Do companies submit one rate increase for a variety of insurance products?
Companies must submit a rate filing for each “product” they offer. Types of products might be “long term care,” “hospital/surgical,” “limited benefit,” or “major medical,” for example. What is a limited benefit plan? A limited benefit health insurance is a health policy, contract or certificate offered or marketed as supplemental health insurance. It usually pays specified amounts according to a schedule of benefits to pay the costs of care, services, deductibles, copayments or coinsurance amounts not covered by a more comprehensive health plan. “Limited benefit health insurance” does not include short-term, limited duration health insurance policies. If a person has a “specified disease” limited benefit policy such as a cancer policy and breaks a leg, the care and treatment of that injury would not be covered by the “specified disease” policy.
