care system overall, there is growing indication that Americans oppose the increased regulation of health insurance as a solution to the problem.
A new survey called “2008 Health Care for America Survey” sponsored by the AFL-CIO of 260,000 mostly middle income respondents showed that one third of Americans skipped needed health care because of the high cost. The decision does not appear to be connected to whether or not they had health insurance. This is in contradiction to the primary arguments for universal health insurance.
This week’s U.S. News and World Reports (3/25/08) says “"There is a lot of data that suggests that those who do have private health-care coverage are very satisfied," said (the executive vice President of Americans Health Insurance Plans). One survey found that "87 percent of respondents with private insurance said their health-care coverage gives access to good medical care at an affordable cost".
This blog covers reports on many of the state reform proposals as reported by various media and we find that an increasing number of commentators are in tune with the theme “keep the government out of health care” and “let a market economy prevail in health insurance”. Writers in online forums are increasingly concerned that pending or proposed legislation may restrict access to low cost health insurance plans like short term medical insurance and supplemental limited benefit health insurance that are now available through cost-conscious consumer Web sites like MedSave.com.
One of the well-phrased comments in this theme was published today in The Cente Times newspaper quoting Keith Richardson, 46, of Clarion, Pennsylvania; pastor of the First Baptist Church of Clarion running for the 5th Congressional District. “We have to look to the root causes for increases in medical costs, such as lawsuit abuse and excessive governmental intervention. I’d seek reforms that curb lawsuit abuse, such as capping punitive damages in most cases, or making plaintiffs in frivolous suits responsible for costs. I’d oppose any attempts to nationalize health care insurance. Free-market, private- sector forces are key to efficient and competitive health care and insurance systems. More government involvement means higher costs, greater waste, lower efficiency and reduced quality of health care. Just ask anyone from Canada who gladly pays extra to get health care in the U.S.” Based on recent trends of published opinions on the topic of health care reform, we beleive Mr. Richardson's position now represents the general opinion of the majority of Americans.
Although we see a lack of confidence in the U.S. health care system overall, there is growing indication that Americans oppose the increased regulation of health insurance as a solution to the problem.
Tuesday, 25 March 2008
New India starts sale in health insurance by offering 5% to 10% discount
Various Insurance companies increased the premium by following each other.There has been heartburn and criticism in blogs,press & electronic media.Even IRDA had to issue the instructions in this regard.
It is nice to know that New India has announced the following discount structure for those going in for renewal of the policy without making any claim in the current year.
Mumbai 10%
Delhi/Bangalore 7.5%
Rest of India 5%
We feel there is scope in management of the hospital expenses,negotiating for rates for surgeries,going in for special rates for the rooms/icu's. Let GIC(General Insurance Council) play a leading role in bringing down the hospital expenses and pass on the benefit to clients/customers.
Let IIM or ISB be given the assignment to undertake the study /research paper on the profitability of the hospitals/ loss of Insurance co's so that corrective steps can be initiated.
It is nice to know that New India has announced the following discount structure for those going in for renewal of the policy without making any claim in the current year.
Mumbai 10%
Delhi/Bangalore 7.5%
Rest of India 5%
We feel there is scope in management of the hospital expenses,negotiating for rates for surgeries,going in for special rates for the rooms/icu's. Let GIC(General Insurance Council) play a leading role in bringing down the hospital expenses and pass on the benefit to clients/customers.
Let IIM or ISB be given the assignment to undertake the study /research paper on the profitability of the hospitals/ loss of Insurance co's so that corrective steps can be initiated.
Sunday, 23 March 2008
health insurance help for college students
An article in the 3/23/08 Pittsburgh Post Gazette says that some students at one Pennsylvania community college are staying in school just for the health insurance and not really pursuing an education. Since Pennsylvania has most affordable health insurance options than almost any other state, wouldn’t it make sense for the school to promote the use of free services like OnlineAdviser at MedSave.com that specializes in matching people up with the best health low cost insurance plan?
Student health insurance costs from $600 a year for a healthy student on a popular short term plan like American Health Shield to about $3,000 per year for a person on a group plan. There are cost-subsidized plans for low income applicant that cost even less. Most healthy Pennsylvania college students simply enroll in least expensive major medical plan they can find like those listed at www.short-term-medical-insurance.com on a semester-to-semester basis but there are a wider range of choices for students with special insurance needs. But even in the worst case, that’s more than the cost of tuition for a student who isn’t really interested in the course of study.
Additional resources for students:
Student Health Insurance Tips
Health Insurance Options for Graduating Students
MedSave.com Expands Support for Graduating Students
See more at http://www.medsave.com/articles.htm
Student health insurance costs from $600 a year for a healthy student on a popular short term plan like American Health Shield to about $3,000 per year for a person on a group plan. There are cost-subsidized plans for low income applicant that cost even less. Most healthy Pennsylvania college students simply enroll in least expensive major medical plan they can find like those listed at www.short-term-medical-insurance.com on a semester-to-semester basis but there are a wider range of choices for students with special insurance needs. But even in the worst case, that’s more than the cost of tuition for a student who isn’t really interested in the course of study.
Additional resources for students:
Student Health Insurance Tips
Health Insurance Options for Graduating Students
MedSave.com Expands Support for Graduating Students
See more at http://www.medsave.com/articles.htm
Saturday, 22 March 2008
Massachusetts wrestles with underfunded health plan
Massachusetts is now kicking some members out of the state health insurance pool citing the costs were “significantly more” than expected. People enrolled in the health plan pay only part of the cost and the rest is paid by the state. Participants contribution varies according to income. Both the state’s cost and the enrollees premiums are expected to rise more than 10% this year. Those removed from the price-subsidized state plan will be required to purchase commercial medical insurance. Few of the least expensive commercial health insurance plans are available in Massachusetts according to MedSave.com, a national leader in affordable health insurance.
The situation will only get worse since the plan does not have adequate protections against over-utilization. In time, health care inflation in Massachusetts will likely exceed national averages. New Jersey, California and other states looking to enact universal health care – note that Massachusetts-style is not the way to do it.
http://www.boston.com/news/local/articles/2008/03/21/state_health_plan_underfunded/
The situation will only get worse since the plan does not have adequate protections against over-utilization. In time, health care inflation in Massachusetts will likely exceed national averages. New Jersey, California and other states looking to enact universal health care – note that Massachusetts-style is not the way to do it.
http://www.boston.com/news/local/articles/2008/03/21/state_health_plan_underfunded/
Friday, 21 March 2008
Wall Street feels the effect of insurance laws
Another wave of Wall Street workers will be looking for new jobs in the wake of the Bear Sterns takeover this week. The Wall Street Journal reported that Bear Stern employees expect further downsizing in coming months. J.P. Morgan Chase expects to layoff additional employees this week after releasing about 6% of its work in November 2007. Lehman Brothers, Morgan Stanley and Citicorp have also recently released employees. Despite the high income stereotype of Wall Street, not all of these people can afford a layoff. Many of these workers live paycheck to paycheck, just as in other industries. Our article “Surviving a Layoff” with practical tips on basic financial planning during a job change is accessed as often by Wall Street area workers as in any other part of the country.
In addition to the challenge of making ends meet without a paycheck, these employees now face the added cost of paying for their own health benefits until they land another position with employer-paid health care. These employees have the choice of keeping their existing health plan through COBRA or enrolling in alternate coverage.
Most of the lower paid Wall Street workers living in New York State or New Jersey will find few affordable health insurance alternatives due to restrictive insurance laws in those states. The simple and inexpensive type of short term medical insurance used to fill gaps between jobs is not available in either New York or New Jersey. COBRA coverage and similar alternatives are expensive – more than $1,200 per month for any type of family coverage. Those who opt to go without any coverage may compound the problem by triggering a little-known provision in federal law that requires them to satisfy a new six month waiting period even after their new employer-provider health insurance is in effect.
A smaller number of Wall Street executives commute to the city from distant suburbs. Residents of Connecticut, Rhode Island and Pennsylvania will have it easier during their layoff. Not only will these workers get a temporary reprieve from the daily commute to Manhattan, they will also find that there home state of residence makes a wide range of temporary health insurance options available at a fraction of the price paid by their NJ and NY neighbors. Web sites like MedSave.com list high quality short term major medical plans on a state by state basis. The cost is under $400 per month for family coverage in most parts of the country – a manageable issue for most households.
