Find the Health Insurance Policy Information - Geo Insurance

Online, July 13, 2013 (Newswire.com) - Geo Insurance provides information on health insurance for Medicare, families, individuals, and groups. Find more info contact with us.

Health insurance is given against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a specific group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment".

A health insurance policy is:

1) a contract between an insurance provider (e.g. an insurance company or government) and an individual or his/her sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually or monthly) or lifelong in the case of private insurance, or be compulsory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.

2) Insurance coverage is provided by an employer-sponsored self-funded ERISA plan. The company generally advertises that they have one of the big insurance companies. However, in an ERISA case, that insurance company "doesn't engage in the act of insurance", they just administer it. Therefore ERISA plans are not subject to state laws. ERISA plans are governed by federal law under the jurisdiction of the US Department of Labor (USDOL). The specific advantages or coverage details are found in the Summary Plan Description (SPD). An appeal must go through the insurance company, then to the Employer's Plan Fiduciary. If still required, the Fiduciary's decision can be brought to the USDOL to review for ERISA compliance, and then file a lawsuit in federal court.