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Critical Illness Insurance – Latest Claim Statistics

Article by Ray Prince

I attended a seminar this week on the subject of ‘behavioural finance’ at The Baltic in Newcastle. Whilst the subject that the very accomplished American speaker covered was very relevant for all investors, it was a personal story that he shared which I remembered the most afterwards. He told the audience how the death of his father when he (the speaker) was a child had more than just the expected emotional impact that one would expect.

Something else lingered on in the speaker’s mind for MANY years and it took him a long time to get over the issue and accept it.

What was it, you may be wondering? His father did not have sufficient life insurance when he passed away. The impact on the family was devastating. Until his father’s untimely death his mother had remained at home to look after him, his brother and two elder sisters.

Now, without the financial support that his father had provided, his mother had to find a job. The negative impact of that of course was that she was now unable to spend as much time at home with her children. Worse still, once his two sisters were old enough they were sent out to work in order to generate sufficient income so that THEIR TWO BROTHERS COULD GO TO COLLEGE.

Apparently, that’s the way these sorts of situations were dealt with in those days in New York. For years the speaker was angry with his father – he directly held him to account for the fact that his two sisters were denied a college education.

If only his father had taken the necessary steps to get his financial affairs in order…

Having the right amount of financial protection, be it life insurance, income protection or critical illness cover should form the foundation of everyone’s financial strategy. Ok, maybe if you have sufficient assets in place you may not need to buy any cover, but for the vast majority having some form of cover will be essential, not to mention the most sensible choice when faced with the alternatives. Regular readers will know that not only do you need to be aware of the small print within insurance contracts, you should also keep an eye on the claims statistics of each insurer.

After all, there’s not much point in having the cheapest critical illness policy if the insurance company concerned has a reputation of avoiding claims where it can.

With regards critical illness, hundreds of thousands of people fall critically ill every year, often having a devastating impact upon those around them.

Cancer

There are around 293,600 new cases of cancer diagnosed each year in the UK and there are more than 200 types of cancer, with breast, lung, bowel and prostate cancers accounting for over half of all new cases.

Heart

More than 30,000 people have heart surgery in the United Kingdom each year.

There are 3,436 aortic valve replacement operations with a national survival rate of 98%.

In 2007, there were 19,957 heart bypass operations with a national survival rate of 98.3%.

The national survival rate for all types of heart operations is 96.6%.

Source: Care Quality Commission 2007

Let’s take a look at the claims experiences of two companies, Aviva and Legal & General, for critical illness cover.

Aviva (January – June 2010)

Claims at a glance:

- Paid out 93% of all Critical Illness claims

- Paid out on 684 claims which amounts to over 51 million

- Paid an average of 74,740 per claim

- Average age of male claimants – 45 years 2 months

- Average age of female claimants – 42 years 8 months

- Most claims are in the 40-49 age range

- Average length of policy before claim – 6 years, 2 months

- Total number claims declined – 51

- Percentage of claims declined as the illness did not meet the critical illness definition – 6% -

- Percentage of claims declined due to discovery of material non-disclosure at the time plan was taken out – 1%

The majority of claims were for (both sexes):

- Cancer, 65%

- Heart attack, 10%

- Stroke, 8%

Interestingly, the figures for each sex are:

Male

- Cancer, 50%

- Heart Attack, 19%

- Heart Surgery, 9%

Female

- Cancer, 77%

- Multiple Sclerosis, 9%

- Stroke, 8%

Some specific claims were:

- Female, cancer – lymphoma, age 28 at claim, 249,996 paid

- Male, kidney cancer, age 40 at claim, 138,406 paid

- Female, heart valve replacement/repair, age 49 at claim, 40,116 paid

Aviva, like most insurers, also include children’s critical illness cover on their policies. This is not usually the reason why cover is purchased, however it’s useful to know that this benefit is included.

Caring for a critically ill child may mean that carers have to take time out from work and, in such times, the proceeds from a claim can help to alleviate the financial stresses. The maximum payout is 20,000 with Aviva.

In between January and June 2010, they paid out on 47 children’s critical illness claims:

- Cancer, 72%

- Stroke, 9%

- Traumatic brain injury, 9%

Source: Aviva Critical Illness Claim Report

Legal & General (2009)

Claims at a glance:

- Paid 93.6% in critical illness claims

- Paid out on 2,149 claims which amounts to over 152 million

- Largest claims payout 750,000

- Paid an average of 70,731 per claim

- Average age of claimants 44 years

- Only 6.4% of claims rejected

- Number rejected for non-disclosure – 41 (1.8%)

- Claims not meeting definition – 107 (4.6%)

The majority of claims were for (both sexes):

- Cancer, 49%

- Terminal illness, 23%

- Heart attack, 8%

- Stroke, 5%

- Multiple sclerosis, 4%

Plus:

- 53% of male claimants were aged 50 or under

- 80% of female claimants were aged 50 or under

- 58 children’s claims were paid

Source: Legal & General Critical Illness Claims Data 29.7.10

The Financial Tips Bottom Line

Even though we’ve mainly looked at critical illness, I believe it’s important (as well as being responsible) to ensure you have the right amount of protection in place if you or those around you may suffer financially in the event of you either not being here or suffering from a serious illness.

Only YOU will know if your bases are covered or not, so I urge you not to take any chances.

ACTION POINT

Take action NOW and review your current position. I’d suggest these steps:

1. How much cover do you need?

2. How much do you have in place already? (including NHS benefits)

3. What is the shortfall?

4. Are your current policies still appropriate?

5. Purchase the relevant cover

If you don’t want to do this yourself, employ a financial professional to help you work through the steps.

Once you’ve done this you and your family will experience fantastic peace of mind knowing that you’re covered. And if you’d like our guidance through the steps, feel free to get in touch for an initial no obligation discussion.

Obtaining And Using Child Health Insurance Quotes

Getting your child a health insurance is a wise decision. It may one day require a jab for fever, a cast for a broken leg or medications for asthma. Regardless of the medical condition, all you want to be able to do is to give your 100% attention to your kid. You do not want to be juggling your finances to pay medical bills when your kid needs you.

Here is a basic guide to obtaining affordable child health insurance quotes and using them right to buy the best plan that suits your purpose.

Know your child’s needs:
Take note of any hereditary medical conditions that your kid might be vulnerable to.
Take note of any pre-existing conditions. Search for quotes online:
Search for these quotes online based on your child’s needs.
There are many websites that give you free quotes of different insurance companies.
Obtain quotes from websites that provides customer support via both emails and phone. Ensure that these websites deal with reputable insurance companies.
Provide your zip code and obtain quotes of these plans found in your state. Select a higher deductible:
Select the highest possible deductible within your means.
This will decrease the premiums and therefore make your quotes more affordable. Read the fine print:
Using your quotes, narrow down your choices of child health insurance plans.
Read the terms, conditions and limitations of each plan that you are keen on.
Understand the coverage provided by the plans perfectly well. Check companies background:
Check on the companies that provide these plans that you are interested in buying.
Read up on reviews by current and ex-clients of these companies.
Know if the company has reimbursed these client’s medical bills promptly and if they has provided quality service. Buy your child health insurance:
Once you have used the quotes to narrow down your choices and select the best medical plan that provides good coverage at the best price and is offered by a reliable and reputable company, proceed to buy it online.
Often this can be done on the same website that provides you with the quotes.

Obtaning And Using Child Health Insurance Quotes

Article by Uma A Ilango

OBTAINING AND USING CHILD HEALTH INSURANCE QUOTES

Getting your child a health insurance is a wise decision. It may one day require a jab for fever, a cast for a broken leg or medications for asthma. Regardless of the medical condition, all you want to be able to do is to give your 100% attention to your kid. You do not want to be juggling your finances to pay medical bills when your kid needs you.

Here is a basic guide to obtaining affordable child health insurance quotes and using them right to buy the best plan that suits your purpose. Know your child’s needs o Take note of any hereditary medical conditions that your kid might be vulnerable to. o Take note of any pre-existing conditions.

Search for quotes online o Search for these quotes online based on your child’s needs.o There are many websites that give you free quotes of different insurance companies.o Obtain quotes from websites that provides customer support via both emails and phone. Ensure that these websites deal with reputable insurance companies. o Provide your zip code and obtain quotes of these plans found in your state.

Select a higher deductible o Select the highest possible deductible within your means.o This will decrease the premiums and therefore make your quotes more affordable.

Read the fine print o Using your quotes, narrow down your choices of child health insurance plans.o Read the terms, conditions and limitations of each plan that you are keen on.o Understand the coverage provided by the plans perfectly well.

Check companies background o Check on the companies that provide these plans that you are interested in buying.o Read up on reviews by current and ex-clients of these companies.o Know if the company has reimbursed these client’s medical bills promptly and if they has provided quality service.

