Medical Insurance news, December 2019

What Makes Group Medical Insurance Cheaper than Individual Insurance

26 December

A group medical insurance policy to cover all your employees is cheaper than buying individual health insurance for them all.

All your employees are insured under a group medical insurance policy.

The premium paid towards a group medical insurance plan is far more flexible and beneficial than those paid for an individual health insurance plan.

Now you know how buying a group health insurance is less costly than an individual health insurance.

That's why it is advisable to purchase a group medical insurance policy with the help of an insurance broker.

Buying a group health insurance plan through reputable insurance brokers will provide multiple benefits.

Take the case of SecureNow, a young insurance broking firm that is known to provide deeply researched group medical insurance options.

Read the full story at Medical Dialogues

Medical insurance bypasses Native Americans in New Mexico

20 December

Native Americans go without medical insurance at a much higher rate than other residents of New Mexico, a state-commissioned study has found as state health officials seek new strategies to expand coverage.

New Mexico fares relatively well overall in terms of paid access to health care services in comparison with the U.S. as a whole.

The national average is just over 11%. Among Native Americans, 37,000 people go without insurance - or 16.2% of that population.

Officials will focus on ways to reach Medicaid-eligible patients who are not insured and on matching uninsured people with New Mexico's federally subsidized individual insurance marketplace.

It's important for Native Americans to have health insurance in coordination with services from the federal Indian Health Services, Estrada said.

The Urban Institute found that Native Americans working in the health care and educational fields are especially prone to go without health insurance.

New Mexico's expansion of federally subsidized Medicaid health care gave coverage in 2014 to more people on the cusp of poverty, cutting in half the number of people without insurance.

Read the full story at The Salt Lake Tribune

Azerbaijan's compulsory medical insurance to improve citizens' well-being

20 December

Compared to global experience, the Azerbaijani model of compulsory medical insurance is distinguished by the most sensitive approach to the interests of citizens, Analyst of Azerbaijan's Center for Analysis of Economic Reforms and Communication Masuma Talibova told Trend.

Talibova emphasized that the quality of services, their transparency will be controlled by the medical examination of the Compulsory Medical Insurance Agency.

"The salary will be paid by the Compulsory Medical Insurance Agency according to the unified tariff schedule. In practice, the positive impact of compulsory medical insurance in this issue has already been proven. So, the salary of doctors working in the test project was 2.5-3 times higher than the salary of other doctors," she added.

"The improvement of quality of medical services, the infrastructure of medical institutions, renewal of medical equipment in accordance with new technologies, enlightenment of medical personnel in accordance with the international standards will also lead to higher quality of services which are rendered to citizens," the analyst added.

"At the same time, development of medical institutions in the districts in accordance with the world standards will make the process of obtaining medical services by citizens more flexible, affordable and effective by eliminating the need for an influx of residents from the districts to the cities to obtain medical services," she said.

The compulsory medical insurance program will be implemented in four stages.

The 2020 state budget allocates 902.9 million manats for the implementation of compulsory medical insurance.

Read the full story at AzerNews

Hong Kong, Macau and Taiwan Residents to join Mainland Social Insurance

19 December

The Measures, which will come into effect on 1 January 2020, require employers in Mainland China to register employees who are Hong Kong, Macau, and Taiwan residents for social insurance and to make contributions.

Type C individuals may participate in basic pension insurance and basic medical insurance for urban and rural residents.

The procedures required for HMT Residents to apply and register for social insurance, and for issuance of social security cards, are consistent with those required for Mainland residents.

If HMT Residents leave the Mainland before meeting the conditions for receiving a pension, their individual social insurance accounts can be retained.

HMT Residents who have participated in social insurance schemes in Hong Kong, Macau and Taiwan and who have retained aforesaid social insurance may choose not to participate in Mainland pension and unemployment insurance by presenting certification materials issued by an authorised agency.

Due to the lack of legislation targeting HMT Residents, some cities in the Mainland held the view that HMT Residents can participate in the Mainland social insurance1, while other cities in the Mainland took the stance that employers should be obligated to make social insurance contributions for employees who are HMT Residents.

The Measures clarify that employers are required to register HMT Residents for social insurance, but it remains to be seen whether all cities will implement this, especially Shanghai where the local authorities are not enforcing the requirement for foreigners to participate in social insurance.