The difference in the cost of health insurance - $400 vs. $1,200 – means a whole lot more when you are out of work and trying to make ends meet until the next secure job comes along. We believe that is past time to tell the legislatures in New York and New Jersey that their residents need the same options as their neighbors in surrounding states.
In addition to the challenge of making ends meet without a paycheck, these employees now face the added cost of paying for their own health benefits until they land another position with employer-paid health care. These employees have the choice of keeping their existing health plan through COBRA or enrolling in alternate coverage.
Most of the lower paid Wall Street workers living in New York State or New Jersey will find few affordable health insurance alternatives due to restrictive insurance laws in those states. The simple and inexpensive type of short term medical insurance used to fill gaps between jobs is not available in either New York or New Jersey. COBRA coverage and similar alternatives are expensive – more than $1,200 per month for any type of family coverage. Those who opt to go without any coverage may compound the problem by triggering a little-known provision in federal law that requires them to satisfy a new six month waiting period even after their new employer-provider health insurance is in effect.
A smaller number of Wall Street executives commute to the city from distant suburbs. Residents of Connecticut, Rhode Island and Pennsylvania will have it easier during their layoff. Not only will these workers get a temporary reprieve from the daily commute to Manhattan, they will also find that there home state of residence makes a wide range of temporary health insurance options available at a fraction of the price paid by their NJ and NY neighbors. Web sites like MedSave.com list high quality short term major medical plans on a state by state basis. The cost is under $400 per month for family coverage in most parts of the country – a manageable issue for most households.
The difference in the cost of health insurance - $400 vs. $1,200 – means a whole lot more when you are out of work and trying to make ends meet until the next secure job comes along. We believe that is past time to tell the legislatures in New York and New Jersey that their residents need the same options as their neighbors in surrounding states.
Utah health insurance reform
MedSave.com supports these health care reform bills that were signed by the Utah’s governor this week:
* HB47 authorizes the Utah Department of Health to adopt standards for the electronic exchange of medical records.
* HB326 allocates almost $5 million over two years to ensure Utah's Children Health Insurance Program (CHIP) will cover all eligible children who apply. In the past, kids have been turned away because of lack of money.
* HB364 requires state departments of Education, Health and Workforce Services to promote enrollment in CHIP, Medicaid and another state program that subsidizes private insurance.
* HB301 requires the insurance industry to cover more people who were previously considered uninsurable.
The currently available and affordable short term medical insurance plans will continue to be available, as well as expended eligibility for the more expensive universal health insurance plans.
* HB47 authorizes the Utah Department of Health to adopt standards for the electronic exchange of medical records.
* HB326 allocates almost $5 million over two years to ensure Utah's Children Health Insurance Program (CHIP) will cover all eligible children who apply. In the past, kids have been turned away because of lack of money.
* HB364 requires state departments of Education, Health and Workforce Services to promote enrollment in CHIP, Medicaid and another state program that subsidizes private insurance.
* HB301 requires the insurance industry to cover more people who were previously considered uninsurable.
The currently available and affordable short term medical insurance plans will continue to be available, as well as expended eligibility for the more expensive universal health insurance plans.
Wednesday, 19 March 2008
IRDA ASKS PSUS NOT TO FORCE ELDERS TO SWITCH TO NEW HEALTH PLANS Mumbai, March 17, 2008The Economic Times (Delhi edition) The Times of India (Delhi edition)
Insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked state-owned insurance companies not to force senior citizens to switch to a new health insurance plan with lower benefits at the time of renewal of policies. The regulator has reiterated that insurers cannot raise rates on mediclaim policies by more than 50-75% of the previous year’s premium, following an adverse claims experience. With complaints pouring in from senior citizens, the regulator has set up a special cell to look into their complaints. The regulator has appointed R Srinivasan as officer on special duty, in charge of the cell based at IRDA’s Hyderabad office. Senior citizens who have problems with their mediclaim renewal can contact this special cell. The IRDA panel on health insurance issues faced by senior citizens mooted the idea. Senior citizens’ association has been clamouring for a special cell, given that health insurance accounts for over 15% of non-life premium. The IRDA panel had also recommended a health insurance pool under the aegis of IRDA to take over high risks cases, including the ones whose renewal premium is hiked by over 40%. A similar pool exists for motor third-party liability insurance. IRDA is yet to take a view on the pool for rejected health insurance covers. Incidentally, the regulator had put a similar cap on rates for third-party liability insurance a couple of years ago, even after it was decided to increase rates by over 100%. In a circular to public sector insurance companies, the regulator said that PSUs have already revised the premium rates in respect of mediclaim policies in April 2007. “The authority received several complaints from senior citizens that renewal premiums charged to them were exorbitant. The authority, therefore, advised all the public sector general insurance companies that: The loading of premiums if justified for renewals of mediclaim policies issued to senior citizens shall not exceed 50-75% of the premiums charged prior to the revision.” IRDA has also said, “Senior citizens shall not be compelled by the insurance companies to migrate to other health insurance products, if it is to the disadvantage of senior citizens. The above instructions are applicable to renewal cases only. The authority has now created a separate cell to attend to the grievances of senior citizens in respect of non-renewals or exorbitant increases in premium of mediclaim policies of public sector general insurance companies,” the circular said.
Insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked state-owned insurance companies not to force senior citizens to switch to a new health insurance plan with lower benefits at the time of renewal of policies. The regulator has reiterated that insurers cannot raise rates on mediclaim policies by more than 50-75% of the previous year’s premium, following an adverse claims experience. With complaints pouring in from senior citizens, the regulator has set up a special cell to look into their complaints. The regulator has appointed R Srinivasan as officer on special duty, in charge of the cell based at IRDA’s Hyderabad office. Senior citizens who have problems with their mediclaim renewal can contact this special cell. The IRDA panel on health insurance issues faced by senior citizens mooted the idea. Senior citizens’ association has been clamouring for a special cell, given that health insurance accounts for over 15% of non-life premium. The IRDA panel had also recommended a health insurance pool under the aegis of IRDA to take over high risks cases, including the ones whose renewal premium is hiked by over 40%. A similar pool exists for motor third-party liability insurance. IRDA is yet to take a view on the pool for rejected health insurance covers. Incidentally, the regulator had put a similar cap on rates for third-party liability insurance a couple of years ago, even after it was decided to increase rates by over 100%. In a circular to public sector insurance companies, the regulator said that PSUs have already revised the premium rates in respect of mediclaim policies in April 2007. “The authority received several complaints from senior citizens that renewal premiums charged to them were exorbitant. The authority, therefore, advised all the public sector general insurance companies that: The loading of premiums if justified for renewals of mediclaim policies issued to senior citizens shall not exceed 50-75% of the premiums charged prior to the revision.” IRDA has also said, “Senior citizens shall not be compelled by the insurance companies to migrate to other health insurance products, if it is to the disadvantage of senior citizens. The above instructions are applicable to renewal cases only. The authority has now created a separate cell to attend to the grievances of senior citizens in respect of non-renewals or exorbitant increases in premium of mediclaim policies of public sector general insurance companies,” the circular said.
PA health insurance reform
A message to Pennsylvania Governor Ed Rendell: Making more cheap health insurance at taxpayer expense is not the answer.
Over half of the uninsured in Pennsylvania are between the ages of 24 and 35, are generally healthy and come from middle income households. They will be uninsured for less than a year, on average, and will find coverage without government help, thank you very much. If they really wanted health insurance coverage, they could find it at a price of their morning lattes at Starbucks. MedSave.com, a leader in low cost health insurance nationwide, lists more than a dozen high quality health insurance plans priced well under $200 per month in Pennsylvania for this age group. The Kaiser Foundation, the U.S. Census reports, GAO publications and private insurance industry studies consistently show that availability and affordability are not primary obstacles to coverage in Pennsylvania.
Take a clue from the state’s CHIP program to see that increasing public funding does not result in a proportional increase in the number of people covered. The state’s needy already have adequate coverage through your welfare programs and those with chronic medical conditions need your help with managing the high out-of-pocket cost of their care, not with finding health insurance.
If you really want to increase the number of insured Pennsylvanians to satisfy your powerful health care industry backers (although we are not convinced this is even a worthwhile goal), then simply require residents to show proof of coverage of health insurance coverage in order to gain employment or qualify for any type of government program or to receive a tax refund. You would accomplish a whole lot more for a lot less public expense.