Buy your child health insurance o Once you have used the quotes to narrow down your choices and select the best medical plan that provides good coverage at the best price and is offered by a reliable and reputable company, proceed to buy it online.o Often this can be done on the same website that provides you with the quotes.

Health Insurance And You

When you were born, it is a distant possibility that your parents immediately informed the company’s insurance provider to include your name in their policy. But there is a good possibility that you will do so for your child. Health insurance in India was a nonexistent industry till about 20 years ago but health insurance today has become a necessity and will be more so tomorrow.

Even if you weren’t insured since your childhood, you found that your parents did not have any problem paying for your family’s medical expenses. Health services at that time were highly subsidized by the government, but today health services are entirely in the private domain which makes them highly expensive. Today, health services are beyond the means of most of us. So what we all need is adequate health cover that will buffer us against exorbitant medical expenses.

This article will look into, health needs at various stages of life and health insurance plans for all of these:

Infancy, Childhood:Everyone assumes that kids are the healthiest and hence do not require any health insurance. But it is also true that kids are very sensitive and thus require more extensive treatment if they fall sick. Malaria, jaundice, viral flu, dysentery are all the diseases that are commonly found in children and simple hospitalization for these could also be expensive.

You can’t buy a policy for a child when he is very young, though there are companies that have entry age of 5. But you can add your child since the day is born or after 90 days of his birth in your policy if you are covered under Group healthInsuranceby your company. Another option is covering them in aFamily floater, some companies accept children more than 3 months of age and others accept only after 5 years.

When you cover your kids at an earlier age, they will not have to worry at a later stage about the pre-existing diseases and the waiting period, even the ‘no-claim discounts’ will be available which will reduce the overall premium rate.

College:When you are just 18 the last thing that you will worry is about your health. It is also the age when you are your reckless best, driving fast, eating junk food and throwing caution to the winds. You will be keener on enjoying your time than filling out insurance forms. But all said and done health problems do come at all ages.

If you are living in a different city from your home, then buying a health insurance policy is a good idea because you will be out of cash when a medical emergency occurs, at such times cashless service will be the most helpful.

Single and Working: You have just started working and are getting the feel of freedom and financial independence that working brings. This is also the perfect age to get an individual health insurance besides the Group insurance that your company may provide. The reason to get an individual policy is that you can now afford to pay the premium with your own money. Also you need a back up in health insurance, in  case that you change jobs, or your company decides to cut down on some of the health insurance benefits and you are left uncovered. To know more about Health Insurance and You

Texas Affordable Child Health Insurance

Finding affordable Texas health insurance is not an easy task, unless you are employed by a company that offers a range of health benefits. Unfortunately, not everyone works, or works for an employer who offers health insurance to its employees. If you or your spouse does not have affordable health insurance in San Antonio, Texas, how your child is supposed to obtain affordable child health insurance? Imagine trying to find children and affordable health insurance for your child if you have difficulty in finding affordable health insurance for yourself.

If you live in San Antonio, Texas, or anywhere in Texas for that matter, and have a child or children who are without adequate health insurance, you want May to examine Medicaid for Texas Children. Texas Medicaid for children is both a state and federal aid program for children with excellent comprehensive health insurance at affordable prices or at no charge at all. To be eligible for Medicaid for Texas Children, a child must be a resident of the United States and Texas, less than 19 years. The family of the child applying for Medicaid for Texas Children must meet the Medicaid of Texas Children income requirements.

There are people who May not qualify for special programs for low income and at the same time, it is very difficult to pay for traditional health insurance. If you’re one of those people, you will receive a discount medical card. So what are they?

A discount medical card is eligible to receive a network of physicians who have agreed to card carriers for medical services at a lower rate. They are generally not affiliated with any insurance company. They are much in May for those who have pre-existing health conditions that excluding more plan or make it very difficult for them to get affordable prices. There is no exclusion for any reason. All you have to do is pay a monthly subscription and you can enjoy the services of a network of health care providers at a reduced rate.

For those who have pre-existing conditions that make it difficult or too costly for them to get private health care, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) insurance should also provide more affordable individual coverage.

Finally, everyone can get more affordable rates for health insurance for Texas or the state in which they live, if they shop right for her. Here’s how …

Take the time to visit at least three sites online. This will take you about 15 minutes (Some people have information that is not quite true about them. It is not wise. Giving false information will produce misleading results). You can easily get more affordable rates for health insurance only by choosing the lowest price for many awards back.

