Every person wants to ensure that he and his family is financially secure. Living comfortably is very important, even in the time of crisis. To have a sense of security one needs to purchase a life insurance plan.Which life insurance plan should one go for?This is a vital question. There are two types of insurance plans available. One can go for a permanent plan if one needs to secure his life till death. If a person wants to get secured for a short period of time, then he must go for a temporary plan. Term life insurance is one such temporary plan that gives the insured maximum profit in a short period of time.Permanent Insurance and a Term life insurance Plan – A person purchases a permanent insurance plan when he wants to get life time insurance. This plan would mature only when the insured person dies. Therefore, the premium that needs to be paid every year is also more in case of the permanent plans.On the other hand, even the best term life insurance does not cover the insured till death. It might so happen that the insured dies within his term. In this case, the entire amount will be paid to the beneficiary. If the insured dies one day after the policy ends and is not renewed, then he gets no money. This is the risk factor involved in such temporary plans. But, one must not overlook the advantages of such a plan. In a term life insurance, one needs to pay much lower premiums compared to the premiums paid in the permanent policies. The insured person can renew the policy at the end, if he feels the need for it.In a nutshell, the use of a life insurance program depends from person to person. It varies with the need and priority of every individual. Therefore, one needs to think and plan his requirements before purchasing any insurance program.What are the types of term life insurance plans available?The insurance company offers a wide range of term life insurance plans. The five types of term life insurance plans available are:o Annual renewable term insurance plan- In this plan the coverage is automatically renewed at the end of each year. The premium amounts keep increasing every time the policy gets renewed.o Renewable term insurance plan- In contrast with the annual renewable term insurance, this coverage gets automatically renewed at the end of each term (5 to 20 years).o Level premium term insurance plan- The premium paid at the end of each term is constant in this plan. Therefore, if a person purchases this plan in his early days, he will be benefited in the later days of the policy.o Decreasing term insurance plan- Unlike the above three plans, the cash benefits keep decreasing every year in the decreasing term insurance plan.o Convertible term insurance plan- According to this plan, the insured person can convert his present term insurance policy into any of policy. As the risk involved is more, this plan is bit costly.Select the most suitable plan and get a secure future!
Difference Between Provider Credentialing and Provider Enrollment
Hiring incompetent healthcare providers or allowing them to remain with your facility can lead to increased liabilities in malpractice suits. In order to ensure that your facility does not suffer from this, it is important that credentialing and enrollment of your providers is managed properly and kept up to date. Failure to do so can and will have a negative impact on your revenue cycle. Add to this, the regulatory requirements under which your facility can be at risk of compliance violations.To ensure that your provider credentialing and enrollment processes are managed properly, it is important to understand the difference between the two.Provider CredentialingCredentialing refers to the process of verifying the proven skills, training and education of healthcare providers. Verification of the providers credentials are done by contacting the “Primary Source”, which has provided the license, training and education. The credentialing process is used by healthcare facilities as part of their hiring process and by insurance companies to allow the provider to participate in their network. Credentialing is also the validation of a provider in a private health plan and the approval to join the network.Provider EnrollmentEnrollment refers to the process of requesting participation in a health insurance network as a provider. The process involves requesting participation, completing the credentialing process, submitting supporting documents and signing the contract. Enrollment is also the validation of a provider in a public health plan and the approval to bill the agency for services rendered.Importance of Provider CredentialingProvider credentialing dates back to 1000 BC, and has been an important if not critical part of healthcare services. The process of credentialing has undergone many changes over the centuries; however, the content of credentialing has remained the same – a verification of the education, training, experience, expertise and willingness to provide medical services by the provider. It was around 1990, that national organizations started which were dedicated to the credentialing of medical providers. Around the same time, the National Committee for Quality Assurance (NCQA) set guidelines on the process and method of credentialing medical providers.These guidelines ensure that healthcare providers have undergone stringent scrutiny with regards to their ability and competence, thus making sure that the patients receive the highest level of healthcare. For a patient, it is assuring and confidence boosting to know that your healthcare provider’s credentials are certified as through the credentialing process, thus ensuring that you are in good and competent hands. For the provider, it states that their colleagues are held to the same standards as them. For the healthcare facility, it shows that they value quality care and place the patient’s well being as a primary goal.It is very important to remember that in today’s world of health insurance and revenue cycles, improper credentialing can lead to delayed or denied reimbursement for services provided. Worse, it could lead to serious consequences for all concerned in terms of statutory compliance violations, which can result in monetary damages and criminal charges.Provider credentialing and enrollment has been overlooked as an important component of healthcare management practices for years. However, their impact on compliance issues and financial aspects to a practice has ensured that these are now key components to any thriving practice.Provider Enrollment and Credentialing Services can help you reduce your on-hold claim values, streamline and standardize administration processes as well as save time while ensuring compliance.