Kaiser International is a Philippines's Long Term Health Care Plan patterned from Kaiser Permanente, a care giver facility in the U.S. Long Term Health Care has a coverage of health care benefits above 60 y.o. when at the age you needed health care benefits the most ( age 60 is the time you're not working anymore and when diseases start to worsen ) while short term coverage is below age 60 y.o. mostly given by companies to their employees.
LONG TERM HEALTHCARE
Health Savings Account
1. Renewal is guaranteed
2. Fixed premium for 5 years.
3. With four(4) Way Insurance Coverage up to the Long Term Health Care Plan:
a. Term Life
b. Accidental Death & Disemberment
c. Waiver of Installment due to Death
d. Waiver of Installment due to Permanent and Total Disability
4. All unused health fund accumulates with interest
5. With Return of premiums up to the contract price for non-utilization during the paying period.
6. Covers beyond age 60 with long term care yields *
7. Pre-existing is not covered during Accumulation Period. No exclusion after the 5th year of coverage *
8. Flexible, transferable, ungradable and maybe re-dated benefit design.
9. Reinstatement within 2 years of lapsed policy.
10. Five (5) years or spot-cash payment options.
* Subject to availability of accumulated payment options.
SHORT TERM HEALTHCARE
Traditional HMO
1. Renewal is not guaranteed if with high claims.
2. Yearly increase of premium until age 60
3. Generally, no insurance coverage. Some provide insurance, but very low coverage.
4. No accumulation of unused health fund
5. No return of Premiums (ROP) for non-utilization
6. Covers only up to age 60
7. Pre-existing illness is not covered during the 1st year & lifetime/permanent exclusions may be issued on the 2nd year onwards.
8. Not flexible, non transferable benefit design.
9. Reinstatement is limited only within 30 days of lapsed policy.
10. Continuous yearly payment terms.
Health Care Plan here in the Philippines is licensed under SEC (Securities and Exchange Commission) but unlike Pre-need Plans (KAISER IS NOT A PRE-NEED PLAN) Health Care is regulated solely by a separate commission, the HMO Health Management Organization). HMO is under DOH (Dept. of Health)
This is an example of K-100 Kaiser Plan. Kaiser is a 3 in 1 packaged. One Kaiser Plan includes Health Care Benefits, Insurance and Investment.
Health care Benefits
1. Free Annual Physical Examination in affiliated hospitals
2. Free Cleaning and Tooth Extraction.
3. Member's Choice of Room & Board 600.00 day
4. Annual Benefit Limit of 50,000. - in case the plan holder is hospitalized. Hospital bill will pay by KAiser at 5o,000.00 Limit. Example: Your bill is 60,000. The 50,000 will pay by KAiser, the remaining 10,000 is by the plan holder.
Insurance - at the above example of K-100 plan. Plan holder is insured of Php. 100,000.00, in case of death the beneficiary will received 100,000.00 and upon maturity the benefeciary will receive the Total Health Benefit minus the Long term benefit as an insurance.
Investment - Payment period is 5 years only, after payment period the extended period/investment period of 10 years starts. Upon maturity, after 15 years, in case plan holder is not hospitalized or dead, plan holder will received the Total Health Benefit with Bonus. At maturity of the plan it's the plan holder choise to withdraw all the amount, withdraw half of the amount and left the half to reinvest until his 60 y.o. or 65 y.o. or left the entire amount to invest to receive the annual interest of its invested money when the plan holder is 60 y.o.or 65 y.o already.
Source: IMG
