In a recent study it “wiped out cancer in 14 of 16 people with acute leukemia”the scientific journal Nature reported.
Variations on traditional group insurance via insurer-administered self-funding remain the norm for many large employers. But some health systems are considering alternatives in the face of high costs, new regulations and demand for more choice.
The federal government will spend $840 million over the next four years to help doctors move their practices away from a volume-based business model to one that’s focused on rewarding them for good patient outcomes.
By Carolyn Cohn, Richa Naidu and Avik Das
(Reuters) – As fear of Ebola infections spreads to developed economies, U.S. and British insurance companies have begun writing Ebola exclusions into standard policies to cover hospitals, event organizers and other businesses vulnerable to local disruptions.
Ebola is a devastating disease for its victims, and in the first 20 days of October it has had a devastating effect on the finances of Texas Health Presbyterian Hospital in Dallas.
Yes, but you can’t reside in the United States although you can elect to take treatment there. Here is an excerpt from an offshore health insurance policy marketing piece:
OPTIONAL COVER IN THE USA
To ensure that you only pay for the cover you really need, you can choose whether or not you want to include the USA in your Lifeline insurance cover.
Please Note: Due to the extremely high cost of healthcare treatments in North America, coverage which includes the USA is generally an average of three times the cost of cover for other parts of the world. Therefore, unless you will be spending significant amounts of time in the United States, we recommend that you DO NOT select this option.
Some Americans want to self-insure their health risk up to a point. But under current law, Americans can’t purchase a plan with deductibles higher than $6,600. Gone are the days with Americans could purchase $10,000 deductible plans from carriers like Blue Cross. It is now illegal for an American health insurance company to sell you a deductible of $10,0000, $25,000 or more.
Buying health insurance offshore allows a full array of choices in plan design, at costs significantly lower than one would expect.
A LLoyds syndicate, for example, could underwrite a health policy to be sold to Americans with coverage extended to the USA . However the purchase would necessarily have to be made offshore. To our knowledge no one has come up with such a product yet. The first one that does will do well.
Editor’s Note: Imagine coming back from a trip abroad, going through customs and having to answer the common question we all get asked: “Do you have anything of value to declare?”………..”Why yes, a high deductible health insurance plan from an English insurance company, reinsured through a consortium of carriers from India, China, Singapore, Austrailia and Peru, which I purchased from RiskManagers.us while I was in Costa Rica deep sea fishing.”
Oct 17 (Reuters) – Two privately owned insurance brokers have teamed up with Lloyd’s of London underwriter Ark Syndicate to sell hospitals a product that insures against any loss of profit from Ebola quarantine shutdowns.
British broker Miller Insurance Services LLP said the product it created with U.S. broker William Gallagher Associates would also protect hospitals against any potential losses to revenue in the aftermath of a quarantine. (bit.ly/1pkS72L)
The policies, which Ark began underwriting on Friday, are the first of their kind.
There has been “considerable interest” in the product throughout the United States, Mark Sleet, Professional Risks broker at Miller, told Reuters.
The news comes as U.S. health officials said they were monitoring 16 people in Ohio, including one in quarantine, who had close contact with Ebola-infected Texas nurse Amber Joy Vinson.
Aon Plc said it had created an Ebola task force to monitor the outbreak and help its clients prepare for potential risk exposures, duty of care and human capital concerns.
“The healthcare industry is at the forefront on the Ebola situation and faces a unique and augmented set of risk exposures,” said Gigi Norris, managing director of Aon Risk Solutions’ healthcare practice.
The death toll in the epidemic has risen to 4,546 out of 9,191 known cases in Guinea, Liberia and Sierra Leone, including 239 health workers, according to the World Health Organization. (Additional reporting by Carolyn Cohn in London; Editing by Simon Jennings