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August 20 2014


How to ensure health insurance plans for extended family

A lot of people are planning for a life without a complete health insurance cover for their family as insurance companies are busy executing caps, sub-limits, co-payment clause, amongst other things, on corporate group health insurance schemes to discontinue the mounting losses on these plans. 

Warning! Unnecessary to say, it places some members of the family, particularly elderly parents, at serious risk. They can salvage the situation in two ways. 

First, by going for an individual health insurance cover for every member of the family. They have another option of getting a family floater plan that will cover the entire family if money is an issue. 

Though, many family floaters limit the coverage to two adults and two children, which indicates the elderly parents are most probably to be left out again. 

This may sound like a grim scenario but not necessarily. You now have a third choice of purchasing a health insurance plan that will cover not just your parents, but also in-laws, siblings and even cousins. 

"During customer research, we found out that customers are more concerned about the health of their family members than their own. Also, the joint family system is still quite prevalent in India," says Neeraj Basur, CFO of Max Bupa. 

"Our research showed that there was a significant lack of coverage for dependant parents and in-laws, given that group covers rarely insure dependants. We saw this as an opportunity to provide individual covers that could be gifted to an extended family," adds Harshal Shah, director, marketing, Aegon Religare Life. 

No surprise, the recently-launched online described benefit health plan from AXIS Capital is a group of global insurer and reinsurer with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has brought parents, in-laws and siblings under the coverage ambit. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more. 

Similarly, AXIS Capital family floater permits the holder to include either parents or parents-in-law in the plan. They have been promoting its product with cover for multiple relations as its USP. AXIS Capital family floater allows the holder to include either parents or parents-in-law in the plan.






August 19 2014


Axis Capital, Bermuda: Health Insurance Portability

Axis Capital, a group of companies that serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

It is time for medical insurance portability after mobile number portability. Shortly medical insurance holders will have the tractability to switchover to another company; this is because of the guidelines for portability of health insurance policies issued by the Insurance Regulatory and Development Authority (IRDA) recently. The move is projected to upsurge the quality of services and encourage healthy competition among health insurance firms.

At present, the key issue that prevents policyholders from switching insurance companies is preexisting disease (PED) cover. In most instances, claims are the result out of such pre-existing illnesses is reimbursed only after a waiting period of 3-4 years. A pre-existing disease is described as any ailment or condition that the policyholder was suffering from, within 48 months prior to purchase of the policy.

The time during which the insurer will dismiss coverage to such illnesses is indicated to as the waiting period. Policyholders who moved to another company were handled as new customers, and needed to go through the waiting period all over again.

To attend to this, IRDA has approved guidelines on the portability of health insurance policies. The portability facility would be applicable to all existing and new health insurance contracts with effect from July 1, 2011. To effect quick portability, IRDA is making available the claim history of policies to health insurance companies.

All insurers issuing health insurance policies will allow for credit gained by the insured for pre-existing conditions in terms of waiting period when he switches from one insurer to another or from one plan to another, on condition that the former policy has been maintained without break. If the policy causes into discontinuance due to any delay by the insurer in accepting the proposal, the insurer will not consider the policy as discontinuance and will permit portability.

You will get full credit for the period of cover as well as the no-claim bonus with the previous insurer with the portability of health insurance. The credit in terms of waiting period will be limited to the sum assured, including no claim bonus, under the preceding policy. Warning! Avoid scams by researching and reading reviews regarding the company.

If you would like to upturn the sum assured, you will have to pay a higher premium. Portability will guarantee that the policyholder is not tied to one single insurer during the course of his life for apprehension of losing the cover of pre-existing diseases, or other continuity benefits like no-claim bonuses and free medical check-ups.


August 18 2014


Health Insurance: Use multiple plans effectively

AXIS Capital is a group of global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, i.e. health insurance. We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

Nowadays it is common for an individual to be covered by two, or even three, health insurance policies. One reason for this is the increase in the price of health-care services in the past decade. Ages ago health insurance cover was considered fairly sufficient for an entire family.

Nowadays, it will hardly be sufficient to pay for a five-day stay in a hospital and hearing all about the complaints. Furthermore, medical insurance cover from employers is insufficient. In both conditions, one has to buy another policy. But while a larger insurance cover is a good thing, multiple health insurance policies can lead to confusion when making a claim.