Read the full story at DLA Piper

Singapore employers upping health benefits to stay ahead in talent race

19 December

Despite the rising cost of health insurance, employers in Singapore are looking to improve their employees' health benefits to attract and retain talent in a competitive, low wage growth market.

This is according to Mercer Marsh Benefits' 2019 Singapore Health and Benefits Study, which examined the medical and risk plans of more than 400 employers with a total of over 147,000 employees.

"12-month pre-existing exclusions under medical insurance plans, companies in Singapore are increasingly turning to their benefits program to strengthen their value proposition and stay competitive in the current talent market," Neil Narale, Singapore health leader at Mercer Marsh Benefits, said in a statement.

"It is critical that their risk and medical benefits programs are aligned with the philosophy, priorities and values of the company, ensuring the needs of their people are met."

For medical benefits, hospital and surgical benefits were near-universally provided, with 96% of companies offering these to their employees.

Provision of outpatient clinical and outpatient specialist benefits increased by 13% and 15%, respectively.

The study noted that an exception to the trend was a significant rise in the prevalence of self-funded benefits for vision and maternity care.

Read the full story at Insurance Business Asia

Patients benefit from cross-region medical insurance

18 December

A patient from Inner Mongolia Autonomous Region recently underwent surgery at a local joint-venture hospital, which was covered by a cross-regional medical insurance system.

Shanghai Delta Hospital is one of the first batch of high-end private hospitals included in the government's social medical insurance system.

One section of the hospital accepts social medical insurance and has adjusted its prices in line with local leading public providers, while payment at a VIP section can be made through commercial insurance, the hospital said.

According to Shanghai Delta, it has carried out hundreds of cardiovascular surgeries on patients from other provinces using cross-regional medical insurance payment over the past year.

The medical insurance usually pays between 45 and 60 percent of medical expenses.

The national government is currently speeding up expansion of the cross-regional social medical system.

Over 300 regions in some 30 provinces, municipalities and autonomous regions have joined the system, which allows patients to settle medical bills directly instead of first paying their expenses by cash and then getting reimbursement after returning home.

Read the full story at Shine

Surgery Costs Ignite Bidding War

17 December

In 2004, Dr. Keith Smith and Dr. Steven Lantier founded the Surgery Center of Oklahoma, a medical facility established on the idea of price honesty.

Using economic principles, these two doctors aimed to transform the local health care sector through price transparency and bidding wars.

"Hospitals are having to match our prices because patients are printing their prices and holding that in one hand and holding a ticket to Oklahoma City in the other hand and asking that hospital to step up. So we're actually causing a deflationary effect on pricing all over the United States."

Even Walmart, which has entered the health care business, is offering low-cost care.

Health care price inflation has skyrocketed since the 1970s.

The first is that American health care is among the best in the world for delivering top-notch treatment for serious chronic illnesses, which is why people flock from all over the world to seek medical care in the U.S. The second is that it is not an authentic free-market system.

The Surgery Center of Oklahoma is a prime example of what free-market health care looks like - and that is far superior to hallway health care in Canada and long wait times across the pond.

Read the full story at Liberty Nation

Global Medical Implants Market Is Expected to Grow at a CAGR of 5.9% over the Forecast Period of 2019-2025

14 December

A recent report published by Infinium Global Research on medical implants market provides an in-depth analysis of segments and sub-segments in the global as well as regional medical implants market.

The Infinium Global Research analyzes the "Medical Implants Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2025." The global medical implants market is projected to grow at a CAGR of 5.9% over the forecast period of 2019-2025.

The growing awareness about the different types of medical implants among healthcare professionals and simultaneously increasing disposable income among the consumers are helping to grow the demand for the medical implant market around the world.

The cost factor of the medical implants and scarcity of the trained health care professional to place the medical implant inside the body in the potential region is restricting the growth of the market for the short term.

The increasing influx of medical implant manufacturing companies in the developing countries is expected to boost the demand of medical implants in the developing countries.

Geographically, the medical implants market is segmented into four regions namely North America, Europe, the Asia Pacific and RoW. North America is the largest player in the medical implants market, owing to the presence of a large number of medical implant manufacturing companies in this region.

The Asia-Pacific medical implant market is expected to grow at the highest CAGR during the forecast period, owing to increasing awareness among the consumers about these types of devices and the availability of trained healthcare professionals in the major cities.

