In the UK around 7 million people spend around £3 billion a year on
medical insurance. One in seven policies are taken out by individuals
with the balance being put in place by their employers. The problem is
that Medical Insurance is complex and few policyholders take the time to
really study the details of their cover. As a result, many
misunderstand what will be covered. If you expect medical insurance to
pay every health claim, you're mistaken.
Medical Insurance is designed to provide protection for curable,
short-term health problems and allow policyholders to jump the NHS
queues to see consultants, be diagnosed, receive surgery or be treated.
That sounds fine, but before you buy you need to appreciate the
treatments and situations that fall outside the scope of the cover.
But first a word of warning. This article does not relate to any
specific policy and the terms and conditions issued by individual
insurers do vary. So please ensure you also check your policy documents.
After reading this article, you'll know what to look out for!
Sorry - it's a chronic condition
If a condition can be cured and is not a long-term problem, your
insurance company will classify it as acute and should meet the cost. If
your problem is incurable or it's a problem that, despite appropriate
treatment, will be with you for a long time, then your insurance company
will classify it as chronic - and no, you won't be covered.
But deciding whether a condition is acute or chronic is fraught with
problems. It's rarely a black and white decision and this can lead to a
major area of conflict between policyholder and insurer.
It's clear that asthma and diabetes are chronic conditions as you're
almost certain to suffer from them for the rest of your life. So those
categories of illness are not covered.
Problems arise when Doctors initially consider a patients' condition to
be curable, but the condition later deteriorates and the medical team
changes its' mind, it's now become incurable. This can sometimes happen,
especially in the treatment of certain types of cancer.
In these circumstances, the condition is initially defined as acute and
is therefore insured, but deteriorates and becomes chronic - and outside
the terms of cover. This is possible as insurers retain the right to
reclassify a condition from acute to chronic during treatment.
Sorry - it's too long term
The insurance company will not pay out for long term treatment. But you
need to check your policy documents to see how they define "long-term".
You can find the situation where a course of drugs extends for say 12
months, but the insurer will only pay for ten months.
Sorry - it's preventative
Your insurance is designed to pay for the treatment and cure of
conditions when they arise. It is not designed to pay for treatments
that are used to prevent an illness.
Again, the problem of definition arises. Sometimes it is arguable
whether a treatment is preventative or a cure. Take the drug Herceptin
for example. This drug can be used in the early stages of breast cancer.
Research shows that Herceptin can halve the incidence of cancer
returning for women who have a particularly virulent form of the cancer
known as HER2. In this situation, is Herceptin offering a cure or is it a
preventative?
Insurance companies are split on the debate. Norwich Union, WPA, BUPA
and Standard Life Healthcare will pay for Herceptin for HER2 patients
whereas Legal and General and Axa PPP will not.
Sorry - the drug is not approved
Two of the main attractions for taking out medical insurance are: to
jump the queues at the NHS, and to get the latest treatments and drugs.
But there's a rider.
The Institute for Health and Clinical Excellence exists to approve the
use of new drugs by the NHS in England and Wales. Until that body has
approved the drug your insurer is unlikely to pay for its use. The
problem is that the Institute's brief is to perform a cost/benefit
analysis to ensure that the financial benefits to the nation from using
the drug, outweigh the costs of using it in the NHS. A difficult brief
and it has placed the Institute under scrutiny for the extended delays
in drug approval.
The compromise hit on by the Financial Ombudsman is that if your medical
policy won't pay for the use of experimental treatments, then it should
meet the cost of an approved conventional treatment with the
policyholder footing the bill for the balance if the experimental
treatment is more expensive.
Sorry - it's a pre-existing condition
The basic principle is that if you are already suffering from a
condition when you start a policy, then that condition "pre-exists" the
policy and any claims for its treatment are invalid.
For this reason, insurance companies insist you complete an exhaustive
questionnaire before they agree to insure you. After all they need a
clear picture of your medical condition before they quote. For many
applications, the insurer will, with your approval, also write to your
GP for specific details of your medical history. They like to have a
complete picture.
So lets say some years ago you twisted your knee playing tennis. It
appeared to recover but now it turns out that you have a torn cruciate
ligament and it needs to be operated on. Your medical insurance company
could argue that the ligament damage was a pre-existing condition and
you have to pay for the operation.
