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Posts Tagged ‘insurance’

Insurance premium grows 20% to $1.5b year-on-year

In Uncategorized on January 8, 2011 at 4:12 am

Insurance premium grows 20% to $1.5b year-on-year

QĐND – Monday, January 03, 2011, 20:37 (GMT+7)

Total insurance premiums are estimated to have reached VND30.69 trillion (US$1.57 billion) this year, a rise of 20.3 per cent on last year, according to the Ministry of Finance’s Insurance Management and Supervision Department.

The department reported non-life insurance premiums contributed roughly VND17 trillion ($871.8 million), up 24 per cent on last year.

Life insurance premiums rose 16 per cent to VND13.69 trillion ($702 million).

This year also saw insurers pay out more than VND12 trillion ($615.4 million) in claims to institutions and individuals.

Director of the Department Trinh Thanh Hoan said next year they would streamline the existing regulations to further develop the insurance market and encourage institutions and individuals to take out insurance.

Insurers would be encouraged to provide insurance to the agriculture, forestry and fishery sectors and in remote areas, Hoan added.

He said the department also planned to submit proposals to the Ministry of Finance for licensing the establishment of 3-4 insurers and insurance brokers next year.

According to the department’s statistics, the country has 53 insurers, including 29 non-life insurers. There are also 12 life insurance and 11 insurance brokers. The country has only one re-insurance firm.

The department forecast the total insurance premium would reach VND35.29 trillion ($1.8 billion) next year, up 18.8 per cent year-on-year. Non-life insurance would see big rises of roughly 22-25 per cent to VND20 trillion ($1.03 billion) while life insurance rise would be 12-15 per cent.

General secretary of the Viet Nam Insurance Association Phung Dac Loc also believed the insurance market would experience strong growth next year as the Government had targeted a GDP growth rate of 7 per cent.

“Strong economic growth, which helps lift worker incomes, will lead to further development of the insurance market,” he said.

Loc anticipated the life insurance market would grow roughly 18 per cent next year with mixed insurance as the key product.

He said there were still plenty of domestic opportunities for insurance companies to expand, with just 5 per cent of the total population holding life insurance. Loc estimated that roughly 30 per cent of the country’s population could afford to take out insurance policies.

The Business Monitor International also reported this year that Viet Nam’s insurance market was likely to see strong growth with total premiums of up to VND58.45 trillion ($2.99 billion) by 2014. This would include non-life premiums of VND27 trillion ($1.38 billion).

Source: VNS

Source: QDND

Government supports kindergarteners to pay insurance premiums

In Uncategorized on December 16, 2010 at 9:40 am

The Ministry of Education and Training has just launched a draft decision on supporting social insurance cost for kindergarten teachers and administrators.

A teacher and her children of Nguyen Dinh Chieu Kindergarten in District 1, HCM City. (Photo: Sggp)

Accordingly, kindergarteners have to meet criteria including graduating from teacher schools; working at pre-schools before 1995,  stopping working or retiring at the prescribed age in accordance with the State’s regulations; owing social insurance payments from one month to 60 months according to the Law on Social Insurance; not receiving the one-time insurance payment; continuing to buy insurance to receive retirement pension in accordance with the State’s regulations.

According to the new draft, the Government will pay 13 percent of the minimum salary level for kindergarten teachers and administrators from one month to 60 months.

Participants can pay insurance premiums by monthly, once per quarter or every 6 months.

Source: SGGP

Over 19,000 laid-off workers in Mekong registered unemployment insurance

In Uncategorized on November 17, 2010 at 8:30 am

Health insurance card holders still annoyed by waiting for turns

In Uncategorized on October 14, 2010 at 6:23 pm

Most concerns of health insurance card holders, especially the elder, at state hospitals are that it took hours to see doctors.

At 6 Am everyday, the ward for insurance health examination of Nguyen Tri Phuong hospital in Ho Chi Minh City’s district 5 is not open but patients throng the lobbies and benches around the ward.

Patients wait for seeing doctors at the 115 Hospital (Photo: SGGP)

Moreover, the number of waiting patients for their turns to see doctors on the electronic board is 2,000.  Ms Le Thi Kim Thuy in suburban district Binh Chanh said she had to get up at 4 Am, but she had 2118 number in hand.

Meanwhile another patient in district 7 complained that it took him two hours to able to see doctors but a doctor just had a quick look and asked him to pay money for heart rate monitoring and heart scan. He ought to seek these rooms to have his heart monitored and scanned.

The situation is the same in other public medical clinics. A crowd of patients lie down or sit in every corner and available space in the city-based Traumatic Orthopedic Hospital and People’s 115 Hospital.

In a meeting to review one year implementation of new health insurance law which comes into effect on July 1, 2009, Bui Minh Dong, deputy chief of the city Society Insurance Company said more over 4 million people joined health insurance, 40 percent higher than the time before the new law taking effect but only a few hospitals have applied IT in management of patients practically.

In addition, facilities of some district medical clinics in poor repair can’t satisfy increasing demands as Dr. Tran Thanh My, director of the Traumatic Orthopedic Hospital complained.

Dr. Nguyen Dai Bien, head of the Examination Ward of the People’s 115 Hospital, said it takes a long time find rooms patients need, nurses are assigned to lead patients to exact rooms; however, it is big efforts of the hospital because it serenely lacks personnel and  financial problems.

Moreover, some hospitals want to raise staffs’ monthly earning by encouraging patients to use additional services. Anyone wants to see doctors soon, they should pay additional sum of VND47,000.

It is needed to work out a saving-time examination process.

Source: SGGP

Health insurance card holders flock to private hospitals

In Uncategorized on August 18, 2010 at 7:27 am

Many patients with health insurance cards in Ho Chi Minh City have turned to private hospitals and health centers instead of public hospitals in search of better services.

A nurse receives patients with health insurance cards at the Hoan My General Hospital, one of the biggest private hospitals in HCMC (Photo: SGGP)

One year after the adjusted health insurance law took effect, the shift seems to be a general trend, going by reports from private healthcare establishments. The new law’s requires patients to pay 5-20 percent of health check and treatment costs.

Observers say that this has eased the overload that public hospitals have for long suffered.

The Phuoc An general medical center, which has six clinics in Phu Nhuan, Binh Tan, Tan Phu, 4, 6, and 10 districts, receives 1,800 people for health checks and treatment every day, 50 percent of them with health insurance cards, double the figure compared to two years ago.

Besides attentive doctors and staff, the center has also equipped itself with new and modern facilities to ensure faster health checks and test results in a move to attract more people with insurance cards.

It has also improved procedures to better serve patients with health insurance cards, including receiving patients outside administrative times on Thursday and Sunday.

The An Sinh private general hospital in Phu Nhuan District has also focused on serving more patients with insurance cards since its inception in 2006.

K. Anh, who has been treated for a kidney ailment at the hospital for the last two years, said she’d suffered from kidney failure for four years now. For the first two years, she was treated at a public hospital in the city. She moved to An Sinh Hospital after they began providing better service to insurance card patients, Anh said.

According to the HCMC Social Insurance Agency, the number of private medical centers and hospitals registering to serve health insurance card holders has risen to 77 from just 23 in 2008.

Half of over 4.2 million people buying health insurance cards have visited private centers and hospitals for health checks and treatment, the agency said.

As the private sector pays more attention to increase their market penetration in terms of serving more health insurance card holders, public hospitals can enjoy an easing of the overload that they constantly labor under.

Some private hospitals have said they are still experiencing some difficulties in getting payment from those with health insurance cards.

For now, however, the private healthcare sector is bound to stick to the strategy of attracting more health insurance card holders because their treatment is provided at market prices, senior personnel at some private hospitals said.

Source: SGGP

Government supporting students to pay insurance premiums

In Uncategorized on August 11, 2010 at 11:23 am

The new regulation that makes insurance compulsory insurance for students dictates that they will only pay 70 percent of premiums, with the government subsidizing the remainder.

A student is treated at the Pediatric Hospital No.1. He will be reimbursed for hospital expenditure after leaving the hospital (Photo: SGGP)

With the aim of encouraging students to buy insurance, the new law took effect last January and has received public backing. Students only pay the equivalent of 3 percent of the country’s minimum salary for employees of State-owned companies (VND 980,000).

Accordingly, over 1.2 million students paid 174 billion for insurance during the 2009-2010 academic year, said Do Quang Khanh, deputy head of the insurance company.

According to the insurance company, 90 percent of the fund would go towards examination and treatment, 10 percent for primary healthcare in schools.

The company also revealed that primary, senior and junior high school students buy insurance more than university students do.

