Bimadeals » Health Insurance Company

Telecom model can effort for health insurance

bhavana — Sat, 24 Sep 2011 04:45:51 +0000

To penetrate rural markets, health insurance companies to introduce innovative products in different price ranges.

350 million in 1947, India has now the second largest population with over 1.21 billion people. But six decades after independence, access to care is still one of the biggest challenges in India, not just for Indians in rural areas, but even for those in urban areas.

This is mainly because health is unevenly distributed, the trained health workforce shortages are chronic and the availability and quality of medicines and diagnostic tools are still in doubt. Consequently, there is more than a million Indians a year, mostly women and children.

Worldwide, health insurance play a key role in improving access to health care. The provision of adequate health insurance to attract investment in the health sector, such as hospitals, laboratories, durable goods and supplies. In India, an innovative system designed public health insurance for BPL families – Rashtriya Swasthya Bima Yojana (RSBY) – attracts many entrepreneurs to build hospitals in outback rural poor of India.

RSBY however, less than 15 percent of Indians have some form of health insurance, primarily in government-sponsored plans. Only 2.2 per cent private health insurance. Of this amount, health insurance in rural areas is less than 10 percent. With massively on the penetration, the Indian sector of health insurance is an excellent opportunity in the making should increase at a CAGR of 15 percent until 2015.

Penetrating Rural Areas:
By penetrating the rural markets, the insurance companies seeks inspiration from telcos. When venturing into rural markets, telecommunications companies face huge obstacles because the infrastructure does not exist in the late 1990s.

Undeterred, they first built the mobile networks in these regions. They also studied the needs of their customers and customized products for rural markets, which is a lot of cheap mobile phones with useful features and the introduction of competitive prices that even the rural poor could afford .

Instead of waiting for customers to their portals, and letting the market is developing for decades, went to the front door of customers’ products with irresistible prices. Today, farmers, even in bare feet and brandishing cellular Fakir! Insurance companies could emulate the success of Telecom to penetrate the countryside.

For starters, insurers must understand the needs and expectations of customers and optimize the services in many areas including cost control, customer service, claims management, pricing and product innovation, among others. In fact, product innovation could play a leadership role in promoting the penetration. Second, insurers concentrate only on the patient (hospital) policies, while the actual business of health coverage is in an outpatient setting.

The products should be included in preventive care such as routine inspections and regular tests, including eye and dental care. And ‘the only hospital, however, that a claim should be tight. The price is another key factor that makes Mars, or measures to penetrate the rural market. Since most of the Indians in possession of limited purchasing power, insurance companies should introduce innovative products ranging from price points for well-differentiated offers – just like the phone companies did.

Some public and private insurance companies have already introduced innovative products commissions as low as RE1 and RS10 day a month, catering to individuals and insurance needs.

Pre-Existing:
One of the controversial issues for potential buyers of health insurance with pre-existing condition clause.

It is a condition that the customer had before purchasing policy, whether it was conscious or not, and have not been notified to the insurer. In India, customers may have diabetes or high blood pressure without knowing it. If the client is hospitalized with the disease, the insurer may reject the application on the principle of “preexisting conditions”, leaving outraged. One solution for all insurers to cover pre-existing conditions by charging additional premiums, as some insurers do not. Since it was not, IRDA could solve the problem by prescribing standard rules for insurers.

Another nightmare for major clients is the question of exclusions, with many diseases – including critics – do not apply to you. More often, customers are not aware of exclusion, since they are typically hidden in the fine print. Insurers must ensure that the exclusions are small and clients are informed in advance about it in clear terms, instead of hidden in the fine print.

What can the Growth Propeller:
Controversial phrases from each other, a number of factors could push the growth of health insurance if the insurance companies take advantage of them. These are: the growing interest in people health insurance, soaring health care costs over the past decade, low insurance penetration, rising incomes and high savings, increasing urbanization and a growing rate of endemic diseases and mm lifestyle. Since July 1, 2011, Insurance Portability is another factor that could push the growth of existing customers to move from the insurer of their choice.

With the doubling of health spending in a decade, the insurance is compulsory for all sectors of society. The government should encourage all efforts to provide better access to health care. Abolish the tax on health insurance or increased tax exemption limits to control costs of treatment might be a good start. The government must abandon its myopic view of the loss of revenue and focus on the big picture. Eliminate the tax on health care will improve the accessibility and affordability of health care, ensure better health and higher Treasury yields increased productivity of employees.

Treasury digit loss for the health tax will be well rewarded by five-digit increases in productivity and production in all sectors. Ultimately, India will see a marked improvement in access to health care for all citizens.

Source: [BusinessLine]

Possibly Related Posts:

Government’s Health Insurance Scheme Covers Seven Areas Of Disorganized

bhavana — Sat, 23 Jul 2011 07:46:32 +0000

Insurance of India’s flagship health insurance soon be expanded to include more than seven non-unionized sectors, the government gradually expands its scope to include most workers in the informal appeal.

The Ministry of Labour in the cabinet of separate notes, proposals to extend the Rashtriya Swasthya Bima Yojana to include rag pickers, rickshaw, rickshaw and taxi drivers, miners, health workers and workers Grog.

“Our goal is to progressively cover all workers in the informal sector,” a ministry official. The Department distributes the Council of Ministers separate notes for different sectors to ensure that if differences arise between members of the Council of Ministers in a given sector does not retain the approval of other sectors.

