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Statistical Health Tracking for Insurance Purposes

IP.com Disclosure Number: IPCOM000248644D
Publication Date: 2016-Dec-22
Document File: 1 page(s) / 19K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a method to use the comparison of an individual against the norm of a group of people with any similar medical conditions as input to the annual insurance tool to help determine the appropriate amount of insurance coverage.

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Statistical Health Tracking for Insurance Purposes

Annually, in the United States, health insurance subscribers must provide a guess as to the expected amount of consumed health coverage for the upcoming year. This is for analytical purposes for a tool to recommend an appropriate insurance plan. The closer the guess is to reality, the more accurate a plan selection a subscriber can make.

The information entered into the analytic tool is typically based on the past year’s usage of the insurance. If there is an anomaly in usage, then the information entered can be grossly over-or understated. If there are known medical conditions, then through analytics one should be able to determine, year-to-year, whether one of the participants covered in the insurance is tracking at, above, or below the norm for people with that medical condition. This allows better input into the insurance predictive tool.

The novel contribution is a method to use the comparison of an individual against the norm of a group of people with any similar medical conditions as input to the annual insurance tool to help determine the appropriate amount of insurance coverage.

At a high level, the methodology is to input any existing conditions and then extract the associated medical costs and typical insurance coverage.