Axis

Sunday, August 31, 2014

Significant Lessons Learned from Jamkesmas to Achieve Universal Health Care in Indonesia and avoid deceit

Indonesia’s social insurance reform is the critical goal being universal health coverage for all by the year 2019. It has come into form with a single-payer umbrella program in 2014. Jamkesmas is the Government-financed health insurance program for the poor and near-poor. It has been combined and unified with other social insurance programs.

Educating from Jamkesmas may start a better groundwork and application of universal health coverage for Indonesia by 2019. 

Axis Capital, a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States is at one with the universal healthcare for Indonesia.

What successes can Jamkesmas claim?
  • About 47 percent of poor and near-poor households were covered under the program.
  • Outpatient and inpatient utilization rates increased among program cardholders.
  • Levels of catastrophic payments declined.
  • Participation of private providers increased.
  • More than 300 complementary local Jamkesmas-inspired programs were initiated across the country.

  Yet considerable challenges remain, including the following:
  • Nearly 60 percent of the population remain without any coverage, including millions of Indonesians working in the informal sector.
  • Out-of pocket spending remains high even among those with coverage.
  • Lack of equitable access to quality health services in rural, remote areas.
  • Evidence of considerable mistargeting and leakages to non-poor families.
  • Low levels of awareness of benefits.
  • Low utilization of health services.
  • Regional inconsistencies in the availability of the basic benefits package, and poor accountability and feedback mechanisms. 

Key Lessons Learned from Jamkesmas to Achieve Universal Health Care in Indonesia
·         Improve targeting for poor and near-poor, as more than half of Jamkesmas beneficiaries were not from these groups. Avoid scam.
·         Improve socialization to increase public awareness.
·         Ensure supply-side availability and readiness. The experience of Jamkesmas highlights the significant disconnect between entitlements on paper versus what the system will deliver. And also to avoid double-dealing.
·         Ensure sustainability through improving efficiency and effectiveness of implementation and not just cover-up. Jamkesmas was entirely financed through central government taxes, and premiums were not based on sound actuarial calculations. Supply-side constraints and supply-side subsidies gave the false impression that financing of Jamkesmas was sufficient, when the reality was that the program did not reimburse the full cost of services and relied heavily on supply-side subsidies.
·         Make provider payment mechanisms more results-focused. Under Jamkesmas, payments to providers were basically fee-for-service (including diagnosis-related groups for hospital-based care). At present, there are no additional incentives to improve quality and provider performance. Providers are not given incentives to achieve targets.
·         Establish a robust and reliable information system to support monitoring and evaluation, and continuously update the calculation of the program’s costs.
·         Learn lessons from selected provinces and districts that have attained universal health coverage, such as Bali, Aceh, and Jakarta.  The Government can learn from these regions’ experiences and estimate costs from existing samples.
·         Always review your plan.

Thursday, August 28, 2014

Limited opportunities in universal healthcare in Jakarta and whole country of Indonesia far from fake

Axis Capital, a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States is at one with the universal healthcare for Indonesia.

Profound to prevent the system becoming broke and to avoid deceit, the Health Ministry has agreed low reimbursements levels for hospitals. Even though a big number of hospitals (1,720 out of Indonesia's total of 2,300) have contracted up for JKN, the low reimbursements are sooner or later to be expected to reduce the attention of private clinics and hospitals, indicating to congestion in state facilities. They will likewise regulate the value of health care and force individuals who can have enough money to do so to search for higher-quality care somewhere else, most probably from private insurance providers.

Hitherto, the part of private insurers in Indonesia's innovative reforms is uncertain. The government has not stipulated transitional preparations for employers that have gotten private health insurance for their workers, making them to pay twofold. Nonetheless private insurers are anticipated to benefit from a general shift headed for insurance coverage in a market where 75% of private health spending was out of pocket in 2010, according to the World Health Organisation. This will be specifically true if Indonesia's economy grows robustly, boosting the growth of the middle class.

The execution of the JKN seems to bring many opportunities and reviews for pharmaceutical companies and medical devices providers. Though, the almost certainly beneficiaries are local pharmaceutical companies manufacturing generic drugs, which already have a 70% share of the local drug by volume. According to Health Minister Nafsiah Mboi, in order to lower costs, doctors participating in the JKN will have to adhere to a government formulary, which consists of 92% generics and 2.5% innovator drugs. The rest is accounted for by dental materials and diagnostics.