ET had reported on Monday that the RSBY also pays the medical visits and medication, if the pilots to go to prove feasible.

RSBY offer of Rs 30 000 annual family health cover five crore received a registration fee of Rs 30 mark of states to provide 25% of the funds needed for the rest of the old system.

The system initially applies to all forms of poverty, families below the line, and later employee MGNREGA. Earlier this year, the Cabinet cleared the proposal to include domestic workers, beedi workers and street vendors as well. Labour Minister Mallikarjuna Kharg asked state governments to accelerate the implementation process of the executive departments. The Centre has already issued guidelines for states to identify the maids, street vendors and beedi workers.

Click here to compare your best premium from various health insurance companies

In his speech at this year’s budget, the Finance Minister Pranab Mukherjee also announced that several areas, including non-coal mines, would extend coverage RSBY.

A budget allocation of Rs 350 million rupees was made to RSBY in the year, but the Ministry of Labor wants an additional Rs 150 crore due to the increasing importance of the plan. The department may also take advantage of the National Social Security Fund to Rs 1000 crore has been allocated.

Some unions argue that the government should not choose the sectors and instead provide a social security coverage for all non-union workers. But the Labour Ministry said that universal health insurance to 360 million workers at a time would be no small task.

“We take care to ensure the proper implementation of the system so that the benefits reach the target groups, and losses are at least”, the official said.

Source: [ET]

Possibly Related Posts:

5 key factors to think before buying an insurance plan

bhavana — Wed, 20 Jul 2011 03:50:42 +0000

There are many occasions in life when you wonder if you made the right decision. Some of these decisions can affect your financial life. Invest your hard earned money in any financial product from a company or a bank – recommended by friends, family or agent – without understanding how it works, is a common problem. His mind is full of doubt and uncertainty about whether you made the right investment, especially if it is a product like term insurance.

An insurance policy is a must in any financial portfolio, as it covers the risk associated with loss of life or property. As a long-term contract of 10 years or more, it is difficult to change or modify these contracts during the contract period. Therefore, you should spend some time looking for these products to ensure you do not have regrets later. It may not be possible for you to understand all the complexities of life insurance. But, you might consider the following factors in choosing a plan:

Need-based investment: the standard rule of thumb is that your life cover should be 10 times your annual income so that your family is not affected financially if something were to happen to you.

You should also take into consideration any existing disease or a complication of property loans in the choice of life cover. Your financial portfolio should be balanced, and whenever the need arises. For example, if you need to build body of the child’s education, you can choose the range of products from insurance companies to ensure that the funds that will be the education of your child are available if you are around or not.

We must remember that insurance is an investment-cum-protection and a long-term means of saving. You should determine the need – as children’s education and pensions – and therefore to purchase a policy that will help to meet the requirement in the future.

Background checks and due diligence: Once you have decided on the policy, which could make the background checks necessary for the company. All life insurance companies have full information about the websites that provide all the required information. Political structure, the ability of customer service, the scope of the network, the online platform (in case someone wants to buy online long term policy) are some of the essential things you should look.

Secondly, there are many sites that will help you compare policies and premiums. However, one thing you should not worry about the financial health insurance company. The insurance industry is highly regulated, and all companies need to maintain self-sufficiency to ensure that the customer does not suffer.

Fund performance: When buying a ULIP, which also acts as an investment vehicle, you could look at the past performance of the company. All life insurance companies online details on the performance of their funds. One important thing to consider here is stability. A company with a capital return of good will have a work plan in line with the fund’s performance, nor to be irregular or extreme risk.

Source: [ET]

Possibly Related Posts:

Exclusions section in insurance policies

bhavana — Wed, 20 Jul 2011 03:37:40 +0000

An insurance contract shall pay the sum insured in exchange for a premium paid if the loss occurs during the contract period. However, to limit losses and to discourage adverse selection, insurance companies also clear that there will be some “exclusion” of coverage. The exclusions and conditions that are not covered by the insurance company.

This can best be understood by an example. The individual may choose to buy life insurance and then commit suicide. Although life insurance promises to pay the applicant the sum insured after the death of life insured, suicide is not specifically covered by insurance. It provides non-life insurance. This helps reduce the loss of life. Individual life insurance does not pay the sum insured in the death occurred after the first term political suicide. The same applies for the duration of group life insurance policy issued, only instead of the workers in the deposit insurance where the insured amount is limited.

Exclusions also apply to riders or additional benefits available to the common. Consider an incident disability benefit rider, the insurance company agrees to pay an additional sum assured if the life insured dies in an accident.

Individual life insurance does not pay the insured amount if the accidental death occurs when the life insured was drunk and driving, or has been involved in a race car event. There are a number of other exceptions, such as the deaths caused by war, terrorism, accidents or incited the sketches of the life insurance business.

The waiting time for a policy is also a form of exclusion. This is widely used in non-life insurance. For example, a critical illness cover to insist on a waiting period of 180 days from the date of issuance of the policy. The waiting time protect the life insurance company of a fraudulent claim. Some insurance companies cover pre-existing diseases after a waiting period of four years. A set of care interventions are also covered after a waiting period of two years.

While buying a policy, the buyer should read the exclusions in detail. It is available in the political pamphlet. For more information, see the text of the policy and contact the insurance company. If you move from one insurer to another health insurance company, check against the policy exclusions. On the advantages of portability, you are entitled to certain exemptions from exclusion.

Source: [ET]

Possibly Related Posts: