life insurance
life insurance

life insurance

INSURANCE

Importance of health insurance in today’s uncertain times


KARACHI:

Our health is undoubtedly our greatest asset! However, at times access to the things that contribute to a better quality of life can be challenging for most of us. Moreover, access to even basic healthcare is an issue for particular segments of society.

Pakistan is a developing nation economically but its population is growing at an average annual rate of 1.9% which is almost double the average global population growth rate.

On top of that, over 7% of the population is over the age of 60, which gives rise to an increasing need for medical care for age-related health issues. Also, given that the average woman in the country gives birth to nearly 3.6 children, there is also a significant demand for healthcare services related to pregnancy and childbirth.

Pakistan’s diverse demographic profile offers immense potential for insurance products due to the significant size of its Gen Z segment, comprising 60-65% of its populace, where the majority of individuals are under the age of 30.

This younger lot focuses on maintaining a healthy and secure lifestyle. As such, this segment requires wider access to modern infrastructure like fitness centres to sustain this lifestyle till they get to 60.

Similarly, they need awareness for accepting life insurance products as integral parts of their lives so that when the time comes, they have a support system that eases their worries.

Since a significant chunk of Pakistan’s population is young, therefore it is essential to understand how health insurance works and why it has become a crucial aspect from the early stages of life.

Insurance generally works on the principle of risk sharing, where individuals pay premiums to a service provider in return for providing them financial coverage in case of medical emergencies including hospitalisation, surgical, and outpatient coverage, alleviating the burden

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INSURANCE

Reports: 12 Oregon health insurance companies failed to fully comply with the Reproductive Health Equity Act

SALEM, Ore. (KTVZ) – All 12 health insurance companies in the individual, small group, and large group markets in Oregon failed to fully comply with the Reproductive Health Equity Act at varying levels, according to reports released Wednesday by the Oregon Department of Consumer and Business Services ‘Division of Financial Regulation.

The agency found that most noncompliance involved improperly charging copays, coinsurance, and deductibles or failing to cover mandated benefits.

The division examined Aetna Life Insurance Company, BridgeSpan Health Company, Cigna Health and Life Insurance Company, HealthNet Health Plan of Oregon, Kaiser Foundation Health Plan of the Northwest, Moda Health Plan, PacificSource Health Plans, Providence Health Plan, Regence BlueCross BlueShield of Oregon , Samaritan Health Plans, UnitedHealthcare Insurance Company, and UnitedHealthcare of Oregon.

The examinations found that each of the 12 insurers failed to pay all eligible claims according to RHEA requirements. They applied copays, coinsurance, and deductibles, which are prohibited under RHEA for reproductive health and preventive care services. In some cases, insurers improperly denied claims for RHEA covered services.

In addition, the report found that three insurers – Aetna, BridgeSpan, and Regence – failed to cover certain types of contraceptives or applied improper limitations in the amount or timing of when a member could refill a prescription.

Finally, examiners found that Cigna, HealthNet, Kaiser, and Samaritan each failed to properly resolve all consumer complaints and maintain adequate records demonstrating that they timely and adequately resolved member complaints, appeals, and complaints.

“RHEA is a critically important tool in the state’s effort to remove barriers to reproductive health care,” said Oregon Insurance Commissioner Andrew Stolfi, who is also the DCBS director. “As with every law, our insurers have an obligation to fully and timely implement each aspect of RHEA across all of their systems. It is disappointing to see

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INSURANCE

Is private health insurance worth it?

Nearly half-a-million people in the UK took out private health insurance in 2022. Long waiting lists and difficulty accessing care in the post-pandemic recovery is encouraging more people to pay for health cover.

Private health insurance can get you seen faster, but there are costs to consider. And, as with all insurance policies, there will also likely be limits, restrictions and things that you cannot claim for.

Below, we explain:

Related content: Guide to life insurance

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Interest in private healthcare has been worried since the start of the Covid pandemic

What is private health insurance?

Whether you are worried about cancer, have a niggly knee or some other symptoms that are troubling you, then private healthcare insurance has an array of benefits, albeit coming at a cost.

In return for your premium, you’ll get swift access to private healthcare from assessments and diagnoses through to treatment and aftercare.

You will also often get to choose which specialist you see and may be able to attend a private hospital close to you.

Private health insurance doesn’t just support your physical health either. The best private health insurance companies are increasingly providing more support for mental health too.

What does private health insurance cover mean?

Exactly what is covered by private health insurance will vary between providers and the level of cover you choose.

However you can typically expect the following with comprehensive private health insurance:

  • Private consultations with specialist doctors, but it is unlikely to cover private GP consultations
  • In-patient treatment, including surgery
  • Out-patient services including scans, tests and x-rays
  • Physiotherapy for problems such as back pain or sporting injuries, generally limited to 12 sessions
  • Access
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