If a child belongs to a family that receives temporary assistance to needy families, also called TANF, the child will be immediately eligible for Medicaid for Texas Children. Otherwise, the child’s eligibility is determined by the Texas Health and Human Services Commission, also known as HHSC. If a child is found to be eligible for Medicaid for Texas Children, family, the financial situation of May to be evaluated every six months or so as to ensure that the child is still eligible.

For more information on Texas Medicaid for children in the program, visit the Texas Department of Insurance Web site, or give them a call. You can also visit the website of the Texas Health and Human Services System.

Affordable Child Health Insurance

Once the needs of children are meet, getting affordable child health insurance can be quite a challenge for parents when it comes to financial constraints. Luckily, that obstacle can be surmounted if you know the possibilities.

 

The two main options are Medicaid and SCHIP (State Children’s Health Insurance Program). Medicaid is geared toward low-income families, and insurance through SCHIP is available for those children who are uninsured, but whose parents earn too much money to qualify for Medicaid.

 

You start by first finding out if you qualify for Medicaid. Generally speaking, if your income is low, then you should apply for Medicaid services. Your case will then be reviewed to confirm eligibility. Medicaid covers pregnant women and their babies, children under 18 and in many states, children under 21.

 

For those children who do not qualify for Medicaid, SCHIP is a possibility.

SCHIP is a federally funded program but each state sets its own eligibility criteria. States have a choice of using SCHIP by itself or combine it with Medicaid. It is best to contact your state’s Department of Insurance (DOI) to help identify affordable child health insurance for your needs.

 

The insurance should cover all checkups, shots, sport physicals, eye and dental care and any injuries that may occur.

 

Sometimes, families with affordable child health insurance are disqualified even though they have some specialized health needs that are not covered in their current plan.

 

In the event, you do not qualify for your state programs, check if there are other income based coverage.

Look beyond state run coverage at other companies that offer affordable child health insurance. Read all policy information to make sure that you have sufficient coverage.

 

In most states, if you qualify for a state free program, you cannot have another policy on a child or children.

 

At the beginning of every school year, most schools offer discounted healthcare policies. It will be worthwhile looking into if you do not have any other cover. There are variations offered from cover during normal school activities and only for the school year to that which include 24 hour, 365 days a year cover. The costs of course vary, but are still less expensive than private policies as it works very much like group health insurance.

 

It is important that the children’s health insurance needs are met while managing within financial constraints. Even a minimal cover is better than none.

 

Health Insurance Article on Child Health Plus

Article by Simon Bukai

New York State offers a health insurance plan for children called Child Health Plus. This program depends on the family income to decide whether the children may be qualified to join either Child Health Plus or Children’s Medicaid. These programs are available through dozens of health insurance provides through New York States.

In order to qualify for this program all children must be under the age of nineteen and must be residents of New York State. The children’s qualification into either Child Health Plus or Children’s Medicaid depends on the family’s gross income. Often children who do not qualify for Children’s Medicaid can enrol in the Child Health Plus program, if they do not already have health insurance with anyone else, and are not eligible for health insurance coverage or been under the employer-based health insurance policy within the past six month period. This may make them subject to a waiting period before they can qualify for Child Health Plus. In order to determine if a child is subject to a specified waiting period will depend solely on the household income and the reason your children lost employer-based health insurance coverage.

To check out the current family income based qualifications for children, please visit: http://www.nyhealth.gov/nysdoh/chplus/who_is_eligible.htm

Under the Child Health Plus program, children are eligible to receive well-child care, immunizations, physical examinations, diagnosis for illness, treatment for illness and injury, lab tests, x-rays, outpatient surgery, prescription and non-prescription drugs when ordered, emergency care, inpatient hospital medical and surgical care, short term therapeutic outpatient services, chemotherapy, hemodialysis, alcoholism and substance abuse – limited in and outpatient services, dental care, vision care, speech, hearing, medical equipment, emergency ambulance transportation to hospital, and hospice care.

When you children are enrolled in Child Health Plus a list of qualified providers will be given to you. These providers are services that are located near you. The provider could be a single doctor, several doctors, a group practice, and you will be asked to chose a doctor or community health care near you. If it is a group practice, you will be asked to specify which doctor you would like for your children. Whichever is used, you are guaranteed to be getting the personal health care services your child deserves.

If your child is in Medicaid, you will be required to enroll as part of a managed health care plan, or you can bring your child to any providers who accepts Children’s Medicaid.