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Health insurance can be a tricky subject, particularly when you're talking about individual health insurance, and understandably so. The Government is constantly changing the rules of the game, and most people are on company policies that offe

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

r limited to no plan options or flexibility. Therefore, people often don't see the need to understand their insurance plans and options available to them. However, this is certainly not the case. Like anything else, the more you understand the

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

better off you are and the more money you can save. With that in mind, we'll take a look at the top 5 most misunderstood health insurance topics.

Different brokers have different prices?

A broker is going to charge me more by adding a commis

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

sion, right?

Wrong! Many people believe that health insurance brokers have the ability to negotiate on price, or offer cheaper prices than the competition. This is not the case! Health insurance policy premiums (prices) are regulated by each

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

tate, and are the same across the board. However, different brokers may be able to find alternative plans, or carriers that are less expensive. For example, broker A may quote you on a PPO plan from insurance carrier X. However, broker B may q

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ote you on an HMO plan for insurance carrier Y. Broker A's plan will be considerably different than broker B's plan. The trick is to find a broker that quotes multiple insurance carriers and is well versed in each carrier's plans. You can filt

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

er out the inexperienced brokers by looking at their websites and seeing how many carriers they offer. Then when speaking to the broker ask them how many different carriers and plans they quote.

Group health insurance plans are better, right?

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

Individual and group plans both have their respective positive and negative aspects. But if your company offers a group health insurance plan, that is the best option right? Well, maybe, but probably not. Here's why:

Group health insurance p

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ans often are more expensive if the company or group sponsor is not paying a major portion. This is due to the ever increasing costs of group plans and the dramatic effect an unhealthy person in your company can have on the group's premiums. S

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

ay for example your company has 500 employees, if one of those employees gets dramatically ill, this will increase the premiums for the remaining 499 employees due to increased costs. But when the law of large numbers comes into play, as with

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ndividual policies, your group of individual policy holders is much larger, which allows the costs to be spread out and decreased on an individual basis.

Also, with group plans, if you get sick while in the group and decide to leave the compa

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

y, there's a good chance you will have a very difficult time finding a provider to cover you. However, with individual plans there is no need to worry about losing the policy due to job loss, and individual plan benefits and coverage cannot be

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

cut or dropped.

Lastly, group plans are limited to what your company is offering in regards to carriers and types of plans like HMO and PPO. If you get an individual plan, you have the flexibility to shop around as much as you please. This a

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

lows great flexibility and customization.

Individual policies are cancelable?

If I purchase an individual health insurance policy and get sick, the provider can simply cancel, right?

Individual/family policies must be guaranteed renewable.

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

he only ways you can lose your individual/family policy is if you do not pay your premium or if the insurance company goes bankrupt. As long as the insurer's financial stability is rated at least A (or Excellent) by A.M. Best or one of the oth

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

er independent insurance company rating agencies, then bankruptcy is unlikely. However, plans that are not insurance such as medical discount programs or lump-sum payment critical illness plans are not regulated the same as individual health i

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

surance.

Premiums are too expensive on individual plans?

Depending on your age and health, individual health insurance plans with good benefits are often under $100 per month. However, if you are getting quotes which are more than you can af

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ord, try raising the deductible or the maximum out-of-pocket cost a bit. This is an easy way to lower the monthly premium. Also, if you are working with a broker they may be able to gets quotes for alternative plans or lower cost carriers. Pic

.

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

king a good broker is always a smart move!

I'm healthy, I don't need health insurance

A friend of mine recently took a skiing trip to Big Bear ski resort in Southern California. She took a fall and broke her forearm in three places, and ende

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

up with a hospital bill near $30,000. Health insurance is a must for everyone, even you. The best time to get coverage is when you are healthy. This is because you have your choice of carriers and plans while being able to lock in a good rate

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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Useful Advices - Top 5 Health Insurance Myths

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