Read the full story at DIgital Journal

Starter’s guide to health insurance plans in India

13 December

Financial advisors highly recommended that you should take individual or family health insurance plans to meet your medical requirements.

In India, a large number of private insurance companies offer medical insurance plans.

Most plans do not require individuals aged 55 years or less to undergo a health check-up while purchasing the health policy.

Senior Citizen Plans - These are specially designed health plans to meet the increased medical expenses of senior citizens.

Critical Illness Plans - These plans are ideal for individuals who require treatment for critical illnesses like heart attack, cancer, paralysis, kidney failure, etc.

Unit Linked Health Plan - This plan combines the benefits of health insurance and investments under a single policy.

Premiums paid for medical insurance are eligible for tax deduction under Section 80D. The upper limit for tax deduction is Rs. 25,000 for health plans for self and Rs. 30,000 for health plans for parents.

Read the full story at Hindustan Times

Indemnity medical insurance

13 December

Indemnity medical insurance provided by private companies has emerged as a serious issue for government and industry officials.

Indemnity medical insurance has long become like another state health insurance for Koreans.

Private medical insurance which covers up to 90 percent of the fees patients pay to hospitals and pharmacies is no longer an option but a must for all families.

When people visit medical institutions, hospital employees' first question is whether the patients have indemnity medical insurance.

If the visitors say "Yes," hospitals recommend expensive treatment that is not covered by state insurance.

When the incumbent administration implemented President Moon's healthcare policy, or "Mooncare," which turned many non-reimbursable treatments into reimbursable ones, officials thought it would reduce of indemnity health insurance premiums.

The time has long passed for the medical community and insurance industry to agree on a compromise instead of sticking to collectivism.

Read the full story at Korea Times

The National

12 December

Public and private hospitals must treat emergency patients regardless of their health insurance cover, the Abu Dhabi government said.

The circular was sent to "All health service providers in Abu Dhabi emirate, reiterating the importance of receiving/treating all emergency cases - regardless of validity of the insurance cards - and to ensure that hospitals are prepared to accept or refer necessary cases," Abu Dhabi Government Media Office said on Wednesday.

Abu Dhabi hospitals are already obliged to treat patients regardless of their medical cover, following an order from the health authorities several years ago.

Omran Al Khoori, president of the health provider VPS, which runs Burjeel hospitals, said the government appeared to be ensuring all hospitals are still "On the right track".

"We completely agree that emergency cases must be received and dealt with immediately, regardless of insurance or finances," he told The National.

The Jordanian engineer took his son to a private hospital where his insurance was valid, but deteriorated and Kareem was referred to a second private facility.

Mr Rawajbi reported both hospitals to the medical regulator and filed a legal case against one in Al Ain court.

Read the full story at Abu Dhabi orders hospitals: treat emergency patients regardless of insurance

First stage of mandatory health insurance to cover 20 regions

12 December

Azerbaijan's mandatory health insurance system will cover about 2.2 million people in 20 northern regions of the country at the first stage, the head of the Department for Regional Centers of the State Agency on Mandatory Health Insurance Shukur Eyvazov said at a press conference held on December 11, local media reported.

"At the first stage, we introduce compulsory medical insurance in 20 northern regions of Azerbaijan. This means providing services to 1.893 million citizens. In addition, we will continue to work in the regions where the pilot project was carried out - Mingachevir, Agdash and Yevlakh. Thus, at the first stage, our services can be obtained by 2.2 million people in 23 regions of Azerbaijan," Eyvazov said.

"The draft mandatory health insurance does not imply a limit for the use of services. This is a social project, and we are ready to provide our population with quality medical services," said Eyvazov.

"As you know, we already have several state programs to fight cancer, AIDS, diabetes and so on. These programs are not yet included in the mandatory health insurance package," he stressed.

The pilot project on compulsory health insurance has been implemented in Azerbaijan since late 2016.

At the first stage, the program will be implemented in 20 northern regions, at the second stage - in another 17 western regions, at the third - in 14 southern regions, and in the fourth quarter it will be carried out in Baku, Sumgait and on the Absheron Peninsula.

The 2020 state budget allocates 902.9 million manats for the implementation of mandatory health insurance.

