Advantages of Managed Medical Health Insurance Plans

health insurance plans out there.

Picking the right one for your self might be troublesome to start with, especially if you don’t know what you are looking for. You might have hassle deciding which one can be better for you.

Medical health insurance is split into two giant categories-indemnity and managed care plans. Indemnity plans, additionally generally referred to as reimbursement plans, will reimburse your medical bills as much as a sure limit.

Beneath the Reimbursement plan, the insurer pays a percentage of the whole expenses, regardless of how much the fees are. With the indemnity plan, the insurer will pay a specified amount daily for a specified variety of days.

The amount reimbursed doesn’t depend on the cost of medical care, but what you’re reimbursed won’t ever exceed your expenses.

The opposite in style type of medical health insurance plans are managed care plans. The three forms of insurance policies categorized as managed care plans are HMOs, POSs, and PPOs.

Any such insurance coverage is more in style than the indemnity plan, as they provide extra flexibility. With some of these options you both pay a monthly price irrespective of how many times you see a doctor, or pay a co-fee but no monthly fee.

With managed care plans, you’re given choices of care. The plan you choose and the amount of money you wish to pay determines how huge of a community of medical doctors and specialists you may see and still be coated beneath the plan.

Some managed automobile plans (most frequently PPOs) offer sponsorship applications from a network of hospitals and medical services. You can often get this kind of plan by way of your employer.

Managed healthcare plans are better for the typical particular person on account of the fact that they’re extra price effective.

Whereas indemnity plans might give you a lot more freedom in cost, you will have to use the healthcare provider that the insurer chooses.

If you have a selected disability, this will present itself as a problem. In the long run, a managed care plan will save you cash, especially if emergencies come up when you find yourself out of town. All these plans are also more flexible in policy.

Earlier than you buy any type of the several medical health insurance plans, make sure to research the many options out there for you and your family to ensure you receive the perfect coverage possible for the lowest monthly premium or deductible.

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References:

Affordable Health Insurance for Individuals and Families – Humana

Humana has individual affordable health insurance plans for you and your family to best meet your insurance coverage and wellness needs.

Health Insurance: How To Evaluate And Compare Plans | Bankrate …

Workers have multiple health insurance plans to choose from at more than one- third of U.S. small businesses and about two-thirds of large companies, …

health insurance plans

Advantages of Managed Medical Health Insurance Plans

Health insurance policies in the eye of the storm

Health insurance policies is not an easy topic to talk about.  The growing controubersy affects private services and so goverment health care.

It looks that insurance industry will have to make big changes to offer understandable health plans and make them affordable too.

I have found a very interesting article that I want to share with you that surely can give you a wider perspective about the issue.

Defeat By Deductible: Millennials Aren’t Hip To Health Insurance Lingo

By Maanvi Singh

Coinsurance? Premium tax credit? HMO and PPO?

Swimming through the health insurance word soup can be frustrating for anyone. Even though I cover health, I couldn’t define “cost-sharing reduction plan” until I Googled it just now.

And it seems I’m not the only clueless 20-something here. Young adults, who generally have little experience managing their own health care expenses, are finding it especially hard signing up for insurance under the Affordable Care Act, according to a study published Tuesday in the Journal of Adolescent Health.

Researchers at the University of Pennsylvania wanted to see how well young people would fare navigating through HealthCare.gov. So they rounded up about 30 young adults, aged 19 through 30, who were interested in enrolling for insurance. They were all college-educated, and based in Philadelphia.

The researchers sat them in front of computers and observed as they navigated through the online enrollment process. “We asked them to think out loud, so we could really capture their experience,” says Charlene Wong, a pediatrician at the University of Pennsylvania who lead the study.

Wong and her colleagues interviewed the participants right after they completed their enrollment and again a month later.

“Many of them said, ‘You know, I’ve never tried to do this before and it feels a little bit overwhelming because there’s so many different options,’ ” Wong says.

Half of the participants couldn’t define “deductible,” and three quarters couldn’t explain “coinsurance.”

Plus most of them were unaware of subsidies for insurance, and they didn’t have an idea of how much insurance plans generally cost. Most thought that an affordable plan cost less than $100 a month — but the cheapest plan in Philadelphia cost $187 monthly, without tax credits.

The study involved college-educated, tech-savvy young people, Wong points out. “Considering that, we were really surprised at just how much they didn’t know.”

Previous surveys have turned up similar findings. The recent study is small, Wong says. But it takes a more in-depth look at how young people feel about the enrollment process.

The results suggest that the government as well as insurance companies need to do a better job of educating people about the basics, Wong says. Making the process easier for young people is crucial to the success of Obamacare, she points out, since more healthy young Americans need to pay into the insurance system to help cover the costs for older, sicker people.

