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The Dangers Of Predictive Analytics In Life And Health Insurance

June 13, 2019 Leave a comment

wealthymatters Currently the health and life insurance products we buy are static in the sense that right at the beginning of the policy term the insurance company makes an assessment of the morbidity or mortality risk of the person and then agrees to insure them at agreed-upon rates.

Now imagine a scenario of continuous health monitoring and a dynamic premium that reduces when people engage in what is deemed healthy behaviour. A scenario where the insurer provides various “incentives” like discounts on gym memberships , wearables like fitbit and preventive healthcare check-ups etc.

The first time I came across such an idea,2 lines of thought came to my mind simultaneously: Read more of this post

Filed under Paper Assets, Theory Tagged with BMI, corporate wellness program, data, dynamic premium, group insurance, group insurance premium, health insurance, Insurance, life insurance, morbidity, mortality risk, postaday, predictive analytics, privacy, universal accessibility to health insurance, wearables

Planning For The Best Medical Attention

August 5, 2016 Leave a comment

Humans have not yet found the way to ensure immortality, but the advancements of modern medicine are such that , much of our life expectancy , and the quality of curative and palliative care we receive ,and ultimately our quality of life depends on what medical care we can afford and negotiate to receive.

Here’s how I’d recommend you go about putting in place the system to ensure that you get the best medical care of your choice. So that you are not constrained for lack of money or forced by insurers to pursue treatments that insurers rather than you would prefer.

First take an inventory of your own body, medical history, personal habits, lifestyle and environment to check if you are predisposing yourself to certain diseases. Then take an inventory of the diseases that other members of your family are having to live with or that they have finally succumbed to. These and related diseases are those you yourself are most likely to have to deal with. Read more of this post

Filed under Paper Assets Tagged with critical illness plan, critical illness rider, health insurance, life insurance, policy, postaday, premium

How To Compare Family Health Insurance Plans

October 29, 2015 Leave a comment

If you’re thinking about taking a family health insurance plan, there are a lot of things you need to consider before buying the right plan for your family. You have the option to choose from a variety of policies but if this is your first time buying an insurance policy, you’re probably not quite sure which one actually suits your needs.

Here’s an entire glossary on health insurance plans that will surely enlighten you on the nuances of procuring the perfect health insurance for your family.

Types of Health Insurance Plans

There are plenty of health insurance plans available in India to help you in times of medical emergencies. You should specifically focus on coverage, premiums, returns and a bunch of other stuff to make the right pick.
Here are the 6 health insurance policies readily available in the Indian insurance policy market: Read more of this post

Filed under Paper Assets, Tool Kit Tagged with claim loading, co-payment, critical illness, family floater, health insurance, health insurance for senior citizens, health insurance plan, Insurance, maternity benefit, organ donor expenses, postaday, pre existing disease cover, premium, preventive health care insurance, surgery

Effects Of Smoking On Health Insurance Premium

October 7, 2015 Leave a comment

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The visibility percentage of the omnipresent warning on all cigarette boxes — “Smoking is injurious to health” — has been increased from 40% to 85% in India, with effect from April 1, 2015. This stringent measure by the government is indicative of the rise in the percentage of major diseases due to smoking. Apart from being the root-cause of 30% of all cancer deaths, smoking has other serious perils — causative factor of 80% of Chronic Obstructive Pulmonary Disease (COPD), 16-times higher risk of heart-attack, impotency or reduced fertility in men and decreased chances of conception, or eventual miscarriage among women. These are only a few of the many ailments triggered and enhanced by smoking.

If you think smoking only severely affects your health, well, the shocker is, it affects your pocket even worse! The material damage caused by smoking is to make you pay higher premiums for your health insurance. The rate of premium for smokers is 56% more than the non-smokers! Non-smokers even receive discounts or incentives from health insurance companies as against smokers who have to pay higher premiums due to raised health risks and shorter life expectancy.

Joining The ACA Late

July 17, 2014 Leave a comment

The Patient Protection and Affordable Care Act (PPACA),commonly called the Affordable Care Act (ACA) or “Obamacare” was enacted by the Obama Government with the goals of increasing the quality and affordability of health insurance for Americans, lowering the uninsured rate by expanding public and private insurance coverage, and reducing the costs of healthcare for individuals and the government.

This Federal law introduced a number of mechanisms—including mandates, subsidies, and insurance exchanges—meant to increase coverage and affordability. The law also requires insurance companies to cover all applicants within new minimum standards and offer the same rates regardless of pre-existing conditions or sex. Additional reforms aimed to reduce costs and improve healthcare outcomes by shifting the system towards quality over quantity through increased competition, regulation, and incentives to streamline the delivery of healthcare.

As of April 2014, more than 10 million Americans have enrolled in healthcare coverage since the ACA’s launch.This figure includes more than 8 million individuals who have selected insurance through the health insurance marketplaces established by the ACA

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So now you know if you can still join in late this year. Do go ahead and do the needful m for as you know, the process is not automatic. You need to take the initiative.