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Replacement cost coverage is designed so the policy holder will not have to spend more money to get a similar new item and that the insurance company does not pay for intangibles. [4] For example: when a television is covered by a replacement cost value policy, the cost of a similar television which can be purchased today determines the ...
By 2007, an estimated 3.8 million U.S. workers, about 5% of the covered workforce, were enrolled in consumer-driven plans. About 10% of firms offered such plans to their workers, according to a study by the Kaiser Family Foundation. [6] In 2010, 13% of consumers in employee-sponsored health insurance programs had consumer-driven health plans. [7]
A national coverage determination (NCD) [1] is a United States nationwide determination of whether Medicare will pay for an item or service. [2] It is a form of utilization management and forms a medical guideline on treatment.
A qualifying plan is defined as a health plan that has a minimum deductible not less than some IRS-defined minimum deductible, and a maximum out-of-pocket expense not more than some IRS-defined out-of-pocket maximum, which the Internal Revenue Service may modify each year to reflect change in cost of living. According to the instructions for ...
Medical underwriting is a health insurance term referring to the use of medical or health information in the evaluation of an applicant for coverage, typically for life or health insurance. As part of the underwriting process, an individual's health information may be used in making two decisions: whether to offer or deny coverage and what ...
What is a good debt-service coverage ratio? Most lenders want to see a debt-service coverage ratio of at least 1.25. But, lender requirements will vary depending on the type of business loan and ...
Gold level: On average, the health plan pays 80% of covered health-care costs; the consumer pays 20%. Platinum level: On average, the health plan pays 90% of covered health-care costs; the consumer pays 10%. Minimum coverage plan (worst-case scenario): If the consumer is under 30 and cannot afford the other plans, this is another option. It ...
Retrospectively rated insurance is a type of insurance that uses retrospective rating: a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula.