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Sheryl

"Cheat Sheet" for Longstay Insurance Policies

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BTW, here's why the acceptance or not for O-A purposes of deductibles is a significant premiums cost issue, along with their no claims discount, in regards to Pacific Cross:

 

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On the LMG page they state "This plan can either be your primary or secondary plan e.g. as a supplement to your company's benefits", if this was actually applicable to their OA offer, it would be a step in the right direction for those who have a foreign coverage that they can't drop.

I can't imagine why neither the Ministry of health nor Immigration haven't requested the participating companies to offer secondary insurance offers. They probably thought that ALL foreigners are reckless enough not to have health coverage.

Edited by Momofarang

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5 minutes ago, Momofarang said:

On the LMG page they state "This plan can either be your primary or secondary plan e.g. as a supplement to your company's benefits", if this was actually applicable to their OA offer, it would be a step in the right direction for those who have a foreign coverage that they can't drop.

I can't imagine why neither the Ministry of health nor Immigration haven't requested the participating companies to offer secondary insurance offers. They probably thought that ALL foreigners are reckless enough not to have health coverage.

 

More than that, why they haven't insisted all the companies listed have plans available to the target age group. Some have no health insurance at all, or so they say. Others target only those under 60/65. Few provide guaranteed renewal for life/99.

 

Re LMG they do nto make it onto the short chart pinned due to "The underwriting team considers the renewal premium for policyholders who are more than 70 years old on a case by case basis".

 

I do agree there is a great untapped market for a secondary insurance scheme.

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19 minutes ago, Sheryl said:

I do agree there is a great untapped market for a secondary insurance scheme

Not only would it soothe the frustration of having to pay for a totally unnecessary policy, but would address issues concerning preexisting conditions.

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26 minutes ago, Momofarang said:

Not only would it soothe the frustration of having to pay for a totally unnecessary policy, but would address issues concerning preexisting conditions.

 

Absolutely.

 

I know my broker, at AA, is helping people sort of put something like this together ad hoc, by increasing the deductible on their foreign insurance then buying a second local policy, idea being that the local policy would pay the deductible amount. Of course only possible if below age 75 since none of the insurers on the supposed retirement insurance list of TI see fit to insure people beyond that age, at any price.

. 🙄

 

Something like that, since not specifically designed to work that way by the insurer, you would definitely want to do through a broker who understands the idea and will help with the claims.  I recently used a local Personal Accident policy to pay the deductible on my foreign policy after I had an accident  leading to large expenses (>600,000 baht worth).  It eventually worked but was like pulling teeth to get the local insurer to understand the documentation and why the claim was a different, lower amount than the full hospital bill and how it related to the other insurer. Took 4 full months to resolve. (Local policy had not been purchased through the broker who I used for my main foreign policy. Lesson Learned!).

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Since Immigration will only grant an entry date until the date of your policy expiration I was wondering how the dates would sync to get a full year out of an extension, assuming the rules will at some point apply to extensions.

 

Answered by Martyp in a post in the visa forum.

"My insurance company, Pacific Cross, said they would sync the dates of my insurance coverage with my extension dates. My insurance currently runs Jan - Jan and my extension expires in mid-November. I could back up my insurance to Dec 1. They said they would sync the dates and reimburse any unused premiums in the process which would be 1 month if I moved it to December"

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Yes.

And most insurers let you select an effective date.

 

It will take some planning and juggling and people may lose a day or two here and there but hopefully not more than that.

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This whole insurance thing seems to be some kind of nonsense.

 

Considering the cover required is pretty low and the premiums are so high when compared to the cover amount there should be a way to self insure via some sort of 'medical use only' escrow account which will only pay medical expenses.

 

Siam Legal talk about escrow accounts for property purchases but given the choice of paying those fees which are a large percentage of the miserly cover offered and putting the money aside somewhere that can't be touched I think a lot of people would go with the self insurance option should it be allowed.

 

Something like this would also allow people who are already over the age at which they can start a new policy an option.

 

One other point, lets say you're two months into a years extension and you make a claim that uses up all of your yearly claim allowance - what then? Effectively you're uninsured......the whole thing sounds pretty much unworkable if it's done by private companies.

Edited by ukrules
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30 minutes ago, ukrules said:

Considering the cover required is pretty low and the premiums are so high when compared to the cover amount there should be a way to self insure via some sort of 'medical use only' escrow account which will only pay medical expenses.

 

Wasn't that the rationale for the 800k then 400k reserve?

 

But after they took care of the banks, the insurance cos said "hey what about us!"

 

 

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8 minutes ago, Sheryl said:

No. It was not. Had nothing to do with medical expenses.

It has been said so repeatedly.  Not the official statement?

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3 hours ago, Sheryl said:

I know my broker, at AA,

They seem to have left as sponsors to TV - is that correct.?

Of topic I know - just interested.

 

Edited by pontious

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15 hours ago, amexpat said:
It has been said so repeatedly.  Not the official statement?

Thete was never any statement from Imm linking the 800/400 in the bank to medical or any other expense.

Pure expat barstool speculation and clearly not the case since no comparable requirement for people using income methid.

The seasoning and minimum balance rules are intended to close loopholes as people without 800k have been getting extensions based on 800k. Won't work of course but that is the original idea.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app
 

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800K and income both indicate some ability to pay.

 

Maybe the govt is just concerned we won't have enough money for beer, girls, and green fees. 

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