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Top Articles - How To Choose The Appropriate Insurance Company
I believe that there are a few factors to keep in mind when choosing an insurance company. I believe that it is necessary for you to do your homework and not just go with the fir
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
st company to call. With that in mind I want to introduce to you several parameters to consider when choosing your health insurance company.
The first factor to consider is insu
The first factor to consider is insu
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
rability. In a previous article I addressed the utilization of common sense in being insurable and what makes you uninsurable. Depending on your level of insurability will deter
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
mine the number of carriers that will be willing to insure you.
If you are healthy you might have scores of companies willing to extend insurance to you. The converse is just as
If you are healthy you might have scores of companies willing to extend insurance to you. The converse is just as
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
valid. If you are sickly you might only have one or two companies willing to take on the risk of providing you with health insurance. Therefore, do your homework and find a com
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
pany that will insure you.
The second factor to consider is the company’s financial rating. This cannot be overlooked. Too many people that I have counseled with came to me hav
The second factor to consider is the company’s financial rating. This cannot be overlooked. Too many people that I have counseled with came to me hav
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ing a previous carrier that is not financially strong enough to pay their claims. Common financial rating companies are A.M. Best and Standard & Poors. Getting a company’s ratin
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
g from them is akin to checking out a bank before getting your mortgage through them.
Third, consider the companies network. There is no sense in going with a company if your do
Third, consider the companies network. There is no sense in going with a company if your do
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ctors do not accept them. Also, in checking out their network, check out the company’s coverage outside of the network as well. Ask your agent that, “If I were to travel and b
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ecome ill, will I have the same level of coverage, as I would, if I were home and became ill?” You want the peace of mind to know that you were to go on a vacation and became ill
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
, that you would still have coverage.
Forth, consider the coverage. The coverage must cover what is important to you, the consumer. If preventative care is very important to yo
Forth, consider the coverage. The coverage must cover what is important to you, the consumer. If preventative care is very important to yo
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
u, then a policy that does not offer preventative care should not be a consideration. I want to know from a company that if I invest money into an insurance policy, that the bene
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
fits provided by that company will meet my needs.
Most people would list the coverage requirement higher in the list, but I do not. The reason for this is that if I have a polic
Most people would list the coverage requirement higher in the list, but I do not. The reason for this is that if I have a polic
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
y that promises me all these great coverage benefits, but the company won’t insure me, or they will insure me, but cannot pay their share of the bill, or even worse they will insu
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
re me, but their network is so small that they have no doctor coverage, then what good is the benefits that the policy gives?
I only purchase an insurance policy for my family if
I only purchase an insurance policy for my family if
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
I am positive that the company will provide coverage, pay the bill, give me a large list of doctors to choose from and have great coverage benefits.
Finally, I consider price.
Finally, I consider price.
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
The price I pay for an insurance policy must be reflective of the quality of policy I purchase. I would not expect a Mercedes to cost the same as a Yugo. By the same measure I d
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
o not expect a quality health plan from a reputable insurance company to be the same cost as a fly by night discount plan. I encourage you to not be afraid to pay for quality. I
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
t will cost you less in the long run to have a quality insurance plan versus going with a cheap plan and gambling that you will never be seriously ill.
Consider these five factor
Consider these five factor
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
s when purchasing your next insurance policy and I will tell you that you will sleep better at night knowing you have done your homework and chosen the best policy for your family
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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