Insurance product

Abstract

A method of determining an insurance coverage amount for an insurance plan holder having a health insurance plan using a tangible computer processor, as well as a related system and a non-transitory tangible computer readable storage medium, are provided. The method may include receiving a contribution payment amount from the insurance plan holder, the contribution payment amount including at least an investment payment portion and a premium payment portion, distributing, using the tangible computer processor, the investment payment portion and the premium payment portion between an investment account and a premium account, respectively, and determining, after the distributing, the insurance coverage amount based on an amount of funds present in the investment account and a coverage factor for a predetermined time period.

Description

BACKGROUND[0001]1. Field of the Disclosure[0002]The present disclosure relates to the field of insurance products. More particularly, the present disclosure relates to a system, a method and a non-transitory tangible computer readable storage medium for determining an insurance coverage amount for an insurance plan holder having a health insurance plan.[0003]2. Background Information[0004]For various reasons and circumstances, adequate health insurance coverage can be difficult to obtain for many Americans. Additionally, many low income families and young workers may not have the financial means to afford meaningful health insurance coverage without sacrificing other necessities (e.g., food, clothing, shelter). As a result, these individuals and families cannot save as much of their income and purchase other resources. Thus, individuals and families may find themselves having to decide whether or not to forego maintaining health insurance coverage altogether, and there is a negative...

AI Technical Summary

Benefits of technology

The patent text describes a method to reduce the cost of health insurance by providing an alert to an account manager when the difference between the determined insurance coverage and the predetermined coverage indicator decreases between each successive time period. This allows for a decrease in reinsurance and premium payment for the subsequent time period.

Problems solved by technology

For various reasons and circumstances, adequate health insurance coverage can be difficult to obtain for many Americans.

Additionally, many low income families and young workers may not have the financial means to afford meaningful health insurance coverage without sacrificing other necessities (e.g., food, clothing, shelter).

As a result, these individuals and families cannot save as much of their income and purchase other resources.

Thus, individuals and families may find themselves having to decide whether or not to forego maintaining health insurance coverage altogether, and there is a negative effect on the overall health system's well-being because of these uninsureds' liabilities.

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