Telemedicine and insurance. The global telemedicine market by 2021 will exceed $ 40 billion, and the global digital health care market - $ 240 billion

The telemedicine industry is not just a remote conversation with a doctor through an application on the phone. In fact, this is a whole line of medicine, which includes video surveillance systems, special stations for quick analysis of patient indicators, trackers and other gadgets.

According to HITEC, large companies invest huge sums in medical start-ups, including telemedicine services. This is occupied by the giants Google and Apple, as well as such large venture funds like GE Ventures.

For example, not so long ago, Apple acquired the startup Gliimpse, a service that allows you to collect indicators, form a general map of them that you can share. And GE Ventures Genme Medical has invested in Genome Medical, a telemedicine consultation service on genetics.

According to Statista, in 2015, the global telemedicine market was estimated at $ 18 billion, in 2018 at $ 29 billion. It is expected to increase to more than $ 40 billion by 2021, i.e. from 2015 to 2021, the growth will be + 122% (or an average of 15% per year).

A volume of global telemedicine market, 2015-2021 ($ billion)

Below are the statistics of the global digital health market in 2015 and 2016 and the forecast for 2017–2020 by main segments. In 2017, the mobile healthcare market reached $ 21 billion worldwide. It is expected that by 2020 the digital healthcare market will reach $ 206 billion, and by 2021, more than $ 240 billion, primarily due to the mobile and wireless healthcare market. The market in the Asia-Pacific region is expected to become a key region in the future.

The global digital health market, 2015-2020 ($ billion)

Statistics show a projected increase in the total number of patients using telemedicine worldwide from 2013 to 2018. Statista predicts that the number of telemedicine patients will rise to about 7 million in 2018.

Telemedicine and insurance

In the past few years, more and more employers in Europe and the United States have begun to provide insurance for the use of telemedicine services, when an employee can call the doctor by telephone using a video call. For companies, this, of course, is much cheaper than providing an employee with full medical insurance, which in the United States costs several thousand dollars a year. This trend also contributes to the growth and development of the telemedicine services market.

Insurers offer their clients-owners of a health insurance policy the opportunity to choose a remote medical consultation, which is also called telemedicine consultation.

Telemedicine service is possible with both primary and secondary medical consultation. Before receiving the consultation, the client fills out a questionnaire. The consultation itself takes place over the phone or via Skype, its content is recorded to monitor compliance with the terms of the VHI contract. 

How does it work? When the insured applies to the company, the assistant coordinator physician determines whether it is possible to offer the client telemedicine service, whether there are any contraindications. After that, remote consultation is carried out by a doctor at one of the clinics participating in the project, and depending on the patient’s condition, they may be offered a visit to the clinic. Secondary consultation can be carried out remotely, for example, if there are already results of tests, instrumental examination or treatment.

The client receives a formal advisory opinion. After the service is provided, the assistance representatives must contact the insured for feedback.

Telemedicine Promoting Gadgets

Many have not heard of the existence of special kiosks, where you can not only consult with your doctor but also analyze your health and physical indicators.

For the European and US markets, this is no longer an innovation: for example, Anthem, one of the largest American insurance companies, installed 34 telemedicine kiosks with 20 employers for 18 months. For employers, this is cheaper than paying full medical care for their employees.

In Europe, there are applications that allow you to more closely monitor health. Here you can select the application Propeller Health for asthmatics. The Glooko app helps diabetics control insulin levels, and Kardia is a mobile ECG. It is very important that these programs allow you to quickly send data to your doctor.

Telemedicine implies remote consultations regarding not only physical health but also psychological. Therefore, another Western trend is applications for consulting psychologists.

Applications for health in the Russian-speaking segment of the App Store and Google Play are mainly devoted to sleep quality control, the amount of water consumed and calories eaten. That is, they are more likely to maintain a healthy lifestyle.

Through smart bracelets and trackers, doctors are already monitoring patients and collecting data on pressure, pulse, body temperature, and oxygen consumption.

Cameras for remote tracking of the sick and elderly are good because they can be controlled remotely: they have the ability to rotate both horizontally and vertically. Plus, they are pretty silent. They have built-in - motion detection, two-way audio communication, and control of a bed patient (an old person) - a non-standard indication of a person falling from a bed.


Premium incomes of Chinese insurance companies showed double-digit growth

In January, the total premium income of Chinese insurance companies showed double-digit growth. This is indicated by official data.

According to the Committee on the Control and Management of Banking and Insurance Activities of the People's Republic of China, the premium income of companies in this industry reached 850 billion yuan (about $ 126.4 billion) in January, an increase of 24 percent. on an annualized basis.

This figure differs sharply from the almost 20 percent decline recorded in the same period of 2018.

Income from operations on medical insurance increased in January by 49.8 percent, while income from operations on insurance of property and life increased by 13.9 and 23.5 percent. respectively.

This growth was possible after China tightened regulatory measures last year to prevent financial risks in the second largest insurance market in the world.

As the aforementioned committee reported in December last year, the country's insurance sector was able to prevent risks due to a decrease in the share of borrowed funds and an improvement in the structure of operations.


A court in Texas declared the Obamacare health insurance system unconstitutional

A federal judge of the state of Texas Reed O'Connor declared the law on affordable health care, passed under US President Barack Obama, unconstitutional. This is reported by CNN.