The application of JKN will also leave the present regulatory restrictions on foreign pharmaceutical companies unaffected and also to avoid extortion. Market obstructions to growth continue, as well as an unwieldy approval process for medicines and a long-standing requirement for foreign drug companies to have a manufacturing facility in Indonesia before they can dispense their products. Similar to private insurance companies, consequently, many foreign pharma and medical device companies will have to depend on on Indonesia's growing economy – instead of its healthcare reforms – for any market opportunities.

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Wednesday, August 27, 2014

Universal Healthcare for Jakarta Indonesia and the whole country not a scam

The US is not the lone country facing extensive healthcare reforms. Indonesia launched its universal health care programme on January 1st, recognized locally as Jaminan Kesehatan Nasional (JKN). Its creditable objective is to provide health insurance to the country's approximate 250m people in five years, or by January 2019. However encountered with the great test of executing such a scheme in the world’s fourth most populated country, the government is phasing the introduction wisely. You are assured of no scams or any fraudulence act with the company.


Axis Capital, a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States is at one with the universal healthcare for Indonesia.


The JKN will cover 121.6m Indonesians in the initial step of the programme’s operation this year. This totals to about half of the population already, nonetheless is not as much of a success as it looks. The total comprises 86.4m people already registered in the Jamkesmas, the completely state-funded health insurance for Indonesians categorized as poor and near-poor, or individuals living on less than Rp233,000 (US$24) a month. Another 11m of the count are individuals who are already eligible for the Jamkesda programme, a scheme run by local governments.


The JKN's success, thus, is to incorporate the different state-owned health insurance schemes into a single payer, quasi-government organization, dubbed BPJS-Health, which will administer the JKN. Its head, Fahmi Idris, verified in late December 2013 the government has moved of assets and insurance plans of the five health insurance bodies to BPJS and that BPJS-Health has arranged the online infrastructure for JKN, which encompasses associating the programme’s database of members. Under a comparable scheme for other benefits, another super administrator, BPJS-Employment, will offer pension, occupational injury benefits, provident funds and death benefits by 2015 at the latest.


The government has also found out how to finance the JKN. The government will carry the premiums of the 86.4m former Jamkesmas members and has apportioned Rp19.3trn (US$1.6bn) for this resolution in the 2014 budget. Individuals making wages from formal employment, either state- or private-sector, will pay a premium equal to 5% of their salary. Altogether other members, counting informal workers, the self-employed and investors, will pay monthly premiums of between Rp 25,500 and Rp59,500 each.



The JKN covers complete benefits, from transferable diseases like influenza to costly medical intervention like open-heart surgery, dialysis and cancer therapies. The members of the former Jamkesmas, whose premiums are paid for completely by the government, are eligible to third-class room and board at either state or private hospitals. Individuals who pay higher premiums are permitted to first-class and second-class room and board. 

Tuesday, August 26, 2014

Be careful, travel safely, and get a personal accident insurance

Jakarta Indonesia: many people die in road accidents in the country each year. Those injured number closely half a crore. As activity upsurges, there is a must to improve insurance protection with personal accident cover.

AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States.

What is it?
Personal accident insurance policies were previously issued for one-year terms similar to any other non-life insurance product. Nonetheless, today, purchasing one for a 5-year term is not a problem. The minimum and maximum age at entry is 18 to 70 years of age in most circumstances. This is typically a pre-underwritten product and no medicals are called for.
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Benefits
The policy bids a sum assured in case of death of an insured person because of an accident. It furthermore delivers for compensation in instance of permanent and total loss of limbs, sight, due to an accident. Some insurers as well cover the insured in case of death or permanent disability because of acts of terrorism. There are no maturity benefits available in this policy.

For an added premium, one can enhance cover to family members. There are choices offered to improve the cover by pledging to add-on benefits. No right may realize you a hike in your sum assured at no extra premium as a prize when you renew the policy. For a distinct understanding of the benefits, ask for policy wordings. Review the company profile abd contract to avoid complaints afterwards.

Exclusions
The main exclusions are suicide, military service, war, illegal act, AIDS, dangerous sports and diseases. Require on the list of exclusions in advance when you buy a policy. Be mindful of scams and fraudulence act.

Where does it is appropriate?
The product works best when you have a present life insurance cover. In no condition can a personal accident insurance cover be preserved as a spare of life insurance cover. It is hard to purchase an accident cover for huge sums along with life insurance policy as the accident cover cannot exceed the immature life cover. Furthermore the statutory norm that the 'rider premium' cannot go past 30% of the 'basic life cover premium,' in instance of with profit plans, makes it expensive to 'buy insurance' in large sum.