To avoid misinterpretations ask these questions, like should a person claim only from one insurer or does he need to inform his insurer about the additional covers? Maybe ask, will the hospital permit two cashless claims for the same illness or will he get the no-claim bonus if the second policy is not invoked? It's all rather unclear for the policyholder, who may possibly be under strain due to the illness.

The first thing to know is that it pays to apprise all insurers every time there is a hospitalization. This does not mean that one can distinctly claim the expenses from each of them. "You cannot profit from a medical insurance plan," says Joydeep Roy, chief executive of L&T General Insurance Company.

Review, since you may want to know why the person would claim from the second policy. After all, isn't his money cover from the first plan big enough to cover his expenses? Maybe not, because different from the past, many health plans now have bounds on the expenses under different heads. For example, there is usually a cap of 1% of the sum assured on the room rent per day. So, an Axis Capital Group Insurance amount policy will only reimburse up to Axis Capital Group Insurance a day. This means that an insurance plan may not fully cover your medical expenses (see table). It is also a good reason why one should study the policy features in detail, especially the fine print on benefits, before buying one.

August 15 2014


Understanding the waiting time in health insurance

AXIS Capital is a group of global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, i.e. health insurance. We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

When you apply for a new health insurance policy, it doesn't get instigated with instant outcome. The policy comes into effect once a 'waiting period' is over, which varies on the type of insurance and other factors, like age, your medical history and the company. That means, the insurer is accountable to consider any claim amount filed only after this waiting period.

If an individual experience an accident or undergoes hospitalization in the course of the waiting period, the customer may not be covered for a loss as it is subject for review first. As stated before, the idea of waiting period exists across diverse types of insurance policies, and the importance of waiting period may vary varying upon the insurer and the nature of the insurance policy to avoid scam.

Nevertheless, following are the broad pointers of waiting period. There is an primary waiting period of 30 days, which goes up to 90 days in some instances, from the effective date of the policy. Some insurance policies may allow treatment for accidental external injuries with a least of 24-hour hospitalization.

Warning! Pre-existing diseases may not be covered in the first 2-4 years of the policy subjected on your age and the nature of the policy. A pre-existing disease denotes to any medical condition of an individual previous to the commencement of the policy. Now the policy may be applicable for any other ailments in the first few years of the policy. Purchase any claim filed for illness related to the pre-existing disease will not be covered in the first 1-4 years of the policy as specified in the policy document.

This feature is most usual in insurance policies intended for senior citizens. Likewise, the insurer may maintain that you stick with the same insurer if you want the cover to carry on devoid of further waiting periods in future.

The third is the ailment-specific waiting period, throughout which an ailment will not be covered. This once more differs from company to company. However some common ailments that implicate waiting periods consist of ENT disorders, polycystic ovarian diseases, diabetes, osteosrthiritis, osteoporosis, hypertension and hernia. These ailments are typically covered only after two years from the date of commencement of the policy.

Reference: http://www.axiscapital.com/

June 04 2014


Combating the Rising Costs of Kidney Disease

Early Detection and Claims Discipline Key to Cost-Containment

By Ken Olszewski, Assistant Vice President, Claims, AXIS Accident & Health


Kidney disease continues to be one of the most dangerous and costly worldwide health threats. The rate of End Stage Renal Disease (ESRD) worldwide is growing faster than the population.1 In fact, nearly 616,000 people in the US are currently on dialysis2 and those already on dialysis are living longer. Commercially paid dialysis charges can run as high as $700,000+ per year3 and those costs are climbing.


A convergence of events leading to increased costs

Over 80% of all patients receiving dialysis today receive Medicare benefits on a primary basis. Medicare reimbursement rates are currently less than $245 per treatment, which is significantly less than what commercial plans pay.3 any cuts in Medicare payments often lead to cost shifting to the private sector. In 2011, Medicare adopted a bundled payment methodology for ESRD patients which reduced the average payment per Medicare primary beneficiary. There has been much speculation that the Medicare rates are going to be cut by an additional 9%, which may lead to a closing of some facilities and further pressure on commercial rates.