The decision of the court states that the provision of the law, according to which every citizen is obliged to buy medical insurance, was considered unconstitutional. Therefore, the court ruled, and the whole law is invalid.

The decision was made on the basis of the amendment, which cancels the penalty for the lack of medical insurance. That is, if there is no penalty for lack of insurance, then the requirement to acquire it is illegal, the court noted.

The decision in Texas was taken on the suit of a group of Republican governors and state prosecutors. Republicans for several years trying to achieve the abolition of the so-called Obamacare.

The representative of the state prosecutor of California has already announced that the decision will be appealed. He called it "an attack on 133 million Americans" who enjoy the benefits of Obamacare. CNN notes that Judge O'Connor’s decision is unlikely to have any immediate consequences, as the law will remain in effect at the time of the appeal.

Republicans promise that after the abolition of Obamacare, they will offer their version of health care reform. What exactly it will be, is still unknown.

President Donald Trump called the court decision "great news for America."

The Obamacare health care reform program was introduced in 2010 when Barack Obama was president. According to it, compulsory medical insurance appeared in the country and social support for low-income US citizens increased. The program was designed for 10 years, its budget - $ 940 billion.


In the United States began to investigate the insurance activities Trump Organization

The State of New York Financial Services Authority requested documents from the Aon, an insurance broker for the Trump Organization, as part of an investigation into the company owned by US President Donald Trump. It is reported by The New York Times.

The request was made a few days later after Trump’s former attorney, Michael Cohen, told Congress that the Trump Organization had inflated the value of its assets for insurance companies.

As the newspaper stresses, the department does not have the authority to conduct a criminal investigation into Trump and his company but can transfer information to the prosecutors about possible illegal activities.

Aon confirmed to CNN that they received a request from state authorities. “In accordance with our policy, we intend to cooperate with all regulatory authorities,” they were assured there. At the same time, the company declined to comment on issues related to specific customers.

On the eve of the prosecutor's office of the southern district of New York demanded documents from Trump's inaugural committee. As reported by Bloomberg, prosecutors are also looking for foreign funding links and information on the costs of the inauguration, and as part of the investigation, they are checking.


A resident of the United States won $ 10 thousand, having read to the end of the insurance contract

A resident of the state of Georgia (USA) Donelan Andrews won 10 thousand dollars in a competition from the insurance company Squaremouth due to the fact that she had read the insurance contract to the end.

This is reported by the American television channel CBS.

The terms of the competition were written in small print in the contract for 7 pages, which is usually not all read up to the end.

Andrews was going to go with friends to London and decided to draw up an insurance contract. According to the woman, she always reads the fine print in various documents.

During the execution of the travel insurance contract, she studied it in detail and found a small inscription on one of the pages: "If you are reading this, then you are one of our few clients who carefully read the contracts."

The e-mail address and the condition were below: whoever writes the insurance company first will receive a cash prize of 10 thousand dollars.

By that time, Squaremouth had issued dozens of contracts with hidden conditions, but Andrews was still the first to pay attention to the small text.

"We understand that most customers do not actually read contracts or documentation when they buy something, but we know how important it is to do it. We launched a competition to emphasize the importance of reading documentation from beginning to end," the company noted.

According to the American, she will spend money on a trip to Scotland with her husband.


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Life insurance rates

Life insurance rates are based on a number of factors, including the type of policy purchased (Term Life, Group Life, Whole Life, Universal Life, Variable Life), the age of the person insured, and health of the person insured. Even with all of those variables, there are several things everyone can do to reduce the cost of their life insurance. The classic and best reason for buying life insurance is to protect your family from financial instability in the event of your premature death.

Start a life insurance program when you're young. Every adult should consider starting a life insurance program while young and in good health. The most important factor in determining life insurance premium rates is the age of the person to be insured. 

The second most important factor is the health of the person to be insured. Don't use tobacco. If you are a smoker, you should quit. Most insurance companies have several tiers of rates, including a lower tier for non-smokers and a higher tier for smokers. Many companies will offer a lower tier rate to former smokers who are tobacco free for 12, 24, or 36 months or more. If you purchased life insurance while you were a smoker and are now smoke-free, contact your life insurance company or shop around to see if you are now eligible for lower rates.

Take care of yourself. Eat healthily, limit alcohol consumption, exercise, and watch your weight. Not only will you feel better, but you'll also probably lower your life insurance rates.

Be prepared for a medical exam. Depending on your age and the amount of insurance you are applying for, some insurance applications may require you to give a blood sample. Be sure to fast for twelve hours before this test to get accurate results.

Comparison shop. Prices for the same life insurance coverage can vary greatly. Compare several insurance plans from different insurance companies and agents before making a selection. Wells Fargo offers an online term life insurance shopping service that compares rates from some of the nation's top insurance providers.

Take advantage of Group Insurance plans at work. Many employers offer Group Life insurance coverage as an optional employee benefit. Group insurance plans generally provide term insurance coverage at very low rates. Employees are often eligible for group life insurance coverage regardless of health. Family riders providing coverage for your spouse and children can often be added to a Group Life plan at a very low cost.

Update your coverage according to life changes. Create a financial plan and be sure the life insurance you have meets your current needs and financial obligations as you get married, purchase a home, and have children. If you marry or divorce, make sure you review and change the beneficiary on all of your life insurance, if necessary.



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