Over half of the uninsured in Pennsylvania are between the ages of 24 and 35, are generally healthy and come from middle income households. They will be uninsured for less than a year, on average, and will find coverage without government help, thank you very much. If they really wanted health insurance coverage, they could find it at a price of their morning lattes at Starbucks. MedSave.com, a leader in low cost health insurance nationwide, lists more than a dozen high quality health insurance plans priced well under $200 per month in Pennsylvania for this age group. The Kaiser Foundation, the U.S. Census reports, GAO publications and private insurance industry studies consistently show that availability and affordability are not primary obstacles to coverage in Pennsylvania.
Take a clue from the state’s CHIP program to see that increasing public funding does not result in a proportional increase in the number of people covered. The state’s needy already have adequate coverage through your welfare programs and those with chronic medical conditions need your help with managing the high out-of-pocket cost of their care, not with finding health insurance.
If you really want to increase the number of insured Pennsylvanians to satisfy your powerful health care industry backers (although we are not convinced this is even a worthwhile goal), then simply require residents to show proof of coverage of health insurance coverage in order to gain employment or qualify for any type of government program or to receive a tax refund. You would accomplish a whole lot more for a lot less public expense.
Monday, 17 March 2008
NJ introduces harmful health insurance proposal
New Jersey’s legislature is considering pulling the trigger again. Individual residents will be the repeat victims. More than a decade ago the lawmakers took an ill-advised law that dictated the coverage to be included in all New Jersey health insurance policies. In effect, this consumers options to about six choices, generically labeled, “Plan A”, “Plan B”, “Plan C”, “Plan, D”, “Plan E” and “HMO”. More recently Health Savings Account options were made available. The intent was to simplify the selection process for New Jersey residents who were not smart enough to make intelligent decisions when buying their own health insurance. The legislative initiative was a disaster.
In the years since this restrictive legislation was passed, New Jersey soared to the highest health insurance prices in the nation. Most insurance companies withdrew from the market and those few that remained do not even advertise their products or employ agents to sell them. The number of uninsured in New Jersey is among the highest in the nation, despite the state’s relatively affluent population. The uninsured are typically middle income who could easily afford health insurance in most other states.
Many New Jersey residents hoped that lawmakers had learned a lesson and would refrain from further radical attempts to regulate the market. But apparently the legislature is poised to pass additional restrictive legislation that would require every New Jersey resident to buy health insurance. Despite strong adverse public opinion and the lack of success in other states hat have tried similar measures, the law is promoted by powerful health care industry and big business lobbyists. The health care industry would benefit from expanded insurance as an additional source of funding. Employers would benefit because the pressure to provide group coverage would be reduced.
The bill will be revealed today – Saint Patrick’s Day, according to an article in The Philadelphia Inquirer. It appears that the luck of the Irish may fade for New Jersey residents.
States with free market health insurance approach have more affordable health insurance choices in 2008 than ever before according to MedSave.com, a company that specializes in low cost health insurance. None of these affordable health insurance plans are available to New Jersey residents. Many New Jersey residents feel that they should have the right to buy the affordable health insurance plans that are available to their neighbors in Pennsylvania and Delaware. New Jersey residents are encouraged to tell their legislators that the real answer is to avoid this drastic new legislation, remove the excess market restrictions and return to a free market system used in most other states.
It simply makes no sense to require New Jersey residents to buy health insurance while at the same time denying them the option of purchasing the most popular insurance plans at rates that are comparable to those available in the rest of the nation.
In the years since this restrictive legislation was passed, New Jersey soared to the highest health insurance prices in the nation. Most insurance companies withdrew from the market and those few that remained do not even advertise their products or employ agents to sell them. The number of uninsured in New Jersey is among the highest in the nation, despite the state’s relatively affluent population. The uninsured are typically middle income who could easily afford health insurance in most other states.
Many New Jersey residents hoped that lawmakers had learned a lesson and would refrain from further radical attempts to regulate the market. But apparently the legislature is poised to pass additional restrictive legislation that would require every New Jersey resident to buy health insurance. Despite strong adverse public opinion and the lack of success in other states hat have tried similar measures, the law is promoted by powerful health care industry and big business lobbyists. The health care industry would benefit from expanded insurance as an additional source of funding. Employers would benefit because the pressure to provide group coverage would be reduced.
The bill will be revealed today – Saint Patrick’s Day, according to an article in The Philadelphia Inquirer. It appears that the luck of the Irish may fade for New Jersey residents.
States with free market health insurance approach have more affordable health insurance choices in 2008 than ever before according to MedSave.com, a company that specializes in low cost health insurance. None of these affordable health insurance plans are available to New Jersey residents. Many New Jersey residents feel that they should have the right to buy the affordable health insurance plans that are available to their neighbors in Pennsylvania and Delaware. New Jersey residents are encouraged to tell their legislators that the real answer is to avoid this drastic new legislation, remove the excess market restrictions and return to a free market system used in most other states.
It simply makes no sense to require New Jersey residents to buy health insurance while at the same time denying them the option of purchasing the most popular insurance plans at rates that are comparable to those available in the rest of the nation.
Spring Break Travel Requires Medical Insurance
College students are not the only ones who get to enjoy spring break. March and April have become popular travel times for families across the country and adults who need a break from the long northern winters. The weather is mild and prices are low in some of the most popular destinations. International travel has become increasingly popular this time of year as prices for worldwide hotspots can be more competitive than some U.S. destinations.
Regardless of whether your destination is in one of the states or overseas, it makes sense to spend a few minutes to become familiar with the travel insurance options that are available for only a few dollars a day. If your trip is sponsored by an organization, then proof of medical insurance is often required before departure. Many people do not realize that their regular health insurance provides inadequate coverage while hey are travelling.
For short trips outside the U.S. Liaison International is the best choice. You can add complete trip insurance including lost luggage protection with Round Trip insurance. Coverage can be issued immediately for as short as five days. The cost for a short trip is typically under $20 per person.
For trips within the U.S. any of the reputable short term medical insurance plans listed at short-term-medical-insurance.com or MedSave.com will provide immediate emergency coverage while you are travelling. Unlike other insurance plans, these policies provide the same coverage throughout the United States, with any doctor or hospital and do not require the use of a network provider.
Another approach is to add supplemental coverage like 24 Hour Accident insurance from Value Benefits. This overlaps the primary health insurance and provides additional cash to cover expenses incurred in the event of an unforeseen medical problem. This coverage applies at home as well as while travelling.
Regardless of whether your destination is in one of the states or overseas, it makes sense to spend a few minutes to become familiar with the travel insurance options that are available for only a few dollars a day. If your trip is sponsored by an organization, then proof of medical insurance is often required before departure. Many people do not realize that their regular health insurance provides inadequate coverage while hey are travelling.
For short trips outside the U.S. Liaison International is the best choice. You can add complete trip insurance including lost luggage protection with Round Trip insurance. Coverage can be issued immediately for as short as five days. The cost for a short trip is typically under $20 per person.
For trips within the U.S. any of the reputable short term medical insurance plans listed at short-term-medical-insurance.com or MedSave.com will provide immediate emergency coverage while you are travelling. Unlike other insurance plans, these policies provide the same coverage throughout the United States, with any doctor or hospital and do not require the use of a network provider.
Another approach is to add supplemental coverage like 24 Hour Accident insurance from Value Benefits. This overlaps the primary health insurance and provides additional cash to cover expenses incurred in the event of an unforeseen medical problem. This coverage applies at home as well as while travelling.
Saturday, 15 March 2008
The Group Insurance Myth Exposed
The myth of the price efficiency of group health insurance persists despite overwhelming evidence to the contrary. Another major news agency published an article that said purchasing health insurance “in bulk”, through employers or small business associations, would certainly save us money. Past presidential candidates have even cited the potential savings of group health insurance pools in their campaign platforms to control health care costs. The Bush administration previously supported this approach during the past presidential election but backed off after they learned that the market facts do not support this conclusion. Some organizations continue to push for group insurance pools for political reasons without supportive economic data. The Des Moines Register reported this week at http://www.desmoinesregister.com/apps/pbcs.dll/article?AID=/20080315/NEWS/803150335/-1/NEWS04 that some politicians contnue to support an program that allows small businesses to purchase group health insurance through larger associations despite more than a year of evidence tht few employers see value in such an approach. Making more of this inefficient type of health isnurance available is simply not the answer.