In 2009, many pupils were reimbursed for hospital expenditures after being discharged from medical clinics; some even received nearly VND100 million in rebates. Parents are very happy as the insurance fund has shared the financial burden when their children got sick. For instance, a student of the Primary Nguyen Van Troi in Ho Chi Minh City’s district 2 got a VND80 million rebate from the insurance company, after she received treatment for an incurable ailment for two months at the district hospital.

According to the new regulation, the insurance company will pay 100 percent of students’ hospital fees, if they are lower than 15 percent of the national minimum salary, or if students received treatment at their district medical clinics. If students received treatment at public big city hospitals or at facilities they did not registered with beforehand, the insurance company will pay 70 percent, 50 percent and 30 percent for third, second and first class hospitals respectively.

Schools have been assigned the duty of collecting insurance premiums and propagandizing students and parents about the benefits insurance participants receive, said Mr. Khanh.

Students will pay the insurance premiums of VND282,000 for the academic year 2010-2011 and the government will provide VND78, 000. Students from low-income families in other provinces will pay VND131,000 if they purchase insurance in the city.

Source: SGGP

Insurance cardholders still face obstacles

In Uncategorized on July 5, 2010 at 12:10 pm

One year after the implementation of the new medical insurance, cardholders are still encountering annoyance.

Residents who registered for insurance cards at the local administration were told to have certificates of agreement from hospitals, said Dr. Ton That Quynh Trung from the general medical clinic Phuoc An on Su Van Hanh street in district 10.

Patients wait for their turns to see doctors at the Ho Chi Minh City Eye Hospital (Photo: Anh Quan)

Dr. Trung said the hospital has seen an increase of insurance card patients since July 1, 2009 when the new medical insurance regulation was launched.

Of 1,800 patients recently admitted to the hospital, over 900 were cardholders. To draw patients, the hospital has improved service quality, administrative formality and employed modern techniques in treatment, Dr. Trung said.

He also pointed out some difficulties patients still face. For instance, seriously ill patients were required to show hospital transfer paper if they want to enjoy health insurance.

The hospital got confused when foreigners with insurance cards registered for examinations and treatment as no available regulation exists for such patients.

According to the Ho Chi Minh City Insurance Company, it has signed contracts with 59 state-owned hospitals, 77 private clinics and infirmaries. Of 4,228,468 cardholders, many of them have registered for examinations at private clinics; therefore, the government should create favorable conditions for them.

On the other hand, patients with insurance cards found it hard to access free treatment in public hospitals due to an overloaded system that has not assimilated insurance cardholders smoothly, despite the city’s Department of Health(DoH)’s determination enforce the new regulation. For instance, cardholders directed protests to the managers of a hospital because staffs served them poorly, alleging discrimination.

Dr. Phan Van Nghiem from the DoH said administrative reform and improved quality of service are needed as the number of insurance cardholders is expected to skyrocket up to 26 million in 2010. He proposed that the insurance company to work out special policies for chronic, serious and kidney patients and support total treatment expenditures for the advantaged patients.

Meanwhile, Bui Minh Dong, deputy chief of the city’s Insurance Company, said although there has been an increase in patients registering for insurance cards, some hospitals have not used computers to manage illness records and facilities in district infirmaries cannot meet the increasing demand.

The scene of insurance holders standing in line to register to see doctors will continue to take place daily if the authorities do not address the program’s shortcomings.

Source: SGGP

HSBC launches new insurance service for travelers

In Uncategorized on March 24, 2010 at 5:39 am

HSBC Bank (Vietnam) Ltd., in partnership with Vietnamese insurer Baoviet Insurance, launched on March 22 an online insurance product providing customers with a range of plans to suit budgets and travel destinations.

“Travel Care is an excellent example of the benefits we can bring to our customers through our strong cooperation with our strategic partner Baoviet in Vietnam,” Tom Tobin, HSBC Vietnam’s Chief Executive Officer, said in a statement.

Vietnamese tourists visit a communal house in the Central Highlands. Travel Care, launched by HSBC Vietnam on Mar. 22, targets travelers. (Photo: Tuong Thuy)

“The past five years have seen a remarkable 20 to 30% annual growth of tourism by Vietnamese locally and abroad. HSBC understands the needs of our customers and their increasing demand for convenient, affordable travel protection products. Our customers will now be able to purchase Travel Care through our website anytime, instantly.”

Key benefits include personal accident cover of up to US$300,000. For outbound packages, medical expenses can be covered up to US$150,000, including follow-up medical expenses incurred within one month of returning to Vietnam; comprehensive emergency medical evacuation expenses and emergency assistance services; cash benefits during hospitalization, delays in trips, loss or delay of baggage.

