All You Need To Know About an EBL (Employee Benefits Liability Insurance)

An insurance cover could be termed as a stand-alone policy as it is a support provided on other policies. All these insurance plans typically protect the organization and its administration as well as management staff from all kinds of omissions and errors that can arise from any employee benefit plans. Based on the size of the organization, these employee benefit plans can involve group life insurance, group medical insurance, group dental insurance, group disability insurance, group vision insurance and many more. In addition, the section 125 plans, which allow all the employees through a cafeteria plan to configure their own personal coverage and benefits, according to them, are also considered under this employee benefits liability policy.

Generally, most of the charges come from priestly errors, which might occur due to the improper maintenance of the employee records or altering the insurance documents of the employees contrasting from that of the requirement or request of the employees.

In addition, the administration errors can also arise while determining the amounts of contributions on behalf of the employee or the employer, which could sometimes extend to the employer's actuaries, accountants, record-keepers, or trustees.

Other then these errors, there are a few more errors, which might state as follows:

Ø  It might happen that a new employee had entered the firm, but has not been enrolled in the group of medical cover timely, which might leave the new employee with no health insurance benefits, as the enrollment period has passed for the automatic enrollment process. If this is the case, then it directly means that the employee would have to undergo the underwriting questions in order to get all the employee benefits by adding to the company's group medical insurance cover. In addition, it is quite possible that the employee having medical issues will face some restrictions or might not get an opportunity to undergo any insurance plan benefits.

Ø  Similar type of errors can happen when an employee leaves the organization or is terminated. It happens when the proper cobra coverage, which is followed by a mandated federal law in each state can also result in no or lack of coverage for the employee that is alienated from the organization.

Most commonly, the employee benefits liability cover transfers to the viable general liability plan or is incorporated in the group medical insurance cover. Though an organization can obtain a stand-alone employee benefits liability insurance cover, therefore it is quite less expensive to endorse this coverage onto other insurance covers. This policy does not cover criminal acts or any kind of dishonest acts like other insurance policies does by the corporation of its employees. As far as insurance policies are concerned, the employee benefits liability insurance plan is inexpensive and should always be a part of your insurance portfolio risk management approach.

A VARIETY OF APPROACHES FOR GETTING THE BEST HEALTH INSURANCE FOR LOW INCOME INDIVIDUALS: 2

In the previous blog “A Variety of Approaches for Getting the Best Health Insurance for Low Income Individuals: 1” we highlighted some of the possible options for securing various health covers for low-income groups. However, here come a few more potential options for securing the same:

 Ø  Many of us do have some or the other health issues and unfortunately, while having a pre-existing medical condition, many of the health insurance agencies usually denies coverage due to their policies. In such a case, if you are not able to get yourself covered under any of the insurance policies then you can totally rely on “High Risk State Insurance Pools”. You can even inquire from your district or city administrator regarding its policies and all the benefits you can get from it.

Ø  Now comes the “Short Term Health Insurance Coverage”, which is termed as a perfect insurance cover for people who does not have regular jobs or are fresher and have just started their jobs. This insurance cover is much like that of the individual insurance policy, but this coverage come with only short term benefits. While having this policy, you can undergo various low premium options and can even find time for analyzing the success of your insurance company as the right choice for your long-term insurance covers.

Ø  “Group Health Insurance” its name is enough to analyze what is this scheme all about and can benefit groups more than individuals. Therefore, if you are a member of any organization and are standing without any of the insurance cover then you should try to encourage all your group members to apply for this kind of insurance cover. This insurance cover brings opportunity to choose various options, as if how you want to be covered. The interesting opportunity you get while being insured under a group insurance is that you have to pay less amount of premium as the premium would be distributed among all the insured members of the group.