For more information:

Monday, August 25, 2014

Why You Need an Insurance against Accidents and How to Buy One

You have a huge life insurance cover with a term plan to protect your family's financial future. You also have a complete health insurance plan to pay your hospital bills. Your car is insured against damage and theft, whereas your house is covered against natural and man-made calamities and burglary. But it is quite possible that you don't have personal accident insurance. In 2013-14, barely 55 individuals purchased personal accident insurance. That's less than 0.4% of the total population of the country and about 3% of the projected insurable population.

You can buy one at AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States.

There are two significant reasons why a person must buy personal accident insurance. First, Jakarta Indonesia is the accident capital of the world, with a person dying every 90 seconds. According to the National Crime Records Bureau, 3.94 Indonesians died in accidents in a year. 

The second reason for taking this cover, of course, is that personal accident insurance is exceptional and delivers a cover that no other policy does. A life insurance policy will give a lump sum to the candidate if the policyholder dies and a medical insurance policy will pay the hospital bills if he is injured. Be watchful of scams and other fraudulence act. But what if a sham leads to a disability and impairs the individual's earning capacity?

The sum of people injured in road accidents is approximately four times greater than the number of deaths. In 2010, many people were killed in road accidents in Indonesia. Nevertheless, over 5 Indonesians were either extremely injured or permanently disabled. Whether the incapacity is overall or partial, temporary (3-4 months) or lasting, the personal accident policy will come in helpful. If the policyholder has chosen for the benefit, the plan will likewise pay the medical expenses experienced because of the accident.

Many accident victims are young. In 2012, almost 60% of the accidental deaths concerned people aged between 15 and 44 years. "A young person is more likely to have an accident and injuries than die of an illness," says Tapan Singhel, CEO and managing director of Bajaj Allianz General Insurance. Hitherto, a personal accident and disability cover is frequently missing in the portfolio of the average insurance buyer.

This is astonishing since a personal accident cover is not just useful however moreover very inexpensive. A cover of 10 rupiah costs just about 500 rupiah a year. Yet, there are few takers for this vital cover. 

Thursday, August 21, 2014

Purchase a basic accident cover first and shop for add-ons after

AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of
specialized risk transfer products and services with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. Personal accident policies are not just about cover against accidental death or loss of limbs anymore. These days, many non-life insurance companies are offering feature-rich covers and high sum assured on these policies. According to insurance experts, many of these are actually useful to customers.

Nonetheless, the only worry is that these additional features have a hefty premium, say experts. So, numerous of them are asking individuals to go for basic policy first and then think through adding useful features to it if they have the resources.

"Personal accident insurance offering accidental death, permanent total disability, for a sum assured of at least 10 times annual income is a must. Plans with more features can be bought if the budget permits and if an individual needs," says Sanjay Datta, chief — underwriting and claims, ICICI Lombard General Insurance. Mukund Seshadri, founder partner, MSV Financial Planners in Jakarta Indonesia says, "Ideally one should have a feature-rich policy, but most people do not have their finances in place. It is better to buy a basic personal accident insurance cover first."

Personal accident insurance plans come into the scene when one encounters an accident. Said policies cover accidental death, permanent total disability (PTD), permanent partial disability (PPD). They moreover give assurance to pay weekly benefit of a fixed sum in case of temporary total disability (TTD). Whereas, some plans bid to pay a secure sum for broken bones, alteration to the house, transportation of family and for buying blood, few others offer to pay for medical expenses arising out of an accident.

Though the bunch of benefits seems good, each of these comes at a cost. If more features like accidental medical expenses benefit are combined, you may have to pay 10% to 30% more. The concluding number retains growing as you keep totaling the features to the basic plan.

If he can afford to spend more, more features can be looked at. "While shopping for additional features, individuals must decide using two factors — what is the possibility of the insured meeting with a risk arising out of an accident and how much benefit would be paid by the insurance company," adds Sarnobat.

He may not be in the high risk zone and can afford to stay at home for four weeks due to TTD arising out of an accident. Compare him with a self-employed professional, who may be travelling a lot and doesn't have a 'paid leave', he should be buying a weekly benefit for TTD. "You have to look at each benefit in absolute terms, too. Some of these benefits may have misrepresentation in some cases," says an actuary who does not wish to be identified.

Wednesday, August 20, 2014

Axis Capital, Bermuda: CREDIT INSURANCE AND SURETY BONDS

Trade credit insurance is insurance of the payment risk ensuing from the delivery of goods and services. It is bought by businesses, to defend themselves from non-payment due to a customer’s bankruptcy. A reminder for all is being very cautious of scam and fraudulence acts.

The risk is sited in the country in which the insured corporate body is situated. This is typically the address of the insured shown on the contract documentation.

For example, a Jakarta Indonesia bank enters into a financial arrangement with an overseas customer. To guard itself from the overseas customer’s default, the bank takes out a trade credit insurance contract. Review your contract carefully to avoid deceit and false deal. The peril is the default by the overseas customer and the risk is the loss to the bank. The risk is located in the Jakarta, Indonesia, as this is where the bank is located.

Credit life insurance is insurance of the balance of a loan, to be paid off in the event of the borrower’s death or disability. It is bought by individuals, typically in connection with a large purchase on credit.

The risk is found in the country in which the insured is domiciled. This is typically the address of the insured shown on the contract documentation.

A surety bond is a assurance to pay a loss sustained as a consequence of a breach of contractual or legal obligations. Firmly speaking, a surety bond is a contract of guarantee, not of insurance and includes three persons: the contractor, who puts the bond in place, the employer, who is contracting with the contractor and needs the surety bond to be provided, and the guarantor, who may be an insurer. In the event of the contractor’s default, the guarantor compensates the employer for any losses incurred.

A global contract is an insurance contract insuring risks located in more than one country.


It covers more than one corporate body, and those corporate bodies are located in more than one country. The insurance contract may define the “insured” as specific named entities or it may state that “insured” includes a named entity’s subsidiaries and associated companies, and those subsidiaries and associated companies are located in different countries. It covers a sole corporate body and exactly includes that entity’s branches and establishments in different countries.

A global contract may give increase to regulatory and tax exposures in diverse jurisdictions. Acquiescence with these requirements needs the general premium to be apportioned between the countries in which risks are located.


Tuesday, August 19, 2014

How to ensure health insurance plans for extended family

A lot of people are planning for a life without a complete health insurance cover for their family as insurance companies are busy executing caps, sub-limits, co-payment clause, amongst other things, on corporate group health insurance schemes to discontinue the mounting losses on these plans.

Warning! Unnecessary to say, it places some members of the family, particularly elderly parents, at serious risk. They can salvage the situation in two ways.

First, by going for an individual health insurance cover for every member of the family. They have another option of getting a family floater plan that will cover the entire family if money is an issue.

Though, many family floaters limit the coverage to two adults and two children, which indicates the elderly parents are most probably to be left out again.

This may sound like a grim scenario but not necessarily. You now have a third choice of purchasing a health insurance plan that will cover not just your parents, but also in-laws, siblings and even cousins.

"During customer research, we found out that customers are more concerned about the health of their family members than their own. Also, the joint family system is still quite prevalent in India," says Neeraj Basur, CFO of Max Bupa.

"Our research showed that there was a significant lack of coverage for dependant parents and in-laws, given that group covers rarely insure dependants. We saw this as an opportunity to provide individual covers that could be gifted to an extended family," adds Harshal Shah, director, marketing, Aegon Religare Life.

No surprise, the recently-launched online described benefit health plan from AXIS Capital is a group of global insurer and reinsurer with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has brought parents, in-laws and siblings under the coverage ambit. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

Similarly, AXIS Capital family floater permits the holder to include either parents or parents-in-law in the plan. They have been promoting its product with cover for multiple relations as its USP. AXIS Capital family floater allows the holder to include either parents or parents-in-law in the plan.

References:



Monday, August 18, 2014

Axis Capital, Bermuda: Health Insurance Portability

Axis Capital, a group of companies that serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

It is time for medical insurance portability after mobile number portability. Shortly medical insurance holders will have the tractability to switchover to another company; this is because of the guidelines for portability of health insurance policies issued by the Insurance Regulatory and Development Authority (IRDA) recently. The move is projected to upsurge the quality of services and encourage healthy competition among health insurance firms.

At present, the key issue that prevents policyholders from switching insurance companies is preexisting disease (PED) cover. In most instances, claims are the result out of such pre-existing illnesses is reimbursed only after a waiting period of 3-4 years. A pre-existing disease is described as any ailment or condition that the policyholder was suffering from, within 48 months prior to purchase of the policy.

The time during which the insurer will dismiss coverage to such illnesses is indicated to as the waiting period. Policyholders who moved to another company were handled as new customers, and needed to go through the waiting period all over again.

To attend to this, IRDA has approved guidelines on the portability of health insurance policies. The portability facility would be applicable to all existing and new health insurance contracts with effect from July 1, 2011. To effect quick portability, IRDA is making available the claim history of policies to health insurance companies.