Some insurers try to accommodate these grey areas with a moratorium
provision within your policy. These provisions typically say that so
long as you have been symptom free for two years relating to any
condition you've suffered from within the last 5 years, they will pay
for subsequent treatment. Not all policies have these moratorium
provisions and the time periods do vary between insurers. You should
carefully read your policy.
Sorry - its not covered
Medical Insurance is an annual contract - just like your car insurance.
So when it comes to renewal, your insurer is at liberty to review not
only your premium but also change the conditions on which your cover is
provided.
Therefore, if your policy comes up for renewal mid way through a course
of treatment, it's possible to find that your new policy no longer
covers that particular treatment. This means that you will have to foot
the bill for the balance of the treatment.
Furthermore, with ongoing advances in medical research, more and more
conditions are becoming treatable. This progress has the effect of
shifting back the dividing line between chronic and acute conditions.
vendredi 5 octobre 2018
dimanche 6 mai 2018
Elements of Auto Insurance Contracts
Before signing an auto insurance contract, we are involved in
understanding some basic terms related to the car insurance policy.The
phrase "your covered auto" also applies to several other particular
circumstances.
Usually, physical damage coverage will apply to newly acquired vehicles (whether additional or replacement vehicles) only if you request the coverage within 30 days of the acquisition. However, liability coverage for a replacement vehicle is automatically provided until the end of the policy period.
The liberalization clause states that if the insurance company makes a change to its policy form which provides broader coverage without a premium charge (for example, if it drops a policy exclusion), that change will automatically apply to your policy on the date the change goes into effect in the insured's state. This simply eliminates the need of the insurance company to endorse all existing policies when coverage is expanded without a change in premium.
Cancellation is an important issue. In most states, the reasons for which an insurance company is permitted to cancel a policy are limited-if the policy has been in effect for at least 60 days or is a renewal policy.
The general agreement is a very brief statement. It means simply that all of the remaining provisions of the contract (the policy terms) apply. The reason that the general agreement is so brief is that each coverage section contains a much more detailed insuring agreement.
Exclusions involve some of the most heated-and most often litigated-disputes over insurance language.Some exclusions exist simply to remove coverage for above-average risk factors which are not anticipated in average rates and premiums, and that the coverage is often available for an additional charge.
This is the case with respect to audio, visual and data equipment and the tapes, records, and other media used with such equipment. The basic policy form excludes coverage because these are items of value which have an above-average exposure to theft losses (they are easily removed and are often targets for thieves).
On the other hand, some people want specific drivers excluded from coverage. These special exclusions have become increasingly common in recent years.
Liability is probably the most important kind of automobile insurance. It covers moneys owed when one automobile driver causes bodily injury to another person or damage to another person's property.
read more / http://www.workersinsurance.blogspot.com
Usually, physical damage coverage will apply to newly acquired vehicles (whether additional or replacement vehicles) only if you request the coverage within 30 days of the acquisition. However, liability coverage for a replacement vehicle is automatically provided until the end of the policy period.
The liberalization clause states that if the insurance company makes a change to its policy form which provides broader coverage without a premium charge (for example, if it drops a policy exclusion), that change will automatically apply to your policy on the date the change goes into effect in the insured's state. This simply eliminates the need of the insurance company to endorse all existing policies when coverage is expanded without a change in premium.
Cancellation is an important issue. In most states, the reasons for which an insurance company is permitted to cancel a policy are limited-if the policy has been in effect for at least 60 days or is a renewal policy.
The general agreement is a very brief statement. It means simply that all of the remaining provisions of the contract (the policy terms) apply. The reason that the general agreement is so brief is that each coverage section contains a much more detailed insuring agreement.
Exclusions involve some of the most heated-and most often litigated-disputes over insurance language.Some exclusions exist simply to remove coverage for above-average risk factors which are not anticipated in average rates and premiums, and that the coverage is often available for an additional charge.
This is the case with respect to audio, visual and data equipment and the tapes, records, and other media used with such equipment. The basic policy form excludes coverage because these are items of value which have an above-average exposure to theft losses (they are easily removed and are often targets for thieves).
On the other hand, some people want specific drivers excluded from coverage. These special exclusions have become increasingly common in recent years.