Ø  Next one is “Group Sharing on Health Expenses”. Basically, it is not a type of health insurance for low income individuals, but is a sound option for those who want to be backed with any sort of financial support during medical crisis. For undergoing this sort of insurance cover, you have to simply form a group of individuals and collect a specific amount of money. After pooling the amount, you have to deposit it to the bank and when someone would need that money due to various health concerns the money can be used to support the individual's medical expenses and he pays when he would be able to gain it back.

With all these options, providing health insurance for those low-income individuals is always possible. If all of us could realize the benefits that one can get from them, then no one needs to worry for medical emergencies anymore. Being confined in the hospital with injuries without any health cover is simply beyond belief, so the only thing that can be done is to rely on these options, which equate the benefits provided by the health insurance for low-income individuals.

A Variety of Approaches for Getting the Best Health Insurance for Low Income Individuals : 1

In today’s modern and hi-tech lifestyle, myriads of people are still living without regular health plans. The direct reason behind this statement is unemployment, as there are lots of people who are surviving without jobs or cannot find stable jobs that can let them experience the luxury of paying for their health plans. Paying for the regular house rent is also a matter of concern in some families.

But after the above difficulties also, it is quite possible to have a health insurance, but for that you need to find out the apt alley, as health insurance for low income people are actually available. Although, only some of us know a few of them while other people do not know how to tap them well.

Therefore, here are a few possible options for securing health insurance for low-income groups:

Ø  Consolidated Omnibus Budget Reconciliation Act (COBRA). If you are out of your job, then by applying for this act you can continue with the insurance policy of your previous company if you prove to be eligible, but this might result you to higher or extra premium rates.

Ø  If you are employed but your job is risky, then you must inquire from your employer whether you are under the Workers' Compensation program or not, as this compensation program can get injury compensations for you in case you get injured while doing your work.

Ø  If you are employed but comes under the low-income bracket, then also you should apply for some Medical or health insurance, as it can help you pay your health care expenses fully or maybe a part of it. These Medical or health insurance is specifically designed to help the families earning low-incomes, disabled or old people with their huge medical expenses.

Ø  If you do not come under any of the above options, then you are left with the Medicare scheme, which comes from the government or by the social security administration. It benefits those who does not have a regular job or employment and have a family. The people who are most eligible for this scheme are those whose age is nearly to sixty-five years or even older.

These are some of the areas, where you can lay emphasis while searching a cheap, but effective health covers, and will bring up some more points to consider for the same in our next blog.

WHY TO GO FOR A VISION INSURANCE PLAN?

Vision insurance can be very imperative for many individuals who usually face various eye issues. Without it, anyone could incur escalating vision care expenses that could not end in the early future. This is why companies, school, colleges, and associations offer eye insurance to equalize the cost of caring for the eyes. But what would happen if you don’t have a vision insurance plan ?

Some people wonder, whether they need or they do not require any of the vision insurance benefits and surprisingly, these people are among those who are facing vision problems. Yet a root for such questions may be the bad experiences with their vision insurance providers who might have slapped them with huge bills in spite of having enormous vision insurance covers.

Something like that can easily make a sufferer wonder if they really need the insurance anymore. However, you would not like to pay an arm or a leg of yours for a regular examination, contact lenses or glasses, or even surgical procedures, as picking a couple of them sounds to be very expensive.

Therefore, firstly you should keep in mind that vision insurance benefits are a supplement of that of a health cover. If you do not have an occupation or a connection that will allow you to acquire various insurance cover then you may consider buying insurance on your own to look after your medical needs. Yet the selection process could be a bit puzzling, as there are several kinds of vision insurance available.

Some of the available insurance covers include:

Ø  Discount Vision Plan

The discount vision plan provides you with vision care at a discounted rate, which is supposed to be fixed after meeting the annual membership fee or various premiums. Also, there may be a deductible amount involved that must be met before receiving the entire benefits.

Ø  Vision Benefits Package

The vision benefits package usually involves the same aspects that are included under the discount vision plan, but also requires a co-pay each time the patient needs to access any of the eye care services. Apparently, eye insurance is very affordable and can save you a bundle.