Read the full story at AzerNews

Income tax benefits on medical treatment and health insurance

11 December

For individuals, deduction is allowed for premium paid under a medical insurance policy covering his/her own health or his/her family's up to Rs 25,000 per annum.

Further, an individual can claim a deduction for the premium paid under a medical insurance policy covering his/her parent or parents up to Rs 25,000 per annum.

A resident senior citizen, who is not covered under any mediclaim insurance scheme, can claim a deduction for actual medical expenditure incurred during a particular FY. Deduction can be claimed up to Rs 50,000 for the expenditure incurred on own or family's health and an additional Rs 50,000 on parents' health.

It is pertinent to note that this deduction can only be availed when no amount is being paid towards the health insurance of such individual.

For a resident individual, who has incurred an expenditure in respect of maintenance, including medical treatment of a dependent who is suffering from a specified disability or specified severe disability, a deduction is allowed under Section 80DD of the Act of Rs 75,000 and Rs 1,25,000, respectively.

Expenditure incurred by a resident individual on medical treatment of certain prescribed diseases or ailments of self or dependents are eligible to claim deduction up to Rs 40,000 under Section 80DDB of the Act.

The individual claiming such deductions shall obtain a copy of the certificate issued by the prescribed medical authority in the specified form and manner, in respect of the relevant FY. With ever-rising cost of medical treatment, it is worthwhile for individuals to be aware of the potential tax deduction for the medical insurance/expenditure that they are incurring.

Read the full story at Money Control

New Guideline on Medical Insurance Business

10 December

The Insurance Authority has just issued a new Guideline on Medical Insurance Business.

It takes effect from 23 September 2020 and will apply to insurers writing medical insurance of all types as well as to insurance agents and insurance brokers involved in the placement of medical insurance.

Ensuring competency of insurance agents and insurance brokers recommending insurers' products including compliance with statutory requirements, having relevant knowledge and skills and providing training.

On request, insurers, insurance agents and insurance brokers should review continued suitability of insurance products and where changes are made in a policy, they should give customers sufficient advance notice.

Insurers, insurance agents and insurance brokers should provide on request information on complaints handling and procedures for making complaints.

Insurers, insurance agents and insurance brokers should have formal complaints handling procedures.

Insurers, insurance agents and insurance brokers should exercise care and diligence in collecting, handling and storing personal data and in compliance with the Personal Data Ordinance.

Read the full story at Lexology

Medical Debt — Part 2: What can we do about it?

8 December

If you have a high-deductible plan, then you're eligible for a health care savings account -a tax-free investment vehicle that allows any unused balance to roll over from year to year.

Besides the bill from a doctor's office or hospital, your insurance company sends an explanation of benefits summarizing your care and what portion is covered.

It's inadvisable to convert unpaid medical bills into other forms of debt such as putting it on your credit card or getting a home equity loan, which will place your assets at risk and subject you to compounding interest.

Health care institutions have social workers and patient advocates who specialize in helping you navigate the financial maze.

The Illinois Hospital Uninsured Patient Discount Act requires all hospitals to provide a certain degree of "Charity care" to low-income patients without insurance.

If you're worried about your ability to pay for the care, then ask for help and work out a plan before you get billed.

Present your situation at the hearing and the judge will help you work out a solution with the health care institution, which will likely be more palatable to your budget.

Read the full story at The State Journal-Register

5 Innovative Egyptian Insurance Companies That Might Save Your Life

8 December

The health insurance market is also growing to become one of the most innovative in technology, helping aging populations, patient demands and the rise of diseases to withstand pressure on the costs for delivering care through innovative technology that ensures quality of services at lower prices.

According to The Financial Regulatory Authority, the insurance industry is estimated to represent almost 0.91 percent of Egypt's GDP, which is considered to be one of the most important drivers of Egyptian economic growth.

Under the theme of "Innovating Egypt's insurance sector," the hackathon addressed the insurance sector's main challenges in Egypt that hinder its progress and the mechanisms that can help make it a significant key player in the country's economy.

"The hackathon addressed four main challenges that face the insurance industry: developing data analysis tools for insurance companies; reaching low-income insurance segments, and creating a competitive edge for SMEs through insurance," said Hayder Al-Baghdadi, Head of Programs: Promotion of Financial Inclusion in the MENA Region.

Below is a list of the 5 innovative insurance companies that aim to save and change others' lives.