The Kaiser Foundation, a leading source or research data on health insurance plans, reports that employers spend an average of $380 per month for single employee coverage and more than $1000 per month for family coverage.
How many individuals who purchase their own health insurance pay more than $1000 per month for family coverage? If you buy your own health insurance, how much doe your coverage cost in comparison to the published cost of group health coverage? Very few people - probably less than 5%, according to several health insurance industry sources – pay more than the amounts published by Kaiser for their individual health insurance. In fact, the average price of health insurance purchased by self-employed people and other individual customers is less than half of the cost of the insurance cited by employers.
How to individual buyers achieve such great savings that large employers cannot accomplish? A close look at fundamental economics provides the answer.
First, individual insurance is not subject to “mandated benefits” included in group health insurance. This means that individual buyers can customize the insurance for their specific needs. A 50 year old couple, for example might be able to trim $200 per month from their health insurance premium because they no longer need to purchase coverage to cover maternity expenses. On the flip side, a younger person may find insurance that is age-rated to reflect the lower medical risks of their age group. By customizing the coverage to their specific needs, individual buyers achieve lower pricing than is available to group insurance buyers. Mandated benefits that may be important to include in coverage for “the masses” may not apply to individual buyers.
Second, individuals have proven to be more resourceful shoppers. Web sites like MedSave.com specialize in low cost health insurance. One of the primary methods is to simply purchase insurance that expires after a period of time – usually 6 to 36 months. This short term medical insurance is priced at 25% to 40% less than equivalent coverage that has longer renewability provisions. Individual buyers know that they will re-shop health insurance every year and that there is a high probability that long term guarantees are not needed because they change insurance plans more frequently.
Third, there is a wider range of coverage amounts and premium pricing available to individuals. In the past, all health insurance policies provided about the same amounts of maximum potential benefits. Now with the expansion of limited benefit health insurance policies, maximum coverage is available, for example in amounts from $50,000 to $5,000,000. Other policies offer the option of limiting the amount of specific coverage. For example, some low cost policies provide a benefit of $75 for a doctor’s office visit or $1000 per day for hospital coverage. This may not cover the entire amount of the medical cost, but it certainly makes the insurance much more affordable. The trade off means that more low priced insurance options are available to the individual buyers can select a plan that fits their budget.
Fourth, the individual health insurance markets have largely embraced the Internet to make pricing immediately available to everyone. Group health insurance, in contrast, is still priced by manual efforts of human underwriters. It is very difficult or sometimes impossible to compare pricing data across a large number of insurance carriers. The pricing of group health insurance – and therefore the market itself - is simply less efficient than the individual insurance market.
Finally, group insurance is required to cover everyone, regardless of health problem. Individual health insurance is designed for specific risk classes. Most people qualify for preferred risk classes. Those with serious ongoing medical problems are typically routed to state high risk pools where the costs are subsidized with public finds. These high risk plans emphasize managed care approach for known medical conditions rather than insurance for unknown medical costs. Again, the net result is that the overall price is lower for the majority of buyers and the only risk of the few who face higher risks are spread among a larger market.
The net result is that individuals have proved to be more efficient shoppers of their own health insurance than their employers and their state legislators. The basic economic principle that market efficiency increases as market restrictions decrease proves to be valid once again. Most individuals can purchase high quality health insurance for about $200 per month and family coverage is still available for under $500 per month.
The Kaiser Foundation, a leading source or research data on health insurance plans, reports that employers spend an average of $380 per month for single employee coverage and more than $1000 per month for family coverage.
How many individuals who purchase their own health insurance pay more than $1000 per month for family coverage? If you buy your own health insurance, how much doe your coverage cost in comparison to the published cost of group health coverage? Very few people - probably less than 5%, according to several health insurance industry sources – pay more than the amounts published by Kaiser for their individual health insurance. In fact, the average price of health insurance purchased by self-employed people and other individual customers is less than half of the cost of the insurance cited by employers.
How to individual buyers achieve such great savings that large employers cannot accomplish? A close look at fundamental economics provides the answer.
First, individual insurance is not subject to “mandated benefits” included in group health insurance. This means that individual buyers can customize the insurance for their specific needs. A 50 year old couple, for example might be able to trim $200 per month from their health insurance premium because they no longer need to purchase coverage to cover maternity expenses. On the flip side, a younger person may find insurance that is age-rated to reflect the lower medical risks of their age group. By customizing the coverage to their specific needs, individual buyers achieve lower pricing than is available to group insurance buyers. Mandated benefits that may be important to include in coverage for “the masses” may not apply to individual buyers.
Second, individuals have proven to be more resourceful shoppers. Web sites like MedSave.com specialize in low cost health insurance. One of the primary methods is to simply purchase insurance that expires after a period of time – usually 6 to 36 months. This short term medical insurance is priced at 25% to 40% less than equivalent coverage that has longer renewability provisions. Individual buyers know that they will re-shop health insurance every year and that there is a high probability that long term guarantees are not needed because they change insurance plans more frequently.
Third, there is a wider range of coverage amounts and premium pricing available to individuals. In the past, all health insurance policies provided about the same amounts of maximum potential benefits. Now with the expansion of limited benefit health insurance policies, maximum coverage is available, for example in amounts from $50,000 to $5,000,000. Other policies offer the option of limiting the amount of specific coverage. For example, some low cost policies provide a benefit of $75 for a doctor’s office visit or $1000 per day for hospital coverage. This may not cover the entire amount of the medical cost, but it certainly makes the insurance much more affordable. The trade off means that more low priced insurance options are available to the individual buyers can select a plan that fits their budget.
Fourth, the individual health insurance markets have largely embraced the Internet to make pricing immediately available to everyone. Group health insurance, in contrast, is still priced by manual efforts of human underwriters. It is very difficult or sometimes impossible to compare pricing data across a large number of insurance carriers. The pricing of group health insurance – and therefore the market itself - is simply less efficient than the individual insurance market.
Finally, group insurance is required to cover everyone, regardless of health problem. Individual health insurance is designed for specific risk classes. Most people qualify for preferred risk classes. Those with serious ongoing medical problems are typically routed to state high risk pools where the costs are subsidized with public finds. These high risk plans emphasize managed care approach for known medical conditions rather than insurance for unknown medical costs. Again, the net result is that the overall price is lower for the majority of buyers and the only risk of the few who face higher risks are spread among a larger market.
The net result is that individuals have proved to be more efficient shoppers of their own health insurance than their employers and their state legislators. The basic economic principle that market efficiency increases as market restrictions decrease proves to be valid once again. Most individuals can purchase high quality health insurance for about $200 per month and family coverage is still available for under $500 per month.
Thursday, 13 March 2008
Amigo Medical Relaunched
HCC Life HealthCare Options, a division of HCC Life Insurance Company, announced the availability of a new short term medical insurance product designed for individuals in need of health insurance for up to 12 months. Called Amigo Medical, the product is available in both English and Spanish. Professional service is provided in English and Spanish by representatives at the World Service Center, located in Indianapolis, Indiana.
Underwritten by HCC Life Insurance Company, rated A+ (Superior) by A.M. Best, Amigo Medical is currently available in Alabama, Arkansas, Arizona, District of Columbia, Illinois, Iowa, Louisiana, Michigan, Missouri, Ohio, Pennsylvania, South Carolina, Texas and Wyoming. Additional states will be added throughout the year.
Amigo Medical may be purchased through licensed health insurance professionals and online at MedSave.com.
Amigo Medical offers a solution for individuals transitioning between jobs, new employees in eligibility waiting periods for group benefits, recent college graduates or students no longer eligible for coverage on their parents' plans. It is also an option for the unemployed, self-employed, individuals seeking an affordable alternative to COBRA, and those who are awaiting Medicare eligibility.
"As a company, we saw a growing need for a product like Amigo Medical," said Betsy Brougher, Vice President of HCC Life HealthCare Options. "There are still too many people living in the United States without some type of health insurance. And we are proud to be one of the very few companies to take a proactive position in recognizing the need to offer products in a language accommodating to the millions of Spanish-speaking people living in the United States."
For information about HCC Life HealthCare Options and the Amigo Short Term Medical Plan, please visit MedSave.com.
