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Topic : challenges in insurance sector
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Recession and Medical Insurance

Created by : Susanta Panda, Actuary Manager, Bajaj Allianz  | 01 23 2009 05:03:54 +0000
Industry : InsuranceFunctional Area : USA(Markets)
Keywords : recession medical insurance
Activity:  385 views;  last activity : 07 06 2010 20:18:09 +0000

Will companies give medical insurance to its employees in recession time also?

  
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I think due to recession hospital industry is getting more affected people who used to be in hospital for treatment have reduced their duration of stay in hospitals and that has affected the cost or the hospitals as well.
By Susanta Panda, Actuary Manager, Bajaj Allianz  01 23 2009 05:03:54 +0000
 
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What I believe is, when the companies are already struggling at the time of recession, how can they reduce premiums in medical insurance which is one of their source of Income. Also, they have to collect the medical insurance amount before the financial years ends. So, there is no question of reducing the medical insurance premiums.
By Niranjan Meena, Actuary Manager, LIC  08 21 2009 08:14:05 +0000
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yes for insurance companies that is true. My point of view is from corporate who provide insurance to thier employee. For this financial year- we have seen few companies-

They will insure their employees at lesser premium- either by those two methods/ some companies asking primary insurance co. to process the claims with out the TPA.there by reducing TPA fee

there by effecting the industry as such
By lavanyavuppuluri , Assistant Adminstrator, kamineni hospitals  | 08 21 2009 09:54:20 +0000
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it will effect- 1. the companies might think of reducingthe premium- offloading- such pre-existing cover/ waiting period clauses- which will reduce thier premium amonut

2. Also they might think not to include parents etc.. which will again has some impact on premium amonut
By lavanyavuppuluri , Assistant Adminstrator, kamineni hospitals  | 08 21 2009 06:37:49 +0000
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This amount that has to be allocated for medical insurance that has been issued at the start of every financial year so I think there is no point that companies have reduced insurance for health. Its only people's perception.
By Vijay Kumar, Actuary Manager, LIC  | 01 23 2009 05:06:46 +0000
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