1000Salama is a conversational agent for medical insurance aiming to enhance communication between patients and doctors from one side and the insurance company or TPA from the other side.

Amanleek provides different kinds of insurance services in healthcare, car insurance, property insurance and travel insurance, with an aim to simplify insurance services and make it more accessible for a wider base of customers.

Read the full story at Egyptian Streets

Brazilian healthtech Vitta expands medical insurance for startups with new pharmaceutical services

7 December

Medical insurance for startup employees is a tangible reality, at least in Brazil with Vitta's modern healthcare solution.

In collaboration with the pharmaceutical benefits company, ePharma, Vitta will launch heightened services.

To further promote startup health insurance, this will function in tandem with Vitta's pre-existing network of medical professionals.

The end results will be more streamlined interactions between patients and medical professionals, not to mention economically-priced medicines and services.

"Using the technologies that Vitta and ePharma have developed, doctors can make their prescriptions from a list of more than 7,000 items, comprising 96 percent of the most prescribed active ingredients," said João Gabriel, CEO of Vitta.

According to exclusive reports on StartSe, this will elaborate from Vitta's exclusive medical network of professionals.

It has become of the largest e-medical startups in Brazil with over 15,000 doctors in 25 Brazilian states part of operations.

Read the full story at Contxto

PHP customizes insurance plans for clients' needs

6 December

"We don't feel there's one size that fits all," said Ross Hensley, senior account executive for PHP. That's why PHP offers three health insurance funding options and works with prospective clients to find the right employee benefits plans.

Almet Inc, which has 63 employees at its steel fabrication plant in New Haven, has partnered with PHP since May 1, 2018.

"PHP offers a large network of medical providers we feel is beneficial to our employees." PHP offers three basic categories of health care products, the first and lowest risk for the employer being Fully Insured Plans.

As Hensley explained, employers pay premiums to PHP, effectively pushing the financial risk onto PHP. Employers have the security of knowing their set monthly premium won't change unless they hire more employees.

"If an employee has a question concerning their benefits they can contact PHP directly and quickly get the information they need. PHP has also assisted Almet in creating employee wellness events in which employees have opportunities to learn more about how to improve their own health." Greim also believes when employees or their family members are injured or sick they shouldn't have to stress about insurance coverage.

"Our provider, PHP, helps us meet that goal." But security is not the only thing employees want from their health insurance providers.

PHP includes several services that focus on employee well-being and convenience like 24/7 CALL-A-DOC telephone and or video service, a 24 hour nurse line, wellness programs and member discounts.

Read the full story at Fort Wayne Business

How China's New Drug-Buying Program Is Causing Pain

5 December

China is overhauling its health-care system with the aim of providing broader access to quality drugs for its enormous population.

The result: Drug prices are tumbling and eroding the once-high margins of drugmakers, both local and foreign.

For manufacturers, the pressure on prices in the world's No. 2 pharmaceuticals market is set to intensify as China hones its strategy of extracting mega-discounts in exchange for access.

China has initiated a nationwide program that requires drugmakers to submit bids to supply commonly used generic drugs to public hospitals.

China's 2.34 trillion yuan national medical insurance fund covers 95% of the 1.4 billion population, and the drugs on that list are almost entirely paid for by state funds.

China's regulator has reformed its drug approval process and is already greenlighting some drugs faster than in the U.S. AstraZeneca Plc expects new and innovative treatments to contribute 60% of its China revenue by 2024, up from just a fraction currently, as it pivots away from the generics business.

Local drugmakers and biotech startups such as Jiangsu Hengrui Medicine Co. and BeiGene Ltd. are also trying to accelerate their development of new drugs with the goal of competing with western pharmaceutical giants on the global stage.

Read the full story at The Washington Post

Azerbaijan approves changes in compulsory medical insurance

4 December

One percent of the amount up to 8,000 manat from the wage fund in 2020, two percent from 2021 for the insurers not involved in the oil and gas sector and employed in the private sector by using a coefficient of 0.5 percent to a part exceeding 8,000 manat of an employee's salary;.

One percent of the amount up to 8,000 manat of a salary in 2020, two percent from 2021 for the insured people not involved in the oil and gas sector and employed in the private sector by using a coefficient of 0.5 percent to a part exceeding 8,000 manat of an employee's salary;.