Liability is probably the most important kind of automobile insurance. It covers moneys owed when one automobile driver causes bodily injury to another person or damage to another person's property.
read more / http://www.workersinsurance.blogspot.com
vendredi 27 avril 2018
Pet Insurance - Is it a Waste of Money?
According to a report published by research group Mintel, one in three
pets needs an unforeseen visit to the vet each year. This implies you're
more likely to make a claim on your pet insurance than on your car
insurance or even your home & contents policy.
The word "unforeseen" is key here. If you're looking for pet insurance to provide cover for routine treatments such as teeth cleaning, vaccinations or nail trimming, forget it - policies which provide that are as rare as hens' teeth! Neither will you find cover for elective treatments, such as neutering and identity chipping. This means that the most common grounds for visit the vet are uninsurable.
But it's those unexpected visits that tend to be the high-priced ones! Developments in vet nary care mean that new and more complex conditions can be effectively treated. But the cost of emergency care can be horrendous. A cat that failed to cross the road could easily cost £700, even more, to treat. After all, a series of X-rays could cost £400 complete with anaesthetic, and you'll have no change from £1,000 for a MRI scan. If Lassie the Labrador tore a ligament that can now be treated - but the cost? Wait for it - around £1,500! This is serious money!
Having appreciated that most reasons for an appointment at the vet are uninsurable, what do we get for our premiums?
Pet insurance policies basically fall into three categories. The first limits the value of the claim for each condition or event; the second places a maximum value on the total annual payout and the third and cheapest option, limits the payout per condition and ends cover after 12 months of treatment. And with all policies you will have to pay an excess on any claim, usually between £50 and £100. The majority of these plans payout a fixed sum if you pet dies.
And the cost? Well, that depends on which type of policy you select, the excess you want to pay, the kind of pet you have, its breed, its age and even your post-code (apparently vets are more expensive in Kensington!). But as a guide, an industry expert estimates costs between £50 to £500 for Lassie and £30 and £200 per year for puss.
The best advice is take out a policy when your pet is young. Most pets can be insured after they're 8 weeks old and then you keep the insurance in place for the rest of its life. If you're looking for a policy for a pet that's in it's middle age, say eight or nine for a dog, then it may be difficult to get worthwhile cover. That's because starting a new policy in your pet's middle age will be expensive and in any case you'll be unable to claim for treatments for any existing health conditions.
So how can you reduce the premiums? Sometime you can get a discount if you pet has been identity chipped and quantity discounts are usually available for second and subsequent pets. Beyond that you simply have to shop around. Thank goodness for the Internet!
read more / http://www.workersinsurance.blogspot.com
The word "unforeseen" is key here. If you're looking for pet insurance to provide cover for routine treatments such as teeth cleaning, vaccinations or nail trimming, forget it - policies which provide that are as rare as hens' teeth! Neither will you find cover for elective treatments, such as neutering and identity chipping. This means that the most common grounds for visit the vet are uninsurable.
But it's those unexpected visits that tend to be the high-priced ones! Developments in vet nary care mean that new and more complex conditions can be effectively treated. But the cost of emergency care can be horrendous. A cat that failed to cross the road could easily cost £700, even more, to treat. After all, a series of X-rays could cost £400 complete with anaesthetic, and you'll have no change from £1,000 for a MRI scan. If Lassie the Labrador tore a ligament that can now be treated - but the cost? Wait for it - around £1,500! This is serious money!
Having appreciated that most reasons for an appointment at the vet are uninsurable, what do we get for our premiums?
Pet insurance policies basically fall into three categories. The first limits the value of the claim for each condition or event; the second places a maximum value on the total annual payout and the third and cheapest option, limits the payout per condition and ends cover after 12 months of treatment. And with all policies you will have to pay an excess on any claim, usually between £50 and £100. The majority of these plans payout a fixed sum if you pet dies.
And the cost? Well, that depends on which type of policy you select, the excess you want to pay, the kind of pet you have, its breed, its age and even your post-code (apparently vets are more expensive in Kensington!). But as a guide, an industry expert estimates costs between £50 to £500 for Lassie and £30 and £200 per year for puss.