All insurers issuing health insurance policies will allow for credit gained by the insured for pre-existing conditions in terms of waiting period when he switches from one insurer to another or from one plan to another, on condition that the former policy has been maintained without break. If the policy causes into discontinuance due to any delay by the insurer in accepting the proposal, the insurer will not consider the policy as discontinuance and will permit portability.

You will get full credit for the period of cover as well as the no-claim bonus with the previous insurer with the portability of health insurance. The credit in terms of waiting period will be limited to the sum assured, including no claim bonus, under the preceding policy. Warning! Avoid scams by researching and reading reviews regarding the company.

If you would like to upturn the sum assured, you will have to pay a higher premium. Portability will guarantee that the policyholder is not tied to one single insurer during the course of his life for apprehension of losing the cover of pre-existing diseases, or other continuity benefits like no-claim bonuses and free medical check-ups.


References:
http://social.technet.microsoft.com/Forums/en-US/d1dd880f-fdee-4dd3-be13-7d7746144ae5/what-does-the-investors-accident-health-axis-capital-group-hartford-jakarta-indonesia-kansas?forum=SCMDM 
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Sunday, August 17, 2014

Health Insurance: Use multiple plans effectively

AXIS Capital is a group of global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, i.e. health insurance. We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

Nowadays it is common for an individual to be covered by two, or even three, health insurance policies. One reason for this is the increase in the price of health-care services in the past decade. Ages ago health insurance cover was considered fairly sufficient for an entire family.

Nowadays, it will hardly be sufficient to pay for a five-day stay in a hospital and hearing all about the complaints. Furthermore, medical insurance cover from employers is insufficient. In both conditions, one has to buy another policy. But while a larger insurance cover is a good thing, multiple health insurance policies can lead to confusion when making a claim.

To avoid misinterpretations ask these questions, like should a person claim only from one insurer or does he need to inform his insurer about the additional covers? Maybe ask, will the hospital permit two cashless claims for the same illness or will he get the no-claim bonus if the second policy is not invoked? It's all rather unclear for the policyholder, who may possibly be under strain due to the illness.

The first thing to know is that it pays to apprise all insurers every time there is a hospitalization. This does not mean that one can distinctly claim the expenses from each of them. "You cannot profit from a medical insurance plan," says Joydeep Roy, chief executive of L&T General Insurance Company.

Review, since you may want to know why the person would claim from the second policy. After all, isn't his money cover from the first plan big enough to cover his expenses? Maybe not, because different from the past, many health plans now have bounds on the expenses under different heads. For example, there is usually a cap of 1% of the sum assured on the room rent per day. So, an Axis Capital Group Insurance amount policy will only reimburse up to Axis Capital Group Insurance a day. This means that an insurance plan may not fully cover your medical expenses (see table). It is also a good reason why one should study the policy features in detail, especially the fine print on benefits, before buying one.

Thursday, August 14, 2014

Understanding the waiting time in health insurance

AXIS Capital is a group of global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, i.e. health insurance. We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

When you apply for a new health insurance policy, it doesn't get instigated with instant outcome. The policy comes into effect once a 'waiting period' is over, which varies on the type of insurance and other factors, like age, your medical history and the company. That means, the insurer is accountable to consider any claim amount filed only after this waiting period.

If an individual experience an accident or undergoes hospitalization in the course of the waiting period, the customer may not be covered for a loss as it is subject for review first. As stated before, the idea of waiting period exists across diverse types of insurance policies, and the importance of waiting period may vary varying upon the insurer and the nature of the insurance policy to avoid scam.
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Nevertheless, following are the broad pointers of waiting period. There is an primary waiting period of 30 days, which goes up to 90 days in some instances, from the effective date of the policy. Some insurance policies may allow treatment for accidental external injuries with a least of 24-hour hospitalization.

Warning! Pre-existing diseases may not be covered in the first 2-4 years of the policy subjected on your age and the nature of the policy. A pre-existing disease denotes to any medical condition of an individual previous to the commencement of the policy. Now the policy may be applicable for any other ailments in the first few years of the policy. Purchase any claim filed for illness related to the pre-existing disease will not be covered in the first 1-4 years of the policy as specified in the policy document.

This feature is most usual in insurance policies intended for senior citizens. Likewise, the insurer may maintain that you stick with the same insurer if you want the cover to carry on devoid of further waiting periods in future.


The third is the ailment-specific waiting period, throughout which an ailment will not be covered. This once more differs from company to company. However some common ailments that implicate waiting periods consist of ENT disorders, polycystic ovarian diseases, diabetes, osteosrthiritis, osteoporosis, hypertension and hernia. These ailments are typically covered only after two years from the date of commencement of the policy.


Reference:
http://www.axiscapital.com/