The new risk adjustment system was designed to meet ten guiding principles. These principles relate to insurance underwriting issues, understanding and acceptance by users, and minimization of opportunities to “game the system.” Briefly, the ten principles are:
1. The health-status–related measures should be clinically meaningful. This means that they should have face validity and be (more…)
Medicare generally provides health insurance coverage to those over age 65. The Medicare Trustees (2006) reported that Medicare covered 42.5 million individuals in 2005, 35.8 million of whom were over age 65. The elderly Medicare program has four “parts.” Medicare Part A essentially covers hospital, skilled nursing facility, and home health services, which are paid for by the payroll taxes earmarked for the Medicare program. Medicare Part B essentially covers physician services and durable medical equipment. (more…)
As they enter the later stages of life many people choose to draw up a will to make their wishes known after their death, but perhaps for people of limited means, this may not feel adequate and life protection insurance may be an option. This is a popular way of using a policy to guarantee that a named beneficiary would be taken care of financially after someone’s death.
All of them involve a premium as with other types of insurance, but different types of deals do different things. (more…)
Insurance for the future is seen as essential by many people but some who are unfamiliar with the market may be unsure about where to start. Furthermore, those who are already on one policy may be wondering whether or not another life cover policy might be more suitable. Then there are various add-ons which can make a policy more comprehensive and produce greater peace of mind - so where should someone start? (more…)
Death is something a topic that no one likes to talk about, but it’s something we all need to brace for. Aside from a will, a beneficiary for your life insurance policy needs to be chosen. Unsure who to pick? These tips will help you in choosing the right beneficiary for you. (more…)
Family Income Policy
One of the most popular, and perhaps most useful, of the combination life insurance contracts is the family income insurances policy. Combining whole life insurance with decreasing term coverage, this policy provides temporary protection and permanent coverage. The term portion of the coverage provides monthly income benefits for the family and the permanent (whole life) part of the policy provides a lump sum payment. (more…)