The best advice is take out a policy when your pet is young. Most pets can be insured after they're 8 weeks old and then you keep the insurance in place for the rest of its life. If you're looking for a policy for a pet that's in it's middle age, say eight or nine for a dog, then it may be difficult to get worthwhile cover. That's because starting a new policy in your pet's middle age will be expensive and in any case you'll be unable to claim for treatments for any existing health conditions.
So how can you reduce the premiums? Sometime you can get a discount if you pet has been identity chipped and quantity discounts are usually available for second and subsequent pets. Beyond that you simply have to shop around. Thank goodness for the Internet!
read more / http://www.workersinsurance.blogspot.com
mercredi 18 avril 2018
Buying Life Insurance Over the Telephone the Safe and Easy Way
WHY WOULD I BUY LIFE INSURANCE OVER THE TELEPHONE?
Buying life insurance will never be exciting; however, it is becoming much easier and more convenient now that many companies are willing to allow their lowest cost products to be sold over the telephone. As a consumer you have the opportunity to deal with a real, and normally knowledgeable, representative who can provide you rates and information within minutes.
There is no longer the need to have an agent come to your home and spend hours trying to sell you something that won't fit into your budget. If you choose an agency that uses software designed to compare most the products available in your state, you will combine convenience with the lowest possible rate you are eligible for.
IS IT SAFE?
Yes, if you use common sense.
Applying for life insurance requires you to provide sensitive and personal information to the insurance company that will issue your policy. Use common sense in deciding with whom you share your Social Security Number, Date of Birth, and Driver's License Number with.
Here are some indicators that you are dealing with professionals:
• Have the people you have spoken with acted in a knowledgeable and professional manner?
• Have they asked you about your medical and personal habits history before they quoted you a rate?
• Have they clearly explained the application process and the procedures you must follow to obtain a policy at or near the rate you were quoted?
• Have they clearly explained that your policy may not pay a claim if you do not provide accurate answers on the application?
If the answer to all of the questions above is yes, then you have reason to be confident that you have made the right choice; however, if you have any lingering doubts there are a few more qualifiers you can look for:
• Have you been instructed to make your check payable to the insurance company and NOT the agent or agency?
• Have you contacted your state insurance department to confirm that the insurance company (NOT the agent or agency) is licensed to do business in your state?
• How did you find this company? Did they send you something in the mail; did you find their web site?
Again, if the answers are yes then you have found a winner. Let's face it: Very few crooks act like professionals.
HOW DO I FIND INSURANCE OVER THE TELEPHONE?
The internet has become the choice of many for fast and easy information. Type "Insurance by Telephone" or similar key words in the search field of your Internet Browser and you will get many pages of links to chose from. Look for toll free or other telephone numbers and begin calling. Ignore the sites that have only forms to submit your information. Most of them will have insurance calling you in an attempt to set up a visit to your home.
HOW DO I GET THE BEST RATE?
Finding the lowest rate that you qualify for is more about what you shouldn't do than what you should. Here is a list of things you should not do if you want to pay the lowest arte you are eligible for:
DO NOT provide false information about your health or personal habits during the quote or application process. Life and disability insurance rates are based on your actual health and personal habits, not on what you would like them to be. State insurance regulations require insurance companies to issue a policy at the rate you qualify for. There are no exceptions! This means you cannot negotiate, ask for a discount, or provide false information in the hope that you will get a better rate. Be honest during the process and you will receive the best rate offered by that company.
DO NOT deal with any agency that does not use rate comparison software to develop a quote. This new technology allows for the comparison of literally hundreds of different companies in order to provide you the best rate you are eligible for as long as you answer each qualifying question as accurately as possible. For example: five (5) pounds of weight might make the difference whether Company A or Company B is the cheapest. Give the representative the truth and they will find you the lowest rate.
DO NOT believe you are entitled to, or will receive, a discount or special price from anyone. Any licensed agent making such an offer is violating state insurance law. YOU ARE NOT AN EXCEPTION! Consider this: normally only greedy people get conned.
DO NOT delude yourself into thinking that a referral from your CPA, broker, lawyer, tax person, or a friend will get you the lowest rate. Remember, the object is to pay the lowest rate, not subsidize someone's drinking buddy. As previously stated, there are no discounts. You will have to decide whether to do business with anyone that considers violating the law to be an acceptable business practice. If you want to do business with a referral, use the qualifiers detailed earlier in this article. If the referred agent passes those standards, you should receive a competitive quote.