Baoviet Insurance is an arm of Baoviet Holdings, a leading financial and insurance services group in Vietnam.

Source: SGGP Bookmark & Share

Frustration mounts over new health insurance policies

In Vietnam Health on January 19, 2010 at 2:47 pm

Ho Chi Minh City residents continue to complain that new health insurance regulations, which took effect January 1, are not clear and that new treatment fees are too high.

Healthcare staffs, meanwhile, have been run off their feet trying to explain the new insurance policies, which has led to long line-ups and wait times for patients.

A group of elderly women at HCMC’s Cho Ray hospital complains they are weary of the long lines and treatment delays at the facility.

Insurance card holders wait to take drugs at the People’s Hospital 115 ( Photo: SGGP)

Ms. N.T.H from the southern province of Tay Ninh said she spent half a day waiting to see a doctor, but was told to go back to her hometown for further examination because of a backlog of patients.

She had originally wanted to receive treatment near her home anyway, but doctors in N.T.H.’s local district were incapable of treating her illness so she was forced to visit a major city hospital, she said.

Confusion over the new policies has plagued the city’s Tumor Hospital in Binh Thanh District. Despite efforts to reduce waiting times to see doctors, including hiring more receptionists to explain the new regulations, frustrated patients crowd every corner of the hospital.

An unrelenting flurry of questions over insurance cardholders’ new policies and rights has also slowed down operations at the Trauma and Orthopedics Hospital in District 5.

Staffs have been working flat out to deal with hundreds of patients filing through a 10-square-meter room while handling stacks of documents. Receptionists complain that despite several explanations, many patients still don’t understand the new regulations.

In some cases, the receptionists themselves were confused about how the policies applied to certain situations.

For instance, patient Le Cao Tien from District 5 came to the Phuoc An General Clinic after he broke his finger in a traffic accident. The clinic, however, decided to transfer him to the Trauma and Orthopedics Hospital where he was asked to pay VND4 million up front.

He objected to the fee, saying that as insurance holder, he was exempt from having to pay. But Nguyen Thi Thu Lieu from the Trauma and Orthopedics Hospital said that according to the new regulations, Mr. Tien would first have to submit a report from the traffic police documenting his accident and outlining whether or not he was at fault.

Mr. Tien would therefore have to pay the treatment charge up front and would be reimbursed later by his insurance company if it was determined the accident was not his fault.

The new regulations also stipulate that patients must pay between 5 and 70 percent of treatment costs, which has caused poor patients much anxiety. Those who suffer chronic ailments, such as kidney disease, are also upset by the new guidelines as they will now have to pay fees on a regular basis.

N.V.Phi, whose wife has suffered chronic kidney disease for the past decade, said his wife had to go without her medication when the new regulations took effect as they had no money to pay for it. They are homeless and subsist on free meals provided by charity groups as they were forced to sell their house to pay for the woman’s treatment.

Many other patients nationwide have also been forced to stop life-saving treatment for chronic diseases and cancer because their drugs are not covered under the new insurance policies.

At a recent meeting, Nguyen Van Chau from the HCMC Department of Health raised concern about such patients. Deputy head of the Tumor Hospital Pham Xuan Dung, meanwhile, said the new rules are also unfair to children under six as some of them with cancer must stay for long periods in the hospital and their families can’t afford it.

Le Hoang Minh, director of the Tumor Hospital, said; “Being a doctor, I can’t let my patients die because of financial inability.”

The Tumor Hospital has supported some poor patients with money from a program called the Golden Heart fund; however, the fund’s resources are limited.  

Source: SGGP Bookmark & Share

Over 14 million people to participate in social insurance by 2015

In Social life on October 25, 2009 at 5:31 pm

Over 14 million people to participate in social insurance by 2015

QĐND – Sunday, October 25, 2009, 20:49 (GMT+7)

The number of people registering to buy social insurance is predicted to reach 14.4 million by 2015, according to Vietnam Social Insurance.

Also, by 2015, there will be 74 million people joining health insurance plans and over 7 million people getting involved in unemployment insurance.

Vietnam Social Insurance’s goal is to continuously to widen its customer base in social and health insurance and strive to bring social and health insurance to the whole population by 2014.

To this end, the social insurance industry widely disseminates information so that employers, employees and the public are thoroughly informed about social and health insurance.

Source: vietnamnet

Source: QDND Bookmark & Share