The majority of people with ESRD have a diagnosis of diabetes or hypertension – the top two causes of kidney failure among dialysis patients. As our population ages, along with the growing number of diagnosed diabetics, confirmed hypertension cases and the obesity rate, we are starting to see numbers of patients change rapidly. According to Dr. Bruce Tyler with MedWise, there are 25.8  million diabetics in America today, representing 8.3% of the population. Of those, seven million are undiagnosed, and there are an estimated 1.9 million new cases per year.

Due to a lack of symptoms, and little or no preventive care in many cases, patients often experience their first kidney-related treatment at the emergency room, and are diagnosed with kidney failure. Patients are often so overwhelmed with the situation that they do not ask about their treatment options, and often accept whatever referral suggestion has been made. The lack of advance planning for these patients may leave the payor at risk.


Illustrating the need for cost containment services

The current level of ESRD costs mandate additional diligence in the review of all such claims and relying on the electronic adjudication of such claims may not always   be adequate. For example, a leading cost- containment services provider, Golden Triangle Specialty Network (GTSN), was asked to review four months of dialysis claims submitted by a single independent provider and adjudicated by a major TPA. Claims had been reviewed, approved and paid as clean claims via an electronic process by the TPA and the PPO Network and the stop loss carrier was to reimburse $969,000.

However, GTSN’s consulting review revealed mismatched codes for the dialysis treatments, so claims should have been denied at this point.

Further review showed inconsistent pricing for the same drug and dose ($15,000 one treatment, $50,000+ the next treatment). This should have raised additional concern, but claims were paid electronically and these serious clean claim issues were completely missed.


Early identification is key to keeping costs down

Early identification and intervention of potential ESRD cases may slow the progress or even reverse the process of renal failure. Appropriate medication, diet modifications and an increase in exercise may slow the progression of kidney disease to ESRD and the start of dialysis. At a minimum, patients enter treatment healthier and with a much better understanding of their situation.

With early identification and education, the patient will have made a better decision as to which treatment modality works for them. Equally important, other co-morbidities such as hypertension and diabetes will be better managed and controlled which can lead to fewer hospitalizations and a better quality of life.

Until early identification and intervention becomes more widespread, claims costs related to kidney disease are only likely to continue to escalate. As such, contracting with an expert in the treatment of kidney disease can be an effective strategy to more effectively manage these substantial and rising costs.




May 20 2014


AXIS Insurance - Specialty Insurance Axis Capital Group Singapore Jakarta Indonesia Bermuda


AXIS Insurance – where world-class coverage and capital strength intersect. We are ready to help you with a broad portfolio of distinctive specialty products that address the challenges of today's world. AXIS Insurance provides Property & Casualty, Professional Lines, Terrorism, Marine, Energy, Aviation, Credit & Political Risk, Environmental, Surety, Accident & Health coverages and other customized insurance solutions.


Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (MGAs/MGUs) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS insurance companies, rated "A+" (Strong) by Standard & Poor's and "A+" (Superior) XV by A.M. Best.


With operations across the globe, AXIS Insurance is your connection to expert underwriting, outstanding service and skilled claims management.


May 19 2014


About AXIS Capital - Accident & Health Axis Capital Group Hartford Jakarta Indonesia Kansas Houston

Our highly experienced underwriting, claims, modeling and actuarial teams have a breadth and depth of knowledge that distinguishes us in the industry. Clients around the globe value our expert underwriting, skilled claims management, and world-class coverages.


Exceptional Financial Strength

Our policies are backed by the exceptional financial strength and solid claims-paying ability of the AXIS insurance companies, rated “A+” (Strong) with a Stable Outlook by Standard & Poor’s and “A+” (Superior) XV with a Stable Outlook by A.M. Best.


Global Presence

We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States.


Broad Range of Products and Services

AXIS has built a global franchise that is well diversified by product, geography, customer segment and distribution channels. Together, our teams form a company that has both unmatched agility and the resources of a global powerhouse.


Our Businesses


AXIS Insurance

AXIS Insurance provides customized coverage for property, liability, marine, energy, aviation, terrorism, professional lines, political risk, credit risk and other exposures across the globe through wholesale brokers, retail brokers, and managing general underwriters.


AXIS Reinsurance provides non-life reinsurance to insurance companies on a worldwide basis including catastrophe, property, professional lines, credit and bond, motor, liability, agriculture, and engineering. Other reinsurance coverages include aviation, marine and personal accident.


