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BANGKOK 20 February 2019 06:49
simon43

Health insurance premium increased by 60% in 2 years!

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I look after myself - I exercise daily and eat a good diet.  I have zero pre-existing medical conditions.  I'm almost 60 years old.

 

Two years ago I took out an 'Emergency+' insurance policy with HCI (Healthcare International). The annual premium was $722 USD.

 

Last year, the renewal premium was $915, an increase of 26%

 

The next renewal premium in March 2019 (prior to my 60th birthday in June), will be $1,230, an increase of 34%

 

So in two years, with no claims against the policy, and not yet hitting the big premium increase when I reach 60 years old, I have seen my premium increase by 60%....

 

Does that seem right?  At that rate, my premiums will at least double every 4 years, even ignoring any age band jumps.

 

Do other companies such as Cigna or Davidshield publish their estimated annual % increase?  If I am going to change insurance policies, then I really need to do this before I'm 60 years old.

 

I welcome your comments!

Edited by simon43

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It is hard to ascertain the thought processes of thai immigration officials and other government bureaucrats but maybe one of the unintended consequences with the new immigration requirements of 800k thb in a bank or 65k thb going into a thai bank each month is that now retirees will have funds in the event they require costly medical care. With the old income affidavit method undoubtedly a lot of individuals did not have sufficient funds in the event they needed medical care. With the problems the above poster is having with substantially rising health care premiums with no apparent justification other then price gouging one wonders if the thai officials who implement new policies knew that cases such as the one being experienced by the poster as well as many retirees currently residing in thailand who have pre-existing conditions, that practically speaking ,if new mandates were created for mandatory healthcare for retirees then a mass exodus would result due to the inability to afford  or  obtain adequate health care coverage. I know this is somewhat of a stretch but hopefully the powers to be who make the new rules or laws will understand the dynamics at play here and if new health care mandates are forthcoming then hopefully their will be a way for many retirees who have pre-existing health conditions or have to deal with the juggernaut of ever increasing health care premiums will be able to obtain health insurance in order to satisfy any possible health care requirements for their retirement visa.

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Certainly this must be price-gouging, because I have no pre-existing medical conditions, no new medical conditions, have never made any claim and have not passed into the next age band.

 

I'm talking with Cigna and David Shield about their typical annual premium % increases.  I don't want to stay with HCI if they intend to financially 'rape' me in this manner.

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Dirt cheap premium. It is difficult to comment not knowing the deductible or  scope of coverage. Insurance spreads the risk over many policy holders so a factor may be in the company loss ratio. As medical costs increase so to must the premiums and we do know that the cost of medical care has increased significantly over the past 5 years. If you are concerned get a quote elsewhere. You can do it online.  

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2 hours ago, watgate said:

It is hard to ascertain the thought processes of thai immigration officials and other government bureaucrats but maybe one of the unintended consequences with the new immigration requirements of 800k thb in a bank or 65k thb going into a thai bank each month is that now retirees will have funds in the event they require costly medical care. With the old income affidavit method undoubtedly a lot of individuals did not have sufficient funds in the event they needed medical care. With the problems the above poster is having with substantially rising health care premiums with no apparent justification other then price gouging one wonders if the thai officials who implement new policies knew that cases such as the one being experienced by the poster as well as many retirees currently residing in thailand who have pre-existing conditions, that practically speaking ,if new mandates were created for mandatory healthcare for retirees then a mass exodus would result due to the inability to afford  or  obtain adequate health care coverage. I know this is somewhat of a stretch but hopefully the powers to be who make the new rules or laws will understand the dynamics at play here and if new health care mandates are forthcoming then hopefully their will be a way for many retirees who have pre-existing health conditions or have to deal with the juggernaut of ever increasing health care premiums will be able to obtain health insurance in order to satisfy any possible health care requirements for their retirement visa.

There are no new Thai immigration requirements.

 

Thai immigration is helping the people who can not show proof of income anymore due to verification issues by allowing a monthly transfer.

 

So yes, that makes your whole post a stretch.