About HCC Life:
For more than 30 years, HCC Life Insurance Company has been an industry leader in medical stop loss and excess lines coverage. HCC Life, an Indiana domiciled insurer, has offices in Atlanta, Boston, Dallas, Indianapolis & Minneapolis and writes over $750 million dollars in premium annually. HCC Life Insurance Company is rated an A+ (Superior) for financial strength by A.M. Best Company ratings services. All HCC Life products are backed by the financial stability of our parent company, HCC Insurance Holdings, Inc. (NYSE: HCC).
Underwritten by HCC Life Insurance Company, rated A+ (Superior) by A.M. Best, Amigo Medical is currently available in Alabama, Arkansas, Arizona, District of Columbia, Illinois, Iowa, Louisiana, Michigan, Missouri, Ohio, Pennsylvania, South Carolina, Texas and Wyoming. Additional states will be added throughout the year.
Amigo Medical may be purchased through licensed health insurance professionals and online at MedSave.com.
Amigo Medical offers a solution for individuals transitioning between jobs, new employees in eligibility waiting periods for group benefits, recent college graduates or students no longer eligible for coverage on their parents' plans. It is also an option for the unemployed, self-employed, individuals seeking an affordable alternative to COBRA, and those who are awaiting Medicare eligibility.
"As a company, we saw a growing need for a product like Amigo Medical," said Betsy Brougher, Vice President of HCC Life HealthCare Options. "There are still too many people living in the United States without some type of health insurance. And we are proud to be one of the very few companies to take a proactive position in recognizing the need to offer products in a language accommodating to the millions of Spanish-speaking people living in the United States."
For information about HCC Life HealthCare Options and the Amigo Short Term Medical Plan, please visit MedSave.com.
About HCC Life:
For more than 30 years, HCC Life Insurance Company has been an industry leader in medical stop loss and excess lines coverage. HCC Life, an Indiana domiciled insurer, has offices in Atlanta, Boston, Dallas, Indianapolis & Minneapolis and writes over $750 million dollars in premium annually. HCC Life Insurance Company is rated an A+ (Superior) for financial strength by A.M. Best Company ratings services. All HCC Life products are backed by the financial stability of our parent company, HCC Insurance Holdings, Inc. (NYSE: HCC).
IRDA tells Insurance co's to not to overcharge elders for health insurance
The Business Standard has covered an interesting news item regarding over charging of senior citizens for Health Insurance by the Insurance companies.
We find the heading of the newsitem
''Don’t overcharge senior citizens, Irda tells insurers '' very bold and interesting.
The insurance Regulatory and Development Authority (Irda) has warned all public sector general insurance companies to not to charge higher premium from senior citizens on medical insurance policies or mediclaim. According to industry sources, a leading public sector general insurance company is charging senior citizens almost Rs 1,000 extra in premium. For example, for a sum assured of Rs 1 lakh, the company is charging Rs 2,700 in premium compared to Rs 1,500 before the revision. It may be recalled that all public sector general insurance companies had revised mediclaim premium n April 2007.
Irda further added. “The Authority has received several complaints from senior citizens that renewal premiums are exorbitant. Senior citizens should not be compelled by insurance companies to migrate to other health insurance products if it is to the disadvantage of senior citizens.”
The regulator has asked all chairmen of public sector insurance companies not to exceed 50 – 75 percent of premium charged prior to the revision. Meanwhile, the regulator has created a separate cell to attend to grievances of senior citizens in respect of non-renewals or exorbitant increases in premium payments on mediclaim policies by public sector general insurance companies.
Those of you who want to send complaints can send these to ;
The Grievances Cell
Senior Citizens Health Insurance
IRDA
3 rd Floor
Parishrama Bhavan
Basheer Bagh
Hyderabad – 500004
Attn. Shri R Srinivasan,Officer on Special Duty
Incidentally people are curious to know how many policies have been issued to senior citizens?
An effort by Mint to get this info resulted in total silence from all insurance co's and no one revealed any figure.
We estimate it is less than 2000 on all india basis.
We find the heading of the newsitem
''Don’t overcharge senior citizens, Irda tells insurers '' very bold and interesting.
The insurance Regulatory and Development Authority (Irda) has warned all public sector general insurance companies to not to charge higher premium from senior citizens on medical insurance policies or mediclaim. According to industry sources, a leading public sector general insurance company is charging senior citizens almost Rs 1,000 extra in premium. For example, for a sum assured of Rs 1 lakh, the company is charging Rs 2,700 in premium compared to Rs 1,500 before the revision. It may be recalled that all public sector general insurance companies had revised mediclaim premium n April 2007.
Irda further added. “The Authority has received several complaints from senior citizens that renewal premiums are exorbitant. Senior citizens should not be compelled by insurance companies to migrate to other health insurance products if it is to the disadvantage of senior citizens.”
The regulator has asked all chairmen of public sector insurance companies not to exceed 50 – 75 percent of premium charged prior to the revision. Meanwhile, the regulator has created a separate cell to attend to grievances of senior citizens in respect of non-renewals or exorbitant increases in premium payments on mediclaim policies by public sector general insurance companies.
Those of you who want to send complaints can send these to ;
The Grievances Cell
Senior Citizens Health Insurance
IRDA
3 rd Floor
Parishrama Bhavan
Basheer Bagh
Hyderabad – 500004
Attn. Shri R Srinivasan,Officer on Special Duty
Incidentally people are curious to know how many policies have been issued to senior citizens?
An effort by Mint to get this info resulted in total silence from all insurance co's and no one revealed any figure.
We estimate it is less than 2000 on all india basis.
Wednesday, 12 March 2008
Delhi Govt to start HEALTH INSURANCE SWASTHYA BIMA YOJNA
According to The Tribune
The Delhi Cabinet has also decided to launch “Rashtriya Swasthya Bima Yojna” (RSBY) next month. The decision was taken today in a cabinet meeting presided over by Chief Minister Sheila Dikshit. While briefing media after the meeting, Dikshit stated that the RSBY would soon be launched in Delhi with an aim to provide health cover to around 4.40 lakh workers who have been issued BPL ration cards in Delhi. Most of these persons have been working in the unorganised sectors. It is meant for providing quality health cover to the workers and their families who possess BPL ration cards. She added that the RSBY would be launched next month in a function. The scheme would be implemented in association with Oriental Insurance Company Limited which would bear the cost of medical treatment up to Rs 30,000 a year per family. The beneficiaries of the scheme would be issued a smart card that will permit cashless medical transaction. The cost of issuing of the smart card would also not be charged from the beneficiary. Every person seeking insurance cover would have to get registered.
We welcome the step of Delhi Govt.
Are IRDA panel’s recommendations for securing health cover for senior citizens being swept under the carpet?
The Economic Times has covered a news item giving impression that
IRDA panel’s recommendations for securing health cover for senior citizens being swept under the carpet? The report was submitted almost three months ago and senior citizens want it to be implemented. But the Budget has remained silent on the recommendations while IRDA has merely forwarded the report to the General Insurance Council.
To make things worse for elders, insurance companies are now denying that there is any order from the regulator to cap mediclaim rate hikes at 75 percent.
IRDA panel’s recommendations for securing health cover for senior citizens being swept under the carpet? The report was submitted almost three months ago and senior citizens want it to be implemented. But the Budget has remained silent on the recommendations while IRDA has merely forwarded the report to the General Insurance Council.
To make things worse for elders, insurance companies are now denying that there is any order from the regulator to cap mediclaim rate hikes at 75 percent.
Health Insurance Products from Max New York Life
All news papers have carried the news item that Max has entered health insurance field.
It has announced the launch of Lifeline series of insurance policies bringing long term insurance coverage for hospitalisation, surgeries and critical illness. According to Managing Director and Chief Executive Officer of Max New York Life Insurance, Gary Bennet, the policies have some significant “firsts” to its credit. Director, Marketing (Product Management and Corporate Affairs), Debashis Sarkar, said the policies come with fixed premiums for a five-year period, no claim discount on revised premiums, coverage for the largest range of ailments, free second opinion from the best in the country on diagnosis of illness and free telephonic medical helpline. The plan not only provided protection against medical expenses related to hospitalisation but also provided recuperation benefits.
It is nice to know that all PVt Life co's are finding this as a good market.
The qestion is are they followers - Do they treat LIC as their leader/
It has announced the launch of Lifeline series of insurance policies bringing long term insurance coverage for hospitalisation, surgeries and critical illness. According to Managing Director and Chief Executive Officer of Max New York Life Insurance, Gary Bennet, the policies have some significant “firsts” to its credit. Director, Marketing (Product Management and Corporate Affairs), Debashis Sarkar, said the policies come with fixed premiums for a five-year period, no claim discount on revised premiums, coverage for the largest range of ailments, free second opinion from the best in the country on diagnosis of illness and free telephonic medical helpline. The plan not only provided protection against medical expenses related to hospitalisation but also provided recuperation benefits.