Of course, getting anyone to retain information about insurance isn’t easy. “It’s dry material,” says Erin Hemlin the health care campaign director at Young Invincibles, an advocacy group that helps educate young people about health policy.

Young Invincibles has tested out some creative ideas to get people interested, like sponsoring concerts. They conduct weekly Twitter chats.

And they’ve developed an app that helps guide people through the enrollment process.

If the process is confusing for the young people in this study, Hemlin says, it’s even harder for demographic groups.

“I spent about four months in Texas during the first open enrollment period helping a mostly low-income, Latino population apply for insurance,” she says. “It was so disheartening, because these insurance terms are confusing in English. And they don’t translate well at all.”

Lots of young people she encounters are intimidated by the process so they’re not able to take advantage of the services available to them, Hemlin says. “This lack of health insurance literacy is the biggest barrier right now. I want more young people to realize ‘Oh, wait, I actually can afford this.’ ”

Copyright 2015 NPR. To see more, visit http://www.npr.org/.

Read Original Article – Published JUNE 16, 2015 1:10 PM ET

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References:

HealthCare.gov: Get 2015 health coverage now. Health Insurance …

Describes health insurance types, choices, and terms, from a consumer perspective. Covers public, private and community programs. By the U.S. Department of …Health insurance – Wikipedia, the free encyclopedia

Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system  …

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Health insurance policies in the eye of the storm

Income Protection Insurance - A Wise Move

For those people who work it would be wise to take out some income protection insurance to provide an income when you are unable to work due to illness or injury.

The last thing you need to do when you are unwell is worry about finances, adding stress to your condition and possibly impairing your recovery.

As with all cover policies the amount you receive and the duration of the contract are dependent upon the amount you have paid for the product and your personal circumstances pertinent to the claim at the time.

Whenever things change you must inform your policy provider because if your details do not match exactly the information on your policy your claim may be void and you could receive nothing.

Don’t let laziness or an oversight preclude you from receiving what is rightfully yours. Read the small print and keep your provider up to date with any changes that might affect your policy – no matter how small.

Change of name perhaps if you have married, change of address, change in salary, change of job or even job description might be pertinent as there are different classes of cover depending upon your occupation to be considered.

Make a note in your diary or your calendar to call in quarterly or bi-annually to check if the details they have on record for you are up to date and relevant. You need to maintain you policy not just let it sit in a drawer and gather dust.

Income protection is not life cover – there are no payments on your death so it is probably most suitable for individuals without dependents or a partner who would be left behind if you died having to face the costs of living without your income contributing to the household.

When you take out a policy for income protection insurance, it will be determined upon the amount of salary you wish to cover, most provide 75% of your salary in the event of you becoming ill or injured and being unable to work as a result of the circumstance.

Premiums generally, though not exclusively, take into consideration your age. This is not being age-ist.

There are several medical conditions that can affect people because age is one of the contributory factors to the condition. For example, bowel cancer, prostate cancer and diabetes are more likely as you get older as is coronary disease too.

Gender is another consideration as despite equality of opportunity there are significant differences, medically, between men and women.

Pre-existing conditions and your general health are factors that will be considered and whether you are a smoker or not – smoking is a contributory factor to many conditions that turn into diseases of organs.

The type of occupation you hold will be a consideration, whether you do manual work or office work and the risks involved in the type of work you undertake.

It is generally accepted that income protection cover will cost approximately the equivalent one week’s salary per year for most policy holders, so having an annual salary of say, £24k would reasonably result in payment of £500 for an income protection insurance policy, which equates to £9.61 per week for peace of mind.

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References:

Income protection insurance – Wikipedia, the free encyclopedia

Income Protection Insurance (IPI) is an insurance policy, available principally in Australia, Ireland, New Zealand, South Africa, and the United Kingdom, paying …

Compare income protection insurance – Confused.com

Income protection insurance protects your income should you become unable to work. Compare prices with Confused.com

Income Protection Insurance

Income Protection Insurance - A Wise Move

How Mobile Technology Can Help The Insurance Industry?

Technology development seems to have no limits but, how mobile technology can help the insurance industry to overcome cost and security challenges?

With the time, the technological innovation is at its peak, and mobile devices are no exception.

Mobile devices have now transformed into the invincible machines, having an extensive memory with faster core processors, large display screen, modern location tracking system.

All these features are sufficient to turn a simple phone into a multitasking device while unlocking the mobile applications’ market potential.

The increasing capabilities of smart phones have open up the new inlets to various industries that ranges from medical to insurance to agriculture.

Over a decade, Insurance industry has grown at a compounded growth, but still there are several issues obstructing the expansion of the sector.