SUMMARY
It is now possible to make an unpleasant task easier and less expensive. If you combine the tools listed above and a little common sense, you have reason to be confident that you have paid the lowest rate you are eligible for.
read more / http://www.workersinsurance.blogspot.com
Buying life insurance will never be exciting; however, it is becoming much easier and more convenient now that many companies are willing to allow their lowest cost products to be sold over the telephone. As a consumer you have the opportunity to deal with a real, and normally knowledgeable, representative who can provide you rates and information within minutes.
There is no longer the need to have an agent come to your home and spend hours trying to sell you something that won't fit into your budget. If you choose an agency that uses software designed to compare most the products available in your state, you will combine convenience with the lowest possible rate you are eligible for.
IS IT SAFE?
Yes, if you use common sense.
Applying for life insurance requires you to provide sensitive and personal information to the insurance company that will issue your policy. Use common sense in deciding with whom you share your Social Security Number, Date of Birth, and Driver's License Number with.
Here are some indicators that you are dealing with professionals:
• Have the people you have spoken with acted in a knowledgeable and professional manner?
• Have they asked you about your medical and personal habits history before they quoted you a rate?
• Have they clearly explained the application process and the procedures you must follow to obtain a policy at or near the rate you were quoted?
• Have they clearly explained that your policy may not pay a claim if you do not provide accurate answers on the application?
If the answer to all of the questions above is yes, then you have reason to be confident that you have made the right choice; however, if you have any lingering doubts there are a few more qualifiers you can look for:
• Have you been instructed to make your check payable to the insurance company and NOT the agent or agency?
• Have you contacted your state insurance department to confirm that the insurance company (NOT the agent or agency) is licensed to do business in your state?
• How did you find this company? Did they send you something in the mail; did you find their web site?
Again, if the answers are yes then you have found a winner. Let's face it: Very few crooks act like professionals.
HOW DO I FIND INSURANCE OVER THE TELEPHONE?
The internet has become the choice of many for fast and easy information. Type "Insurance by Telephone" or similar key words in the search field of your Internet Browser and you will get many pages of links to chose from. Look for toll free or other telephone numbers and begin calling. Ignore the sites that have only forms to submit your information. Most of them will have insurance calling you in an attempt to set up a visit to your home.
HOW DO I GET THE BEST RATE?
Finding the lowest rate that you qualify for is more about what you shouldn't do than what you should. Here is a list of things you should not do if you want to pay the lowest arte you are eligible for:
DO NOT provide false information about your health or personal habits during the quote or application process. Life and disability insurance rates are based on your actual health and personal habits, not on what you would like them to be. State insurance regulations require insurance companies to issue a policy at the rate you qualify for. There are no exceptions! This means you cannot negotiate, ask for a discount, or provide false information in the hope that you will get a better rate. Be honest during the process and you will receive the best rate offered by that company.
DO NOT deal with any agency that does not use rate comparison software to develop a quote. This new technology allows for the comparison of literally hundreds of different companies in order to provide you the best rate you are eligible for as long as you answer each qualifying question as accurately as possible. For example: five (5) pounds of weight might make the difference whether Company A or Company B is the cheapest. Give the representative the truth and they will find you the lowest rate.
DO NOT believe you are entitled to, or will receive, a discount or special price from anyone. Any licensed agent making such an offer is violating state insurance law. YOU ARE NOT AN EXCEPTION! Consider this: normally only greedy people get conned.
DO NOT delude yourself into thinking that a referral from your CPA, broker, lawyer, tax person, or a friend will get you the lowest rate. Remember, the object is to pay the lowest rate, not subsidize someone's drinking buddy. As previously stated, there are no discounts. You will have to decide whether to do business with anyone that considers violating the law to be an acceptable business practice. If you want to do business with a referral, use the qualifiers detailed earlier in this article. If the referred agent passes those standards, you should receive a competitive quote.
SUMMARY
It is now possible to make an unpleasant task easier and less expensive. If you combine the tools listed above and a little common sense, you have reason to be confident that you have paid the lowest rate you are eligible for.
read more / http://www.workersinsurance.blogspot.com
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