Category: Insurance

Posted in Insurance

New York approves record low 1.8% rate increase in individual health insurance market

“New York stepped up and flattened the curve, but consumers are still feeling the economic effects of the pandemic,” Superintendent of Financial Services Linda Lacewell said in a statement. “Our No. 1 job is consumer protection and ensuring that quality, affordable health care is available to everyone in the state.” 

The department noted that some insurers have been reporting record profits for the first half of the year, when elective and non-emergency services were postponed due to the pandemic and there were lower claim payouts as a result. Any excess premiums insurers collected must be returned to policyholders under the Affordable Care Act. 

Next year the Centers for Medicare and Medicaid Services will determine any rebates owed to consumers based on a review of all 2020 claims, the department said. It added that there is uncertainty about future claims, and profits reported thus far could be offset by higher than

Read More
Posted in Insurance

Does your health insurance cover mental illnesses?



a close up of a sign: Does your health insurance cover mental illnesses?


© Provided by The Financial Express
Does your health insurance cover mental illnesses?



a close up of a sign:  health insurance, mental illnesses, mental illness cover, covid-19, IRDAI, Max Bupa GoActive plan, Manipal Cigna ProHealth Insurance , HDFC Ergo Critical Illness Plan


© Provided by The Financial Express
health insurance, mental illnesses, mental illness cover, covid-19, IRDAI, Max Bupa GoActive plan, Manipal Cigna ProHealth Insurance , HDFC Ergo Critical Illness Plan

Given the significant emotional and financial consequences of COVID-19 in India, it is important to devote adequate resources and attention to the mental health needs of the people throughout the remaining course of the COVID-19 pandemic and most importantly, to prepare for any such pandemics in the near future. As per various researches and studies conducted in the last three months, a majority of people have shown signs of frustration on some level with the primary reason being not able to do what they normally enjoy doing.

An equal number of people seem to be worried about their own health apart from the health of their loved ones.

Read More
Posted in Insurance

India surpasses 2 million cases as health volunteers strike

NEW DELHI —
As India hit another grim milestone in the coronavirus pandemic on Friday, crossing 2 million confirmed cases and more than 41,000 deaths, community health volunteers went on strike complaining they were ill-equipped to respond to the wave of infection in rural areas.

Even as India has maintained comparatively low mortality rates, the disease has spread widely across the country, with the burden shifting in recent weeks from cities with robust health systems to rural areas, where resources are scarce or nonexistent.

The Health Ministry reported 62,538 cases in the past 24 hours, raising the nation’s confirmed total to 2,027,074. It said 886 more people had died, for a total of 41,585.

But the ministry said that recoveries were growing. India has the third-highest caseload in the world after the United States and Brazil. It has the fifth-most deaths but its fatality rate of about 2% is far

Read More
Posted in Insurance

These Countries Now Require International Health Insurance for Entry

Visiting a different country has always come with entry requirements—a visa, a return ticket, or a passport with six months of validity remaining. But since the COVID-19 pandemic, countries have enacted more stringent requirements: proof you purchased international healthcare coverage.

More tourist-frequented nations than ever are requiring proof of health insurance for entry, with the island nation of Aruba even requiring visitors buy a compulsory government policy, whether or not you already have your own separate coverage. This new requirement is largely because international healthcare coverage is wholly separate from your standard health insurance (and trip-cancellation insurance), and coverage abroad is rarely included in U.S.-based health policies. Officials are seeking to protect their healthcare systems from potential costs that mount and go unpaid when visitors who become COVID-19 patients don’t have coverage.

“What frequently happens is that domestic health insurance is simply not accepted by healthcare providers outside the U.S.,”

Read More
Posted in Insurance

Rural areas have higher individual health insurance premiums and fewer plan choices

area
Credit: CC0 Public Domain

A study by the University of Minnesota School of Public Health examining the choice and pricing of individual health insurance plans across the U.S. found that rural areas have the fewest options and pay the highest premiums. The study highlights one of many areas of society experiencing health care financial pressure that will likely only increase during the COVID-19 pandemic.

This study was led by Professor Jean Abraham and appeared in a special issue of RSF: The Russell Sage Foundation Journal of the Social Sciences focused on the effects of the Affordable Care Act (ACA) as it marks its 10-year anniversary. A key component of the ACA was the creation of health insurance marketplaces where individuals and small businesses could purchase health plans when enrolling in a group plan through a large employer isn’t possible.