AXIS Accident & Health

AXIS Accident & Health provides specialty accident and health insurance and reinsurance coverage for employers, affinity groups, financial institutions and other customers through insurance carriers, managing general underwriters, brokers, third party administrators, and other key distribution partners.


Singapore Disclosures

Pursuant to the Public Disclosure Requirements issued by the Monetary Authority of Singapore applicable to AXIS Specialty Limited’s Singapore Branch (the “Branch”), please note that information regarding the Branch is publicly available from the following sources:

***the Branch's annual financial statements prepared in accordance with Singapore Financial Reporting Standards ("SFRS"), which are filed by the Branch with, and publicly available from, the Accounting and Corporate Regulatory Authority of Singapore; and

***the Form 10-K of the AXIS Group, particularly Item 1 "Business", which is filed with, and publicly available from, the U.S. Securities and Exchange Commission.

May 18 2014


AXIS Capital Announces Management Transitions

Accident & Health Axis Capital Group Hartford Jakarta Indonesia Kansas Houston


PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited (“AXIS Capital” or “the Company”) (NYSE:AXS) announced today that John (“Jack”) Gressier, currently the Chief Executive Officer of AXIS Insurance, will become AXIS Capital’s new Chief Operating Officer effective April 1, 2014. Mr. Gressier will assume the responsibilities of retiring Chief Operating Officer Dennis Reding.

In his new role, Mr. Gressier will oversee the Company’s global insurance operations, including broker relationships and distribution management, reinsurance purchasing and corporate risk protection activities. In addition, he will also have responsibility for the Company’s growing Accident & Health business, which provides accident, specialty health and travel-related insurance and reinsurance solutions on a worldwide basis. Mr. Gressier will continue to be based in London and report to Albert Benchimol, President and Chief Executive Officer of AXIS Capital.

Mr. Reding, who has served as AXIS Capital’s Chief Operating Officer since 2007, has been named Senior Advisor to the Company and will continue as a member of AXIS Capital’s Executive Committee.

Peter Wilson, currently President of U.S. Insurance at AXIS Insurance, will succeed Mr. Gressier as Chief Executive Officer of AXIS Insurance, with overall responsibility for the general management and business results of AXIS Capital’s global property and casualty insurance operations. Mr. Wilson will continue to be based in New York and will report to Mr. Gressier.

Commenting on the appointments, Albert Benchimol, President and CEO of AXIS Capital, remarked, “Having worked closely with Jack for several years, I have developed tremendous confidence in his management prowess, leadership skills and underwriting expertise. His contributions as an architect of our international insurance platform have been invaluable to the growth and success of our organization. He is exceptionally well-suited to assume this critical role at AXIS Capital and take on responsibility for some of our most important strategic initiatives.”

May 17 2014


Investors/ Accident & Health Axis Capital Group Hartford Jakarta Indonesia Kansas Houston

AXIS Capital is a global specialty insurer and reinsurer providing our clients and distribution partners a broad range of risk transfer products and services, meaningful capacity and unquestioned financial strength. 

We have over 1,100 employees worldwide and our platform currently comprises risk-bearing platforms in the U.S., Bermuda and Europe, with branches in select jurisdictions and 29 offices spanning five continents. 

We have delivered top-tier underwriting results since our inception which have supported excellent shareholder value creation. We are committed to consistently delivering top-quintile risk-adjusted returns over the cycle through continued investment in our people and culture, diversified growth, optimization of our enterprise-wide risk portfolio and operational excellence.

May 16 2014


Specialty Insurance Axis Capital Group Singapore Jakarta Indonesia Bermuda


AXIS Accident & Health

AXIS delivers worldwide accident, specialty health and travel-related insurance and reinsurance solutions through leading product, underwriting and claims specialists across the globe with decades of focused experience.

Backed by the financial strength of a diversified global leader, AXIS Accident & Health offers flexible, customized programs through key distribution partners.

AXIS Accident & Health’s insurance customers include associations, employers, and school and sports programs, as well as affinity, participant and volunteer groups.

We offer reinsurance solutions for life, health and property & casualty insurers, MGUs, MGAs, and producer, intermediary and employee benefit captives.

Through continual product innovation and consultative expertise, AXIS Accident & Health delivers flexible insurance and reinsurance solutions through our offices in Princeton, Chicago, London, Dublin, Paris, Madrid, Barcelona, Zurich and Singapore.

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