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Don't know the company or policy, but the name doesn't sound like a full health insurance option. And sorry to disappoint Simon, but the increase is more than 60%, 722 to 1230 is about 70%.

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Quote

 


And sorry to disappoint Simon, but the increase is more than 60%, 722 to 1230 is about 70%.
 

 

 

Thank-you.  This is why I work as an English teacher and not a Maths teacher... 🙂

 

@Geriatrickid, yes the premium is lowish. (Inpatient only, $500,000 annual cover, $2,000 excess, no copay).  I suspect that HCI starts off with a very competitive premium at the start, and then hikes it up over the next few years, possibly hiking after one is more than 60 years old, when the insuree is all but tied into their policy.

 

Anyway, I'm looking at Davidshield and Cigna, (especially Cigna's 'Close' policy).  Davidshield already quoted me $140/month for their Essentials policy, and that will rise by 21% next year when I hit their next age bracket.  That sounds more reasonable than HCI.

Edited by simon43

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Certainly this must be price-gouging, because I have no pre-existing medical conditions, no new medical conditions, have never made any claim and have not passed into the next age band.
 
I'm talking with Cigna and David Shield about their typical annual premium % increases.  I don't want to stay with HCI if they intend to financially 'rape' me in this manner.
I did an online quote with Cigna. If you put in different dates of birth you will know how much it will increase and its big.
Age 49 circ £70 a month (6k excess)
Age 70 circ £300 a month (2k excess?)
Age 80 circ £500 a month (1k excess?)

i can't recall the exact excess i used but it was based on me being more likely to claim, but you can see premiums go up massively. Its worth doing that to see whether you'll want to or be able to pay that in the future
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but you can see premiums go up massively.

[//quote]

 

I agree.  but based on the 70% in premiums in 24 months with HCI, at 70 years old, my premium would be about $14,000 per year.  Realistically, it won't be that (I hope!).  But their price gouging in the 2 years of my policy has not endeared them as a candidate to renew with...

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but you can see premiums go up massively. [//quote]

 

I agree.  but based on the 70% in premiums in 24 months with HCI, at 70 years old, my premium would be about $14,000 per year.  Realistically, it won't be that (I hope!).  But their price gouging in the 2 years of my policy has not endeared them as a candidate to renew with...

 

 

Ask HCl to quote at different date of births and then you will know. handy if its an immediate online quote. it's a look into the future

 

 

 

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Once you get a quote off a health insurance firm they don't leave you alone, I've had several emails and phone calls, I've had to block them

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2 hours ago, stevenl said:

There are no new Thai immigration requirements.

 

Thai immigration is helping the people who can not show proof of income anymore due to verification issues by allowing a monthly transfer.

 

So yes, that makes your whole post a stretch.

Thai Immigration 'helping people' by allowing a monthly transfer? You have ALWAYS been allowed to do a monthly transfer.

So now, you MUST transfer at least 65k a month.....living costs 40k....balance 25k per month = 300k per year. You won't get much of a heart by-pass op for that!

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2 hours ago, simon43 said:

 

Thank-you.  This is why I work as an English teacher and not a Maths teacher... 🙂

 

@Geriatrickid, yes the premium is lowish. (Inpatient only, $500,000 annual cover, $2,000 excess, no copay).  I suspect that HCI starts off with a very competitive premium at the start, and then hikes it up over the next few years, possibly hiking after one is more than 60 years old, when the insuree is all but tied into their policy.

 

Anyway, I'm looking at Davidshield and Cigna, (especially Cigna's 'Close' policy).  Davidshield already quoted me $140/month for their Essentials policy, and that will rise by 21% next year when I hit their next age bracket.  That sounds more reasonable than HCI.

Aetna Thailand (formerly BUPA). I pay about 60k Bht per year, in patient & accident only. 71 years old, no pre-existing conditions.

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Ask a local insurance broker company. I got one with "LMG insurance" for in-patient services since I was 65 yo, the premium was 37K/year wth 71 yo.

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