Two percent of the amount up to 8,000 manat from the wage fund for the insurers involved in the oil and gas sector and employed in the public sector by using a coefficient of 0.5 percent to a part exceeding 8,000 manat;.

Two percent of the amount up to 8,000 manat of the salary for the insured people involved in the oil and gas sector and employed in the public sector by using a coefficient of 0.5 percent to the part exceeding 8,000 manat of the employee's salary.

In accordance with the relevant article of the law, premiums for policyholders envisaged by article 15-2.3 of this law have been set in the amount of 90 manat per person annually, and for the insured people envisaged by article 15-2.3.4 - four percent of the minimum salary.

The premiums for the insured people envisaged by article 15-2.3.5 have been set at two percent of the part of income up to 8,000 manat and one percent of the part of income exceeding 8,000 manat.

From 2023 the insurance premiums for the insured people envisaged by article 15-2.3.6 have been set at 48 percent of the minimum wage.

Read the full story at MENAFN

FWD to pull out of group medical insurance business in Singapore

4 December

WD Group, believed to be the fifth-largest group medical insurer in Singapore, is exiting this business here.

The insurance arm of Hong Kong's investment conglomerate Pacific Century Group said it will wind down its employee benefits business in Singapore, key of which is group medical insurance, by December 2020, a company spokesman told The Business Times.

This means that FWD Singapore will no longer pitch for new contracts for that business and will also not renew existing contracts once they expire, the spokesman added.

The spokesman also told BT that affected clients were informed last month on the shuttering of the business.

"FWD Singapore has made a business decision to focus on and allocate more investment and resources to other lines of business that support stronger future growth in the market, including our fully direct and online life and general insurance business," the spokesman said on Wednesday in response to BT's queries.

In April 2016, it acquired a 90 per cent stake in group medical insurance provider Shenton Insurance from Parkway Holdings, an indirect wholly-owned subsidiary of IHH Healthcare Berhad. Shenton was then rebranded to FWD. FWD will still maintain its direct-to-consumer business, which offers a suite of life and general insurance products including direct-term life, car, travel, personal accident and maid insurance.

Outside of Singapore, FWD Group spans Hong Kong and Macau, Thailand, Indonesia, the Philippines, Vietnam and Japan, offering life and medical insurance, general insurance and employee benefits across a number of its markets.

Read the full story at The Straits Times

China reduces poverty through enhancing healthcare

3 December

China has made significant headway in poverty-alleviation through healthcare, as the country's targeted medical service, such as home visiting physician service, remote healthcare service and caring center service for the disabled, are benefiting more people in poverty-stricken areas.

As the country promotes remote medical services, better and timely medical treatments have become much more accessible to people like Liu.

Basic medical insurance now covers over 1.35 billion urban and rural residents in China, according to China's official statistics.

Ever since China initiated its project for poverty alleviation through healthcare nationwide in 2016, an increasing amount of high-quality medical resources have covered a widened area and more people.

To avoid disability-caused poverty, many caring centers to help people with severe disabilities have been built in China.

Apart from free meals and medical care, Li can also receive professional nursing in the center.

China is speeding up poverty reduction via healthcare.

Read the full story at XinhuaNet

Azerbaijan may change package of compulsory medical insurance services

3 December

The corresponding amendments were proposed to be made in certain provisions related to the package of services of the law "On medical Insurance", Azerbaijani State Agency for Compulsory Medical Insurance told Trend.

"In accordance with the proposals, the package of services will not consist of basic and additional parts," the agency said.

"So, the package will cover medical services which are comprehensively rendered in outpatient and inpatient conditions. The autumn session of the Azerbaijani parliament is currently discussing these amendments which are proposed to be made in the law." The agency has prepared a set of medical services, within which the services covering about 3,000 diagnoses will be rendered.

During the phased application, as part of the package of services, citizens will be provided with first aid, ambulance and emergency medical services, outpatient and inpatient medical services, including services of special vital importance.

Reportedly, initially the package of compulsory medical insurance services was supposed to consist of a basis part and an additional part.

The basic part was to include first aid, emergency medical services while the additional part - specialized medical assistance.

It would have been necessary to pay contributions for compulsory medical insurance to use specialized medical assistance related to the additional part of the package of services.

