65+ Insurance in India

clipped from economictimes.indiatimes.com KOLKATA: The railways and airlines value them. So does the banking system. But when it comes to healthcare needs, senior citizens are a neglected lot in India. There are hardly any medical insurance schemes for the 65-year-olds and above and the country’s leading hospitals too seem to have shied away from providing special rates. However, the silver lining is that all insurers and hospital chains are now seriously planing to roll out special senior citizen packages. As long as it makes business sense, that is. After all, rough industry estimates suggest patients above 65 years of age constitute 25-30% of indoor admission patient base for hospitals with revenue contribution of nearly 35-40%. Insurers, hospitals come out with plans for senior citizens WRITANKAR MUKHERJEE TIMES NEWS NETWORK[ FRIDAY, APRIL 20, 2007 03:16:37 AM]

Virtual Insurance

clipped from www.insurancetech.com Breaking New Ground Unitrin Direct heads into uncharted territory by establishing a virtual presence in Second Life to court Web-savvy consumers. Seeking a new way to reach Internet-savvy consumers, Unitrin Direct, a subsidiary of Unitrin ($9 billion in assets), has established a presence in Second Life, the online virtual world that has been growing in popularity since mid-2006. The move makes the carrier the first auto insurance company to own a building in the Second Life realm, according to Unitrin Direct. "It is a way to tap into where the insurance market is growing," adds Tom Mercer, VP of marketing at Unitrin Direct. "Young people leave home or leave college and buy insurance for the first time -- this is an opportunity to reach those customers in the sorts of avenues they're using." By Nathan Conz

FSA - DIY Admin and Health Reimbursement

clipped from www.benefitsolved.com Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) save money. Having Infinisource handle FSA Administration and Health Reimbursement Arrangements saves you time and keeps you in compliance with complicated Federal regulations. Flexible Spending Accounts Double-digit rate hikes, soaring prescription costs, limited alternatives – today’s benefits climate is hard hitting. Employers are forced to address the situation by raising employee contributions or cutting benefits. Employers working with Infinisource to offer a Flexible Benefits Plan help themselves by saving thousands annually through decreased payroll taxes. We offer expert handling of medical and dependent care spending accounts. Employees can increase spendable income while gaining a powerful resource to handle rising medical costs. Our full-service FSA Administration offers client and participant materials and 24/7 participant access to account information.

Employer Benefits & Lowcost Prescriptions

Insurance you probably won't need

Gerri Willis of CNN Money spells out some policies you should probably think twice about

Here are some insurance policies you should think twice about.

1: Skip the cancer insurance

This kind of insurance is meant to supplement health insurance for cancer-care costs. But generally you're better off putting your money toward comprehensive health policies.

Premiums range from $200 to $3,000 a year for cancer insurance, according to Consumer Reports. And some policies only pay for hospital care. This is a big deal considering that cancer care treatment is given on an outpatient basis...including radiation and chemotherapy.

Some policies have waiting periods of a month - and if you're diagnosed with cancer within that time, you may not be covered. Other policies stop paying benefits after a fixed period of two or three years. And sometimes you won't even be able to get this insurance if you smoke.

2: Say "no" to Mortgage Life insurance

This kind of insurance policy will repay your mortgage in the event of your death, disability or some incapacitating disease. But the cost of this policy can be three to five times as much as comparable term-life insurance, according to Consumer Reports.

Plus, the value of this insurance actually declines as you pay down your mortgage. If you're worried about burdening your heirs with mortgage payments, you'd be better off buying straight life insurance.

3: Forget ID theft insurance

This kind of insurance is sold by banks, credit-card issuers, and specialty insurers. It covers the cost of repairing your credit and sometimes attorney's fees. Policies can cost between $25 and $50 for up to $25,000 in coverage.

But remember getting this insurance isn't going to fix your credit or give you back the thousands of dollars stripped from your bank accounts.

In fact, a recent study found that most ID theft victims lost about $750 - but incurred no out of pocket costs. The ID Theft Resource Center even noted that they've never heard of a claim being paid out. And don't forget, you have some consumer protections in place already.

You're only liable for $50 for unauthorized credit card purchases. The bottom line is that you'll be much better off keeping an eye on your credit reports.

4: Be wary of Annuity Fees

Buying an annuity may seem like the next best thing to mom's apple pie. After all, you're putting away as much tax-deferred money as you can and getting a monthly check for life. And since annuities are marketed heavily, it's no doubt, you'll get a rosy picture of these investment vehicles. But you'll really want to keep an eye on those fees and withdrawal penalties.

On average, you'll pay about 2 percent to 2.35 percent in basic fees for a variable annuity, compared with 1.40 percent for the average mutual fund. And don't forget, you'll have to pay the taxman sooner or later. And remember, annuities are not guaranteed by the government. Make sure you check the credit worthiness of the insurance company, says Dave Evans of Independent Agents and Brokers of America.

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