Definitely, you would not like to be in some kind of financial straits because of an emergency that you could not control yourself. Your eyes are an important part of your life, and without your eyes it is more tricky to function in this world of human race and you would not like to hamper that functionality due to the fact you cannot afford the costs associated with eye care.

Critical Illness Insurance Cover - A Guide to Secure Life

You might have heard of critical illness insurance, while having one could save you from a lot of financial problems and worries which may strike in the coming future. Critical illness insurance cover is designed to provide you with a sum of money at the time of critical illness. 

Here are a few kinds of illness that comes under the category of critical illness cover, which may line as follows: 

• Stroke
• Alzheimer's
• Paralysis Cancer
• Kidney Failure
• Heart attack Blindness
• Multiple sclerosis, and many more

For getting the most out of an insurance cover, you have to check all the individual insurance companies as to whether there are any other conditions the company covers or not. The insurance plan for any of the cover is not designed for the people with an existing condition and there may be other exclusions in a particular policy that you would have to check for yourself. Some insurance covers offer the young people with the benefits of paying lower insurance premium.

You might also think that you cannot afford any of the insurance cover at the moment. In such a case, you should take some time to think about what might happen if you enter into a serious illness.

Age and illness can bring a lot of problems, and numerous critical conditions that might be included under these policies. If someone goes ill in your family, then also you will have to pay rent, undergoing mortgage, or any sort of monthly bills. An undergoing mortgage on your home will not let you keep up the payments of the other bills properly, as you would become unable to work because of your illness, which might occur chances of losing your home.

Therefore, critical illness cover is designed to render you with a sense of security by providing a lump sum amount that could cover all your mortgage payments, any extra health care payments, and even food and household bills.

It should be your personal choice, whether to go straight out and get insurance or should do some research on the subject. In case of an insurance cover, it is advisable to have a look on all the available options for selecting the best cover for all kinds of serious conditions, as you may find a few quotes cheaper than you might have even thought of.

Even if you don't believe that you might need an insurance cover for critical illness right now, you may change your mind at some point in the near future.

Short Term Health Insurance - Best Aid for People Switching Jobs

The task of finding an affordable short-term health cover can be difficult. Whether you need it because you are switching schools, job, getting retired, graduating, or moving to a new place, you may be eligible to apply for short-term health insurance. Many people must be willing to know, what exactly a short-term health cover is, and what are the benefits of having one? 

 

 

One of the huge benefits of having a short-term health insurance is that, its amount of monthly premium is low. Short-term health cover is very useful for those who are moving on a regular basis. This type of health insurance specifically focuses on individuals, families, or children, who do not need insurance for pre-existing conditions. These types of insurance covers can help in providing a back-up plan for them at the time of some miss happening.

In the previous years, short-term insurance plans have grown at a rapid rate. It has recently been made compulsory that people who are uninsured must be covered under some insurance plan in the next few years, which has made this insurance cover even more popular among the public.

These days you can easily find various insurance companies offering myriads of insurance covers. One thing to keep in mind while going for a short-term insurance cover is that these plans do not cover or are not beneficial for the pre-existing conditions of the insured person this is the main reason why it is termed as a "short-term" insurance cover, and why the monthly premiums are so low.

In case, you are unaware of the pre-existing conditions, then you can go for a full body check-up, which will help you in identifying all the symptoms and illness if any. If you have suffered from any illness, 3 years prior to that of a short term insurance cover, then you are eligible for the term benefits of these short-term covers. This is the reason why, it is very important for you to fill the application correctly to tell the insurance agency everything. If you do have a pre-existing condition then this type of insurance is not apt for you whether the monthly premiums will be low, but it will not be able to help you if something from the previous months catches up with you and you need serious medical attention.

If this is the case, then it is quite possible that the short-term health coverage that you may be receiving will be dropped. So think well before freezing on any of the insurance covers.