Read the full story at Trend News Agency

Azerbaijani Parliament approves 2020 State Budget in last reading

2 December

The amendments to the Law "On Medical Insurance" related to the implementation of compulsory medical insurance in Azerbaijan were also approved during the parliament's session.

According to the relevant article of the Law, premiums for policyholders envisaged by article 15-2.3 of this law have been set in the amount of $53 per person annually, and for the insured people envisaged by article 15-2.3.4 - 4 percent of the minimum monthly wage.

The premiums for the insured people have been set at 2 percent of the part of income up to $4,715 and 1 percent of the part of income exceeding $4,715.

From 2023, the insurance premiums for the insured people have been appointed at 48 percent of the minimum wage.

Read the full story at Azernews

How might healthcare changes affect seniors?

2 December

Patients 1st is a weekly column where the Bermuda Medical Doctors Association answers your questions about the proposed Bermuda Health Plan 2020 and how it may impact you and your family.

As medical professionals, we consider it a sign that the community cares about its health and changes that might impact it.

So why should this concern us? If the current FutureCare plan showed serious deficiencies in the accounting records and its system of internal controls how can we have confidence that the proposed Bermuda Health Plan 2020 scheme that would not just impact our seniors but everyone in Bermuda would be a well-regulated option for all of us?

On page 12 of the 2012 Report on Health Financing Structure Options for Bermuda, a 103-page document commissioned by the National Health Council that the health minister Kim Wilson referenced in support of the Governments choice of a unified system, we discovered this commentary by the author: There is also the countervailing possibility that in a unified system too much political and economic power could be concentrated in the public insurer.

So how can we protect our seniors? We need to ensure that we take the time and not rush health reform.

I guess the next question we need to ask is, how many people will it take for our government to listen? To sign the petition, visit change.org and search for Bermuda Health Plan.

Age Concern Bermuda is hosting a public town hall meeting on the proposed Bermuda Health Plan 2020 at 5.30pm on Wednesday at the Salvation Armys North Street Citadel.

Read the full story at The Royal Gazette

TaiGen expecting a sales bump in China next year

1 December

TaiGen Biopharmaceuticals Holdings Ltd on Thursday last week said that it expects sales in China to grow next year, when its oral formulation of antibiotic Taigexyn is to be included in China's national medical insurance program.

TaiGen has agreed to cut the price of its Taigexyn by 46 percent to 16.2 yuan from 30 yuan, which the company said was a mild discount compared with an average reduction of 60.7 percent for drugs to be included in the program.

Although people in China have had to pay the full price for Taigexyn this year, demand has been robust, he said, adding that cumulative sales of the tablets have increased 1.7 times in the first three quarters of this year.

That growth is expected to accelerate next year as a total of 1.35 billion people in the insurance system would be able to use the drug, Huang said.

The potential market for Taigexyn is forecast to total 1 billion yuan per year in China, given that a rival treatment, Bayer AG's Moxifloxacin, reported annual sales of at least 5 billion yuan, TaiGen said.

As for the intravenous formulation of Taigexyn, which TaiGen has said would be more popular and profitable than the oral version, the firm reiterated that it could start selling the drug in China next year, as it expects to gain marketing approval soon.

TaiGen shares advanced 4.15 percent to close at NT$21.

Read the full story at Taipei Times

Comprehensive Analysis of Turkey Health and Medical Insurance Market 2019 | Industry Overview Covers Revenue, Growth Rate, Size, Share with CAGR Forecast to 2024

1 December

The "Turkey Health and Medical Insurance Market" 2019 gives in-depth analysis of the market growth rate, raw material sources, value chain format, various innovative strategies, import/export, price structure, distribution channel, and production value.

The Turkey health and medical insurance market is expected to register a healthy CAGR of 18%, during the forecast period of 2019-2024.

In order to support the Universal Health Insurance initiative, Turkey must focus on the private health insurance sector, which presently accounts for only 2% of the overall health insurance coverage in the country.

The advent of complementary health insurances in this area indicates that the demand for private health insurance may increase in the coming years, and that there may be more growth in this area.

Since the inception of complementary health insurance in 2013, there has been significant rise in the health insurance coverage, owing to the availability of qualified and high standards of healthcare in private health institutions.

Health insurance premiums share was about 12% of the total non-life insurance in 2013, whereas it grew by more than 14% in 2017.

Read the full story at Sino News Daily

November 2019 news

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