Options for Group Coverage
Acute Phase Coverage
The first way in which many international insurance companies will cover chronic medical conditions is by providing insurance protection for the acute phases of the ailment. This means that should a condition, like asthma or epilepsy, trigger an episode which requires the use of medication to control, the plan will provide insurance coverage for the costs associated with the medication.
It is important to understand that Chronic Condition coverage for the acute phase of a condition is the lowest form of chronic condition coverage available, and will simply help to manage the condition as and when it flares up; that is to say, when the signs of the condition are displayed in a serious manner, also known as the acute phase of the condition, the insurance will help cover the costs of maintaining the insured individuals basic symptoms.
A good example of coverage in relation to the acute phase of a chronic condition can be found in a condition like asthma; if an asthmatic is covered by a group health insurance plan which offers protection against the acute phase of the illness then the cost of their inhalers and other symptom-management medications would be covered under plan.
A group medical insurance plan which gives annual coverage for chronic conditions will set an overall limit for the amount of treatment which can be used by the policy’s members each year in relation to their chronic condition.
This type of chronic condition coverage benefit can be especially useful for diabetics and epileptics, as it will allow the group’s members to receive medication and treatment for their condition up to a pre-determined financial limit. This means that the member of the group health insurance policy can receive medication and can go for as many checkups as they may need in relation to their condition up to the pre-determined limit.
An annual coverage limit for chronic medical conditions under a group medical insurance plan can be the most flexible way of insuring these ailments, as it allows the members of the group to receive their medical care as and when they need it. Furthermore, an annual coverage limit will re-set at each policy renewal, giving the group’s members (or company’s employees) the assurance that they will have the protection they need to manage their illness each year that they remain on the plan.
Like an annual coverage option, a group health insurance plan which offers a Lifetime Coverage limit will provide a pre-determined amount of coverage that can be used for the treatment and management of a chronic condition. However, unlike an annual coverage benefit, the Lifetime Coverage limit cannot be exceeded – once this limit has been reached then no further protection is available to group members in relation to the treatment and management of chronic medical conditions.
Whilst a lifetime coverage limit can be extremely high (making this an attractive proposition for many companies purchasing health insurance coverage for their employees) once the limit has been reached the benefit disappears. This is exceptionally important to remember when comparing the options for chronic condition coverage under group medical insurance products, and can have a significant impact on older members of the group, or even the group as a whole, once the coverage limit has been reached.
Free Advice for Group Chronic Condition Insurance Coverage
If you would like to receive free advice from the experts at CCW Global about the options available for your group’s chronic condition insurance protection, please Contact Us Today to arrange a no-risk, no-obligation consultation.
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