It is nice to know that all PVt Life co's are finding this as a good market.
The qestion is are they followers - Do they treat LIC as their leader/
Buy TVS Auto rickshaw and get Health Insurance cover
The Hindu Business Line has carried the news item that those who will buy TVS auto rickshaw will get health insurance policy for sum assured of Rs 30,000
TVS Motor Company (TVSM) has formally launched its debutante autorickshaw TVS King, in LPG and petrol versions, marking its foray into the three-wheeler market. During the launch TVSM has also announced several welfare schemes for the autorickshaw drivers and their families, including a one-year free accident and healthcare policy. TVSM has tied up with few insurance companies for this and the policy would cover the owner and his family against medical care for up to Rs 30,000 per annum on a floater basis. The owner will additionally be covered by a personal accident policy for Rs 1 lakh.
We welcome this initiative of TVS .
TVS Motor Company (TVSM) has formally launched its debutante autorickshaw TVS King, in LPG and petrol versions, marking its foray into the three-wheeler market. During the launch TVSM has also announced several welfare schemes for the autorickshaw drivers and their families, including a one-year free accident and healthcare policy. TVSM has tied up with few insurance companies for this and the policy would cover the owner and his family against medical care for up to Rs 30,000 per annum on a floater basis. The owner will additionally be covered by a personal accident policy for Rs 1 lakh.
We welcome this initiative of TVS .
ESIC is also covered under Consumers Protection Act
The first question arise after reading this news item is tht ESIC use the word Insurance then why it is not covered under IRDA.
DNA has covered a news item according to which
''Consumer courts have been given additional role by the government and the judiciary under the Consumer Protection Act (CPA), 1986. In a recent order of the Supreme Court of India, Employees State Insurance hospitals have also been included in the ambit of justice given by Consumer Courts. This was the order in the case of Kishore Lal vs chairman, Employees State Insurance Corporation (ESIC). Lal, a workman covered under ESIC, took his wife to an ESIC hospital for complications arising out of diabetes. She was admitted in hospital, but her condition deteriorated prompting Lal to transfer her to a private hospital. There it was known that both the diagnosis and treatment given to her was incorrect. Lal took his grievance to the district forum at Sonepat alleging deficiency of service. The forum held that the services rendered by the ESIC were gratuitous in nature and hence not covered under CPA and dismissed the case.
DNA has covered a news item according to which
''Consumer courts have been given additional role by the government and the judiciary under the Consumer Protection Act (CPA), 1986. In a recent order of the Supreme Court of India, Employees State Insurance hospitals have also been included in the ambit of justice given by Consumer Courts. This was the order in the case of Kishore Lal vs chairman, Employees State Insurance Corporation (ESIC). Lal, a workman covered under ESIC, took his wife to an ESIC hospital for complications arising out of diabetes. She was admitted in hospital, but her condition deteriorated prompting Lal to transfer her to a private hospital. There it was known that both the diagnosis and treatment given to her was incorrect. Lal took his grievance to the district forum at Sonepat alleging deficiency of service. The forum held that the services rendered by the ESIC were gratuitous in nature and hence not covered under CPA and dismissed the case.
Kerala health insurance will cover those who are above the poverty line
The Hindu Business Line has carried news that Kerala will be the state which will offer health insurance even to those who are above the poverty line.
Is this that we have started diluting the scheme which has been developed by the Government of India for those who are coming under BPL.
The General Insurance Officers All India Association (GIOAIA), Kerala unit, has appealed to the government to implement the comprehensive health insurance scheme through one of the public sector general insurance companies only. Hailing the Kerala Budget proposal to introduce the scheme, which is based on the health insurance programme of the Union Government for below poverty line (BPL) families, P.P. Mohanan, Kerala State General Secretary of the association, said that the public sector general insurance companies had vast experience of 36 years in the field. Kerala scheme is open to persons outside the BPL category also, he said.
Let us have open field where PVt and PSU should compete.
Your comments are invited.
Is this that we have started diluting the scheme which has been developed by the Government of India for those who are coming under BPL.
The General Insurance Officers All India Association (GIOAIA), Kerala unit, has appealed to the government to implement the comprehensive health insurance scheme through one of the public sector general insurance companies only. Hailing the Kerala Budget proposal to introduce the scheme, which is based on the health insurance programme of the Union Government for below poverty line (BPL) families, P.P. Mohanan, Kerala State General Secretary of the association, said that the public sector general insurance companies had vast experience of 36 years in the field. Kerala scheme is open to persons outside the BPL category also, he said.
Let us have open field where PVt and PSU should compete.
Your comments are invited.
KOTAK LIFE IS ALSO ENTERING HEALTH INSURANCE
Kotak Mahindra Old Mutual Life Insurance Ltd, has also decided to launch a standalone health insurance scheme in the first half of the next fiscal. Till now, Kotak has been offering health schemes only as riders to its life insurance policies and this new scheme would be a standalone one, according to Arun Patil, company's senior vice- president for training and management. "This standalone scheme would cover as many diseases and eventualities as possible," he told reporters. Kotak would begin negotiations with hospitals for this scheme after this fiscal, he said, but declined to divulge further details. Let us see what can be the new benefits under the product of Kotak.
health insurance after a layoff
One of the primary uses of short term medical insurance is to provide affordable coverage for people laid off from their jobs while they transition to new employment. The economic issues were recently covered in Washigton’s Medill Report http://news.medill.northwestern.edu/washington/news.aspx?id=82463. The article concludes by saying that resourceful people find other sources of affordable coverage but does not name short term medical insurance as the choice of most people in this situation.
A consumer friendly report titled “Surviving a Layoff” was recently updated at MedSave.com to help people make smarter decisions about benefits when changing careers.
A consumer friendly report titled “Surviving a Layoff” was recently updated at MedSave.com to help people make smarter decisions about benefits when changing careers.
health insurance rates decrease for healthy applicants
Two commercial health insurance carriers, Golden Rule and Celtic Insurance, announced rate decreases in some markets effective April 2008 and one carrier International Medical Group announced that it will keep rates set in early 2006 through September 2008 on its international medical insurance. These announcements posted on the News page at www.MedSave.com came amid an overall trend of medical cost inflation. So why do these insurance plans buck the price trend? We only know that rates are set based on past and projected claims in accordance with each state’s insurance laws and we can presume that these insurers had lower than expected claims in specific geographical markets and among certain age groups.
All of these plans are medically underwritten, meaning that that only healthy people are admitted. These types of plans are under fire as public sentiment moves toward universal coverage but there is no doubt that underwritten plans are a good deal for the people who qualify for them. Proponents of these plans say that the lower rates for healthy and “preferred risk” applicant promotes healthy lifestyles since about 80 percent of our nation’s health care costs are directly attributable to basic manageable lifestyle choices like smoking, over-eating, poor nutrition, lack of exercise and stress reaction.
For now, most states allow the health insurance rates for healthy applicants to be substantially lower than for those with medical problems and so it makes sense for consumers to shop for an insurance plan with restictive eligiblity requirements.
The eligibility requirements for each short term medical insurance vary at www.short-term-medical-insurance.com are listed on the application page and so it makes sense to compare prices and requirements for a few different plans.
All of these plans are medically underwritten, meaning that that only healthy people are admitted. These types of plans are under fire as public sentiment moves toward universal coverage but there is no doubt that underwritten plans are a good deal for the people who qualify for them. Proponents of these plans say that the lower rates for healthy and “preferred risk” applicant promotes healthy lifestyles since about 80 percent of our nation’s health care costs are directly attributable to basic manageable lifestyle choices like smoking, over-eating, poor nutrition, lack of exercise and stress reaction.
For now, most states allow the health insurance rates for healthy applicants to be substantially lower than for those with medical problems and so it makes sense for consumers to shop for an insurance plan with restictive eligiblity requirements.
The eligibility requirements for each short term medical insurance vary at www.short-term-medical-insurance.com are listed on the application page and so it makes sense to compare prices and requirements for a few different plans.
