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Title : The Lifetime Benefits Cap On Wellness Insurance Policies Frequently Needs Updating

link : The Lifetime Benefits Cap On Wellness Insurance Policies Frequently Needs Updating

The Lifetime Benefits Cap On Wellness Insurance Policies Frequently Needs Updating

In today's Washington Post, Chris Lee has a story most lifetime maximums inwards wellness insurance policies. Sometimes, these caps are every bit piddling every bit $1 million--particularly for individual wellness insurance polices.

As health assist policy goes, this is non a widespread issue. The number of people who incur medical costs over $1 ane one one thousand thousand or $2 million is quite pocket-sized together with most wellness insurance coverage is at much higher levels.

But amongst wellness assist costs doubling since 2000, a few wellness insurers convey increased prices but they convey non necessarily increased their standard lifetime caps. That agency to a greater extent than together with to a greater extent than people amongst catastrophic costs discovery themselves under-insured.

Ironically, providing insurance for the big wellness assist claims is ofttimes the easiest business office of the health insurance business:

• Catastrophic coverage is pure insurance--not merely get-go dollar reimbursement.
• Catastrophic reinsurance is readily available to health plans at a reasonable cost.
• The manufacture does a real expert undertaking of managing the large together with complex high cost claims.

It's fourth dimension to review the lifetime caps amongst an core toward keeping those up-to-date amongst the rising cost of wellness care.

That goes for employer sponsors together with individuals too every bit insurers.

I would recommend a cap of no less than $5 million.

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