Blogs Comment On Preventive Care, Crisis Pregnancy Centers, Other Topics
July 16, 2010 — The following summarizes selected women’s health-related blog entries. ~ “Will Your Pills Be Covered?,” Dana Goldstein, Daily Beast’s “Blogs & Stories”: Contraceptive services are not on the “initial list of preventive services that new insurance plans must provide co-pay-free once the health care reform law (PL 111-148) is implemented in September,” Goldstein writes. However, it … BLOG #19 HEALTH INSURANCE
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The Insurance industry is one of the fastest growing in India at Rs. 500 billion and it is estimated that the industry will reach the Rs 2000 billion mark by 2011 due to very low level of penetration till now (for life insurance it is 4.3% and for general insurance it is 0.6%). The insurance sector can be divided into two broad categories namely life insurance and general insurance.
1.1 Life Insurance
Besides the public sector behemoth LIC, which is the biggest life insurer in India, there are several private players in the life insurance market like Birla Sun Life, Allianz Bajaj, ICICI Prudential, ING Vysya, Tata AIG. Besides the traditional policies like whole life/ term policy, endowment and money back , the insurance companies are coming out with new products like mortgage life and unit link products to attract more customers. In case of whole life/ term policy, the policy money and the bonus is payable to the nominee only on the death of the policy holder within the policy duration (for term policy) or for whole life. But there is no survival benefit to the policy holder under this scheme. In case of endowment policy, the policy amount with bonus is payable to the nominee in case of death of the policy holder within the specified policy duration and in case the policy holder survives, he receives the money after the maturity period. Sometimes the endowment policy pays or waive off the premium in case of critical illness. A Money back policy is very much like an endowment policy with the difference that instead of one-time payment of survival benefit after the maturity period, payments for periodic survival benefits are made during the term of the policy. In case of a unit linked policy, the premium paid by the policy holder is divided into two parts: one part is used to provide for the life assurance cover, while the balance is used to buy units of a fund comprising of bonds / and equity. In case of maturity or surrender, the policy-holder will get the proceeds accordingly to the value of the unit at that time after some deductions (in case of surrender). The only public life insurance company LIC accounts for around 75% market share of the total life insurance market whereas the remaining 25% is distributed among the private players among which ICICI Prudential, SBI Life, HDFC Standard, Birla Sunlife are the major ones. As of 2009 there were 21 private players in the life insurance market.
1.2 General Insurance
India is the fifth largest general insurance market in India with an annual premium of USD 6.3 billion. There are 21 general insurance companies in the market (13 multiline private companies, 4 multiline public companies, 2 health private companies, 2 speciality public companies). The market is growing at a rate of around 20% CAGR. Motor insurance is the largest segment in this market contributing 44% of the general insurance premium followed by health insurance which contributes 20% of the premium. Fire (11%) and marine (6.5%) are two others important segments in the general insurance market. Mandatory third party insurance requirement is one of the major driving factors for the growth of motor insurance. Besides this, the insurance companies provide own damage insurance under motor insurance. Health insurance is the fastest growing area in the general insurance sector due to an aging population, increasing healthcare costs, increasing awareness and the health cover taken by companies for its employees.
2. Regulation
Insurance being a sensitive financial market, the Insurance Regulatory and Development Authority Act was passed in 1999 to set up the IRDA to monitor the insurance industry.
With the setting up of the authority, the Indian insurance market was thrown open to foreign direct investment through joint venture with an Indian company with a cap of 26% on the total equity. To ensure stability, transparency and financial strength, new entrants in the insurance business have to undergo rigorous scrutiny and their business conduct is also closely monitored.
According to IRDA regulations, in case of life insurance, at least 25% of the money has to be invested in government securities by the insurers, at least 50% money should be invested in government securities and other approved securities, at least 15% of the money needs to be invested on social and infrastructure sector while investment on un-approved securities cannot exceed 15%.
In case of general insurance, at least 30% of the money should be invested in general government securities, state government securities and other guaranteed securities, 10% of the money should be invested in infrastructure and social sector and the investment in un-approved securities cannot exceed 25%.