Friday, 7 March 2008
Shame on Blue Cross / Blue Shield of Michigan
The law is opposed by the Michigan Attorney General’s office, AARP Michigan, the Consumers Union, the Area Agencies on Aging, the Michigan Chamber of Commerce, the United Auto Workers, and many newspapers across the state. Blue Cross / Blue Shield of Michigan countered with a massively expensive media campaign to sway public opinion on the issue. See http://www.putmipeoplefirst.com for more information on the growing public opposition to this bill.
This incident is the latest in a series of actions by Blue Cross / Blue Shield member companies across the country taking moves that are clearly not in the public interest, but benefit only the corporate interest of the Blue Cross / Blue Shield health insurance companies
Wednesday, 5 March 2008
Americans are Uncommitted on Uninversal Coverage
A recent poll conducted by National Public Radio, Kaiser Family Foundation and Harvard School of Public Health found that Americans are divided as to whether we should require the 1 in 6 uninsured Americans to buy health insurance. The results of the poll were reported in “Morning Edition” 2/29/08.
While 93 percent of those polled said the issue of uninsured is “serious”, there is less agreement on the approach to take to tackle the problem. About half of Americans support the idea of using government subsidies to get coverage for the uninsured.
Opponents say the proposal is similar to attempting to solve the issue of homelessness by requiring everyone to buy a house.
Bottom line is that while we like the fuzzy warm concept of “universal health coverage”, over 30 million Americans without health insurance coverage are unwilling to spend even $100 per month of their own money to buy basic health insurance even when offered to them and less than half of us think that the government should help with that cost.
While 93 percent of those polled said the issue of uninsured is “serious”, there is less agreement on the approach to take to tackle the problem. About half of Americans support the idea of using government subsidies to get coverage for the uninsured.
Opponents say the proposal is similar to attempting to solve the issue of homelessness by requiring everyone to buy a house.
Bottom line is that while we like the fuzzy warm concept of “universal health coverage”, over 30 million Americans without health insurance coverage are unwilling to spend even $100 per month of their own money to buy basic health insurance even when offered to them and less than half of us think that the government should help with that cost.
Will the floater health policies miss the tax benefits
The Economic Times has carried a news item according to which tax benefits may not be vaialble to those who are having family floater health policies.
According to Debjoy Sengupta
''Do you hold a floater mediclaim policy that covers you, your spouse, your kids and your parents? Well contrary to belief, you may not be able to claim the new benefit under Section 80D of the income tax that lets individuals covering parents to avail of an additional tax benefit — Rs 20,000 for parents who are senior citizens and Rs 15,000 for parents below 60 years. The FM in Budget 2008-09 has proposed an extra cut of Rs 15,000 under Section 80D to an individual who pays medical insurance premium for his/her parent or parents. What’s more, the fine print indicates if the parent happens to be a senior citizen, the tax sop is generous at Rs 20,000. But this may not apply in case of floater policies’ holders. For instance, insurers claim they “are not in a position to specify premium, which one pays for parents as the total sum assured is never separately defined.” “There is only an upper limit for reimbursement, which is the sum assured. This is where the grey area is!” said a source. A floater policy offers a certain sum assured for the entire family, a portion of which or the entire sum assured may be used by any one family member, including parents. Or may be shared by more than one. The insurer will pay at most the total sum assured for the entire family in a year, regardless of the number of members falling ill. “If an individual pays more than Rs 15,000 for a floater policy, the balance premium or even a portion of the remaining amount will not qualify for the new exemption for parents under Section 80D although he has covered the parents under the policy. This may act as a deterrent for buying floater policies for entire families and instead buy separate policies for parents. Premiums for floater policies are less than individual policies and offer flexibility when it comes to hospital bill reimbursements,” said an analyst.
We in www. healthisuranceindia.org feel that the Finance Ministry ,IRDA,Insurance companies shoul have an approach to simplify the procedures so that overheads are reduced and benfit goes to masses.
Options are;
1. There should be sum of Rs 35000 eligible under 80 D.No bifurcation should be there.Every additional polcy costs insurance company Rs 1000.Let us save it.
2.Co Payment clause under senior citizens policy is only applicable to senior citizens.Are we trying to please the senior citizens by giving by one hand and trying to take away the benefit by 2 hands. Let the insurance co's have uniform rules for all age groupes.
2.
According to Debjoy Sengupta
''Do you hold a floater mediclaim policy that covers you, your spouse, your kids and your parents? Well contrary to belief, you may not be able to claim the new benefit under Section 80D of the income tax that lets individuals covering parents to avail of an additional tax benefit — Rs 20,000 for parents who are senior citizens and Rs 15,000 for parents below 60 years. The FM in Budget 2008-09 has proposed an extra cut of Rs 15,000 under Section 80D to an individual who pays medical insurance premium for his/her parent or parents. What’s more, the fine print indicates if the parent happens to be a senior citizen, the tax sop is generous at Rs 20,000. But this may not apply in case of floater policies’ holders. For instance, insurers claim they “are not in a position to specify premium, which one pays for parents as the total sum assured is never separately defined.” “There is only an upper limit for reimbursement, which is the sum assured. This is where the grey area is!” said a source. A floater policy offers a certain sum assured for the entire family, a portion of which or the entire sum assured may be used by any one family member, including parents. Or may be shared by more than one. The insurer will pay at most the total sum assured for the entire family in a year, regardless of the number of members falling ill. “If an individual pays more than Rs 15,000 for a floater policy, the balance premium or even a portion of the remaining amount will not qualify for the new exemption for parents under Section 80D although he has covered the parents under the policy. This may act as a deterrent for buying floater policies for entire families and instead buy separate policies for parents. Premiums for floater policies are less than individual policies and offer flexibility when it comes to hospital bill reimbursements,” said an analyst.
We in www. healthisuranceindia.org feel that the Finance Ministry ,IRDA,Insurance companies shoul have an approach to simplify the procedures so that overheads are reduced and benfit goes to masses.
Options are;
1. There should be sum of Rs 35000 eligible under 80 D.No bifurcation should be there.Every additional polcy costs insurance company Rs 1000.Let us save it.
2.Co Payment clause under senior citizens policy is only applicable to senior citizens.Are we trying to please the senior citizens by giving by one hand and trying to take away the benefit by 2 hands. Let the insurance co's have uniform rules for all age groupes.
2.
New India pays penalty for not renewing the health insurance policy
The Hindu ,has carried the following news item.
The Madras High Court has imposed a fine of Rs.10, 000 on New India Assurance Company for refusing to renew insurance policies of a septuagenarian couple because their son had shifted the policies of other, relatively young, family members and his employees to a private insurer. Dismissing a writ appeal filed by the company before the Madurai Bench, a Division Bench, comprising Justice A. Kulasekaran and Justice P. Murgesen, said such arbitrary denial would defeat the objective of medical claim insurance policies. On the appellant’s contention that nobody would take the “risk” of insuring aged persons in the wake of stiff competition between public sector and private insurance companies, the Judges said: “It is immaterial whether a government company is having monopoly or not, but arbitrariness should not appear in their actions and decisions.” Concurring with S. Srinivasa Raghavan, counsel for the insured, the Bench said the reason cited for not renewing the policy was invalid and contrary to basic principles of insurance law.
We in www. healthinsuranceindia.org feel that New India ,the largest insurance company of our country should look at renewal of such policies with a liberal view and should get the goodwill of the masses.They release ads in print media and spend crores of Rupees but do not realize that one such judgement against them and being covered in a reputed paper The Hindu brings down the brand equity of New India.
The Madras High Court has imposed a fine of Rs.10, 000 on New India Assurance Company for refusing to renew insurance policies of a septuagenarian couple because their son had shifted the policies of other, relatively young, family members and his employees to a private insurer. Dismissing a writ appeal filed by the company before the Madurai Bench, a Division Bench, comprising Justice A. Kulasekaran and Justice P. Murgesen, said such arbitrary denial would defeat the objective of medical claim insurance policies. On the appellant’s contention that nobody would take the “risk” of insuring aged persons in the wake of stiff competition between public sector and private insurance companies, the Judges said: “It is immaterial whether a government company is having monopoly or not, but arbitrariness should not appear in their actions and decisions.” Concurring with S. Srinivasa Raghavan, counsel for the insured, the Bench said the reason cited for not renewing the policy was invalid and contrary to basic principles of insurance law.
We in www. healthinsuranceindia.org feel that New India ,the largest insurance company of our country should look at renewal of such policies with a liberal view and should get the goodwill of the masses.They release ads in print media and spend crores of Rupees but do not realize that one such judgement against them and being covered in a reputed paper The Hindu brings down the brand equity of New India.