Some of them are the high cost of onboarding that means hiring new employees and facing linguistic complexities while serving customers throughout the nation. Furthermore, fraud is on the rise, causing insurance companies losing millions of dollars.

In order to acquire new customers, the insurance companies appoint new agents to approach the potential customers nationwide. These agents travel to meet these new customers and help them to choose a right policy.

This process of travelling to each customer result in increased cost and attending fewer customers and the companies have to expand their business in small cities too.

Another problem is that selling a policy is not the end of the process; the company has to follow up the customers for alerts, updating of the policy, premium due date and more with the help of area agents and call centers.

The insurance sector lags behind in adopting any new technology and follows a “wait and watch” policy. The increasing capabilities of mobile technology present enormous opportunities in this sector where insurers are failing to meet the expectations of the customers while reducing cost.

However, one major concern that can be associated with the mobile phones is a security threat as it is hard to recognize a customer on the phone. Therefore handling customers throughout the country is a security and logistical headache.

In fact, the insurance industry needs a robust mobility solution that can securely automate the whole process. Voice software integrated with Multilingual Speech Recognition and Voice Biometric can successfully cater diverse needs of the insurance industry.

It provides a secure environment for the customer to easily interact through Voice Biometric-based authentication.

The voice software can turn a humble mobile phone into a powerful device greatly reducing the insurance reliance on costly and insecure agents and call centers.

Voice software can automate two important operations of the insurance industry:

Acquiring New Customers: Field agents can easily collect the voice samples and feed in the other details using the voice software application installed on their mobile devices. Moreover, the field agent equipped with Smartphones and tablets can highlight their qualities and offerings to the prospect customers.

The Voiceprint with other important details of the customer then saved in the backend system. When the customer is successfully registered with the program, the customer immediately gets a call of confirmation. The customer has to authenticate him or herself by repeating the passphrase that the field agent stored at the time of registration.

Like Irish and thumb impression, voice can’t be imitated. If the Passphrase matches with the stored Voiceprint, the customer is authenticated. All the information then can be converted into speech-to-text format at the backend. Admin at any time can access this information to send customized alerts.

Client Servicing: Outbound and Inbound Resolution: After the successful registration of a new customer, the customized message like due payments, incoming policy maturity etc. can be sent to the customer’s basic phone. Such alerts make the customers satisfied and turn them into a loyal customer.

With the help of Speech recognition technology some general and repeated quarries like statement requests, policy details and bill payments can be handled easily without engaging a human representative.

The process is simple, when a customer calls; the system receives the call and asks the user to authenticate them through Voice Biometrics by repeating the Passphrase.

Once identified, the customer has to speak the desired service they want to avail. The system integrated with speech recognition understands the customer’s request and make them avail the service or direct them to a live agent for more complex handling.

Therefore leveraging the enormous possibilities of mobile technology, a voice-based solution is the best resolution of various constant problems of the insurance sector.

Voice software with the combination of speech recognition and voice biometric can provide utmost security while considerably reducing costs, diminishing fraud, and increased customer satisfaction.

A voice-based system is the perfect complement augmenting the security and efficiency of field agents and call centers and putting the insurance industry on the path of continued growth.

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References:

Leveraging the Mobile Ecosystem to Transform Insurance – Cognizant

The insurance industry is entering a critical juncture in how it leverages mobile technology to expand its already impressive. — and growing — extended …

Insurance Technology Solutions | Verizon Enterprise Solutions

Moderate growth, new competitors, and rising costs—these factors are fueling the insurance industry’s evolution. From gathering behavioral data for developing …

insurance industry

How Mobile Technology Can Help The Insurance Industry?

The Importance Of Recommended Insurance Coverage Limits

Why is it important to take care of the recommended insurance coverage limits?

If you insure yourself, it is very helpful if you buy your coverage from a trusted provider. It is because they can give you the benefits you need at a reasonable price.

They can offer you recommended insurance coverage limits that are compulsory to your state in cases wherein you cannot remember the law.

The best companies do not only offer you great premiums but it will also offer you the right one.

In every state, the road and traffic laws require drivers to follow specific coverage limits. If a driver fails to be insured according to the minimum requirement of the state, he or she is subject to punishment from authorities.

Basic guide to Payment Protection Insurance

Payment Protection Insurance, also known as PPI, is a type of insurance which can be taken out in conjunction with a loan, mortgage or credit card.

It is there to help you when your income is affected through no fault of your own, from events such as redundancy or illness, and assists you in servicing your monthly repayments while you have no fixed income.

The problem which has occurred in recent years however is that a number of UK vendors have mis-sold this policy to consumers, with some not even knowing they had purchased the policy at all.

Mis-selling can occur for a variety of reasons and some of these are less obvious than others. One common reason for a mis-sale surrounds the employment status of the individual purchasing a policy.