The researcher specifically measured changes in insurer marketplace participation and plan

Read More
Posted in Insurance

5 lesser known features of health insurance



a man wearing a suit and tie: 5 lesser known features of health insurance


© Provided by The Financial Express
5 lesser known features of health insurance



a man wearing a suit and tie:  health insurance policy, plans, compare, features, tax, benefits, covid, comparison, buying guide, tips, process, online, claim settlement process


© Provided by The Financial Express
health insurance policy, plans, compare, features, tax, benefits, covid, comparison, buying guide, tips, process, online, claim settlement process

Health insurance buying online is steadily picking up steam. However, since long, having a health insurance policy is always considered to be the first step of financial planning even before one starts to save. In these times, when COVID-19 pandemic has brought the focus on health care costs, the importance of keeping a health plan has increased manifold. While buying when you check health insurance features, benefits and make a comparison, there are a few lesser-known features that you need to be aware of.

1. Tax benefit on health insurance premium

If you want to buy health cover by paying cash, you can do so but tax benefits will not be available on

Read More
Posted in Insurance

When will you get your next coronavirus stimulus check?

Officials are moving closer and closer to a deal that would put more money directly into your pocket as the country continues to struggle with the coronavirus pandemic.

Senate Majority Leader Mitch McConnell (above) and his fellow Republicans have introduced a relief package that includes a repeat of those popular “stimulus checks” of up to $1,200 that most Americans got earlier this year. And this time, families would get bigger payouts.

The proposal is very similar to one the Democratic-controlled U.S. House passed a couple of months ago — but not close enough to avoid congressional bickering that could keep you from getting your money quickly.

Here’s what we know about the timing of the next round of checks, direct deposits and debit cards.

How the second stimulus checks are shaping up

ungvar / Shutterstock
The new payments will be the same as the last ones, except for families.

Read More
Posted in Insurance

Aspiration Review: The big bank alternative

Aspiration defies easy labels. It’s almost like this financial company is daring you to categorize it.

It’s not a bank, though it offers accounts that are sort of like checking accounts, sort of like savings accounts. Plus, it has debit cards, offers better-than-the-usual interest, provides cash back and has a do-gooder vibe.

The MoneyWise editorial team developed a grading system — taking into account fees, features and other factors — to prescribe the four-star rating shared in this first-person review. The opinions and writing in this article are solely my own, conveying my experience with Aspiration as a product. Other customer’s outcomes may differ.

MoneyWise Rating: 4 stars (out of a possible 5)

Courtesy of Aspiration Partners, Inc.

As a customer with one of the “Spend & Save” accounts, I’d use quirky to describe Aspiration, and I mean that in a good, likable way. Fees are voluntary, the debit

Read More
Posted in Insurance

What To Do If The Coronavirus Pandemic Is Forcing You Into Early Retirement

Until recently, the goal of early retirement was a lofty one. But with the chaos caused by the coronavirus pandemic, some older workers are being pushed into retirement ― whether they’re ready or not ― minus the sandy beaches and financial freedom.

During past recessions, it was common for older employees to drop out of the workforce completely rather than try to compete for new jobs. But now, there’s even more pressure to abandon working life.

“Since this is a global health pandemic, it has added a layer of complexity not seen in past recessions,” said Jeffrey Lewis, a financial advisor with Savant Wealth Management. Some older workers may be less inclined to return to the office for fear of contracting the virus themselves, or bringing it home to their spouse or kids who may have an underlying health condition, Lewis said. “If employers are not able to meet

Read More
Posted in Insurance

Can I cancel my holiday and will my travel insurance cover me?

View of Punta Ballena street in Magaluf, Baleares, Spain: EPA
View of Punta Ballena street in Magaluf, Baleares, Spain: EPA

All travellers from Spain to the UK must self-isolate at home for two weeks, the Department for Transport (DfT) has announced.

In addition, the Foreign Office says Spain poses “an unacceptably high risk for British travellers,” and now advises against all non-essential travel to the whole country, including the Balearic and Canary Islands.

Travel insurance for British holidaymakers already in Spain will remain in effect; UK travellers in Spain are not being advised to leave.

But anyone travelling to the mainland against Foreign Office advice will find their policy is invalid.

The sudden moves, in response to several spikes of coronavirus infection in Aragon, Navarra and Catalonia, will affect several hundred thousand British people currently on holiday there.

A further two million people are estimated to be booked to travel from the UK to Spain in the next month alone;

Read More