Tuesday, 4 March 2008
Senior Citizens Health Insurance -should it come under pool
Senior Citizens Health Insurance -should it come under pool ?
This idea is being considered by IRDA as well as Insurance companies in the light of the fact that claims ratio is high.The same plea was used when third party insurance of vehicles was being considered.
The service level which the Indian Customer is getting with respect to third party insurance cover of 2 wheelers is well known.
Let us be prepared with same thing in the case of health insurance of senior citizens .With no insurance intermediaries in between we foresee less number of proposals being received by the companies ,hence issued.No one to push the proposals to be converted into policies.
This idea is being considered by IRDA as well as Insurance companies in the light of the fact that claims ratio is high.The same plea was used when third party insurance of vehicles was being considered.
The service level which the Indian Customer is getting with respect to third party insurance cover of 2 wheelers is well known.
Let us be prepared with same thing in the case of health insurance of senior citizens .With no insurance intermediaries in between we foresee less number of proposals being received by the companies ,hence issued.No one to push the proposals to be converted into policies.
Monday, 3 March 2008
Indiana's candidate confused on health care economics
The myth that it is cheaper to buy health insurance in pools continues despite years of evidence to the contrary. This quote from a newspaper in Indiana talks about a candidate Jill Long Thompson's views on the topic:
"Transforming healthcare policy in Indiana by changing state law to encourage businesses and individuals to pool to buy health insurance, vastly reducing its costs for individuals and smaller sized businesses. This proposal would expand coverage for uninsured or underinsured Hoosiers. It would also positively impact business by reducing overall costs - not only by lowering prices by "bulk purchasing" health insurance, but also by reducing the number of uninsured in Indiana."
There is absolutlely no evidence that in Indiana or in any state that allowing individuals to buy group insurance increases the number of insured or lowers costs. In fact it is clear that group insurance is significantly more expensive that individual insurance in Indiana and in most other states. "Bulk purchasing" savings are only a political myth.
Virtually every cost saving initiative with national programs like MedSave.com or here at www.short-term-medical-insurance.com are based on individual health insurance initiatives, not group or association policies.
Another part of the same article talks about how the current governor's inaction on poor academic performance is unforgivable. We suggest that Jill Long Thompson's lack of knowledge on this basic health economic principle is equally unforgivable.
"Transforming healthcare policy in Indiana by changing state law to encourage businesses and individuals to pool to buy health insurance, vastly reducing its costs for individuals and smaller sized businesses. This proposal would expand coverage for uninsured or underinsured Hoosiers. It would also positively impact business by reducing overall costs - not only by lowering prices by "bulk purchasing" health insurance, but also by reducing the number of uninsured in Indiana."
There is absolutlely no evidence that in Indiana or in any state that allowing individuals to buy group insurance increases the number of insured or lowers costs. In fact it is clear that group insurance is significantly more expensive that individual insurance in Indiana and in most other states. "Bulk purchasing" savings are only a political myth.
Virtually every cost saving initiative with national programs like MedSave.com or here at www.short-term-medical-insurance.com are based on individual health insurance initiatives, not group or association policies.
Another part of the same article talks about how the current governor's inaction on poor academic performance is unforgivable. We suggest that Jill Long Thompson's lack of knowledge on this basic health economic principle is equally unforgivable.
presidential candidates' updated position on health care
The Nation Review does a great job summing up the three candidate positions on health care reform at http://article.nationalreview.com/?q=NTQzOGMwN2I1Zjc1ZjM1OWZiNTQxMzM2NTIxYjZmNzk=
Clearly McCain's position is do-able and would help. But is it enough?
Clinton's position is politically unrealistic and there is no reason to beleive that her results would be different than when she tried under Bill's presidency. Where are the indications that she learned from that failed attempt?
Obama does not seem to have a real grasp of the economic issues here. We have to conclude it is just political rhetoric. Even his own support groups are concluding that if he becomes president, health care reform :just won't happen". See discussion of the New York Times article from February 4 at a university-based newspaper at http://media.www.dailytexanonline.com/media/storage/paper410/news/2008/03/03/Opinion/Lets-Talk.Universally-3247336.shtml.
Meanwhile, commercial health insurance enroller MedSave.com is launching a publicity campaign to promote the fact that universal health insurance is here now, available and affordable to most Americans. Plans like those at short-term-medical-insurance.com could solve many problems if they were simply prromoted more efficiently. Yet we have no public or private economic incentives to promote low cost limited benefit solutions. We simply need to get the politicians out of the way to acheive widespead coverage. We know that 100% coverage is not doable under any real life circumstances but we also know that big improvements can be made without big cost or major political action.
Clearly McCain's position is do-able and would help. But is it enough?
Clinton's position is politically unrealistic and there is no reason to beleive that her results would be different than when she tried under Bill's presidency. Where are the indications that she learned from that failed attempt?
Obama does not seem to have a real grasp of the economic issues here. We have to conclude it is just political rhetoric. Even his own support groups are concluding that if he becomes president, health care reform :just won't happen". See discussion of the New York Times article from February 4 at a university-based newspaper at http://media.www.dailytexanonline.com/media/storage/paper410/news/2008/03/03/Opinion/Lets-Talk.Universally-3247336.shtml.
Meanwhile, commercial health insurance enroller MedSave.com is launching a publicity campaign to promote the fact that universal health insurance is here now, available and affordable to most Americans. Plans like those at short-term-medical-insurance.com could solve many problems if they were simply prromoted more efficiently. Yet we have no public or private economic incentives to promote low cost limited benefit solutions. We simply need to get the politicians out of the way to acheive widespead coverage. We know that 100% coverage is not doable under any real life circumstances but we also know that big improvements can be made without big cost or major political action.
Physicians praise simple insurance coverage
We applaud American Medical News for reporting that transparency in health care is "hot" while proposed reform mandates are dead on arriaval. Full disclosure of facts, and not the push for more legislation, will be the effective medicine for improving our health care system.
Physicians want their patients to have simple easy to undersand health insurance coverage.
"There has been a lack of clarity about health plans' co-payments, deductibles, coverage, physician networks and other issues, so physicians backed measures to reduce this confusion, said Susan Strate, MD, immediate past chair of the TMA council on socioeconomics and a surgical pathologist in Wichita Falls, Texas". Short term medical insurance (STM) avoids these pitfalls by providing clear simple universal coverage with any medical provider in the U.S. STM is generally considered to be simple and generally problem-free because it avoids these entanglements.
Physicians want their patients to have simple easy to undersand health insurance coverage.
"There has been a lack of clarity about health plans' co-payments, deductibles, coverage, physician networks and other issues, so physicians backed measures to reduce this confusion, said Susan Strate, MD, immediate past chair of the TMA council on socioeconomics and a surgical pathologist in Wichita Falls, Texas". Short term medical insurance (STM) avoids these pitfalls by providing clear simple universal coverage with any medical provider in the U.S. STM is generally considered to be simple and generally problem-free because it avoids these entanglements.
UA student praises merits of individual health insurance
University of Alabama senior Stephen Spiehler joins the cause to spread the word that individual health insurance is both available and affordable to most Americans. Short-term-medical-insurance.com has been committed to this cause since our inception and we share the vision of the future put forth by Spiehler when individual health insurance policies will be the norm for the majority of Americans. Currently, over 98% of individual insurance policies last only a short period of time before the individual selects other coverage. A typical policy lasts les than two years. Short term medical insurance policy can currently last up to three years in most states but these limited term policies are less expensive than continuously renewable coverage. See more at http://media.www.cw.ua.edu/media/storage/paper959/news/2008/03/03/Infocus/Ua.Senior.Examines.Insurance.Market-3246600.shtml
Sunday, 2 March 2008
health insurance cost inflation
Health care costs are predicted to double in the next decade, to almost a third of our gross national product, according to government estimates issued last week. These forecasts are made with or without national health care reform. Political changes are not likely to significantly affect this trend.
This means that a short term medical insurance policy that costs $100 now will cost $200 per month by 2017. An average person's wages will not double over the same period, so health care and health insurance will become slightly less affordable over the next decade.
This means that a short term medical insurance policy that costs $100 now will cost $200 per month by 2017. An average person's wages will not double over the same period, so health care and health insurance will become slightly less affordable over the next decade.
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