Besides, there is a requirement of minimum capital for an insurance company to ensure that they have enough funds to meet all claims. The minimum capital requirement for direct non-life insurance business and life insurance business is Rs 1 billion. A general insurer needs to maintain a solvency ratio (available solvency margin/ required solvency margin) of 1.5 times, based on net premium earned and net claims incurred in various segments.
This econometric study covers the latent demand outlook for private health insurance carriers across the states, union territories and cities of India. Latent demand (in millions of U.S. dollars), or potential industry earnings (P.I.E.) estimates are given across over 5,100 cities in India. For each city in question, the percent share the city is of it’s state or union territory and of India as a …
This econometric study covers the latent demand outlook for accident and health insurance and medical service plans across the states, union territories and cities of India. Latent demand (in millions of U.S. dollars), or potential industry earnings (P.I.E.) estimates are given across over 5,100 cities in India. For each city in question, the percent share the city is of it’s state or union territ…
This econometric study covers the latent demand outlook for accident and health insurance across the states, union territories and cities of India. Latent demand (in millions of U.S. dollars), or potential industry earnings (P.I.E.) estimates are given across over 5,100 cities in India. For each city in question, the percent share the city is of it’s state or union territory and of India as a whol…
After years of school and maybe even after some years of practice, you are ready to do it on your own.Running a profitable business takes more than just being a great doctor. Start Your Own Medical Practice provides you with the knowledge to be both a great doctor and a successful business owner. Whether you are looking to open a single practice office or wanting to go into partnership with other …
You no longer need a traditional employer plan to get good, affordable health insurance. The New Health Insurance Solution can help you cut your health insurance costs in half if: You’re self-employed, an independent contractor, or your employer doesn’t provide health insurance (you can probably get coverage on your own for about $94/month—a fraction of what an employer would have to pay for the…
Has any of you ever used NYS Child Health Plus insurance?
My husband just lost his job and with it his benefits. We have a 22 month old daughter and I don’t want her to go without any coverage! He just lost it so we haven’t even started a moving on plan yet but this is my #1 issue!!
I read a bit about it on the NYS site but I was looking for personal experience. Do you get to choose your own Dr? How much does it over??
Thanks so much for your help!
I live in Niagara Country, NY.. thanks so much for the first answer!
Child Health Plus (CHP) is a great plan. It covers pretty much anything – soup to nuts, often including dental – until the kids are 19 years old, and the premiums are very affordable. (Most of the ones I know of are less than $50 a month per child.)
Since there are varied CHP plans, call your pediatrician and ask which ones they take. Often, you do get a choice between several plans (In my area – which is Orange/Rockland County – we have the choice between Blue Cross Blue Shield, Wellcare, Fidelis, and several others – there may be other choices where you are.) You do get to select the doctor – as long as they’re on the plan, and most of them are – but sometimes, they mis-key the selection, so when you get the cards, double check the PCP (primary care physician) to make sure they put the right one. If they didn’t, call them right away so they can fix it and send you a new card. You also have to be dilligent about recertifiying every year – otherwise, they drop you like a hot rock. (Recertifiying takes about six weeks, so make sure you get the paperwork at least eight weeks before you need to!)
Honestly, I wish they had “Grownup Health Plus”, it’s such a good deal!
Health Insurance in Suffolk County NY Health Quote of New York
If you are studying for your life and health insurance licensing exam, we have the ultimate study tool for you. Life and Health Insurance License Exam Cram is a great resource to help you learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You’ll also receive a CD that includes a fully-customizable test engine, detailed score report and s…
If you are preparing for a career in property and casualty insurance, you need to pick up a copy of Property and Casualty Insurance License Exam Cram. You will quickly learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You’ll also receive a CD that includes a fully-customizable test engine, detailed score report and state-specific law su…
This course surveys life and health insurance principles and concepts common to all state producer licensing exams, giving students the relevant information they need to help pass the exam on the first try. The text is intended as a comprehensive introduction to life and health insurance. Topics include insurance contracts, life insurance policies, premiums and proceeds, underwriting and polic…
