Direct settlement is designed to help manage expenses for high cost treatments when visiting a health care provider within our direct settlement network. If your employee suffers a medical emergency, needs surgery, or complex treatment requiring hospitalisation, direct settlement could be available, subject to an excess payment.
What is direct settlement?
Direct settlement can be available worldwide, at clinics, hospitals and surgeries, whether your client is receiving treatment as an outpatient, or admitted to hospital as an inpatient.
How do members access direct settlement?
It a member falls ill or suffers an injury overseas, their first step should be to find the nearest health care provider in our direct settlement network. They can find this information in the Health Hub section of our website. If there’s an Aetna International network provider within reach, we recommend going there, as members will automatically benefit from direct settlement benefits, subject to any excess payments. If there isn’t a network provider close by, they can visit an alternative facility and call the member assistance line to organise preauthorisation of any required treatment.
Is direct settlement available everywhere?
Almost everywhere. At Aetna International, we have a broad network of health care providers around the world, and have direct settlement arrangements with those providers. We do not operate or offer health care support within countries under US and EU sanctions. Currently these include: Crimea, Cuba, Iran, North Korea, North Sudan and Syria.
Is preauthorisation different if my client is being treated at a health care provider inside the direct settlement network?
If a member is being treated at a provider in the direct settlement network, they might organise preauthorisation for the member. Otherwise, the member will need to call the member helpline before their treatment begins, so our Care and Response Excellence (CARE) team can preauthorise their treatment.
Can members use direct settlement for all their health care needs?
Direct settlement is designed to help manage expenses for high cost treatments when visiting a health care provider within our direct settlement network. If your employee suffers a medical emergency, needs surgery, or complex treatment requiring hospitalisation, direct settlement could be available, subject to an excess payment. But if they were visiting a local doctor for a routine check up, or a lower cost health care expense, they would need to pay the provider directly and submit a claim.
What is life settlement?
A life settlement is the sale of a life insurance policy to a third-party buyer. The payment may be in the form of cash, a new policy with no future premiums, or a combination of both. The total amount of cash received is more than the policy’s cash surrender value but less than the death benefit. In short, a life settlement is an alternative to a lapse or surrender.
What do life settlement providers need to make a purchase decision?
In order for life settlement providers to make a purchase decision, they need to access the insured’s medical records and specifics related to the policy itself. To mitigate the risk of your private information being abused, always make sure you are working with a reputable and licensed provider.
Why do people sell life insurance policies?
Most often, it’s because the policyowner’s current financial situation requires liquidity over coverage. Here are some examples of why policyholders choose a life settlement:
What happens if you settle a term policy?
If your term policy is approaching its expiration date, a life settlement may be a great way to recoup some of your premium payments and may even allow you to maintain coverage with no future premiums.
Can you sell a death benefit policy?
The buyer will take over all premium obligations and in return will receive the death benefit when the insured passes. If you need to maintain some level of coverage, you can sell or trade in a portion of your existing policy for a new policy with no future premium obligations, a transaction known as a Retained Death Benefit.
Is life settlement tax free?
Though the proceeds generated from life settlements are often partially tax free, policyowners should always discuss their potential tax liability with a professional tax adviser.
