I read in 2018, the average monthly premiums was 440USD.
Currently have critical illness, medical, cancer cover and income protection at around 1500HKD a month.
Looking into getting life insurance for my family soon.
I read in 2018, the average monthly premiums was 440USD.
Currently have critical illness, medical, cancer cover and income protection at around 1500HKD a month.
Looking into getting life insurance for my family soon.
So many factors to consider, everyone's plan will be different.
However just for reference, we are about to renew our medical insurance and have been told the premium will go up by 11%.
Trouble is that medical cost inflation here is absolutely rampant, as is over-prescribing of medication and diagnostics in return for kickbacks. On top of that the insurers aren't great at picking up on overclaiming from hypochondriacs, whose overuse of medical facilities is actively encouraged by the same doctors. +11% is about right for what that's been running at year after year unfortunately.
I'm very lucky to have a gold plated plan paid for by work. Even the tax I pay on that benefit is ludicrously expensive from my perspective having come from the UK.
What kickbacks Peaky? any evidence on these?
@meinhkhk - Medical diagnostics centers will usually give bulk rates to doctors. If a doctor specifies a diagnostic test and charges you "$100" at the clinic you take that receipt and list of tests and proceed to the diagnostic center.
The doctor is then billed a bulk rate by the center - say $90... $80 ... whatever.
The insurance companies are well aware of this. What they do is essentially screw their policy holders by saying certain diagnostics (which are often abused or overprescribed) are not freely available - MRI is one of those.
OP - We have inpatient medical for the Mrs, me and the son. Pay around $33-35K a year for the three of us. Deductible on each person's policy is around $20-22K per year, so it is very much a 'critical' care cover. We're with Manulife and our plan does not cover the US.
Average policy increase is 10-13% a year.
Giving bulk rates to doctors is understandable. The Doc arranges the test and should review the results, the fee should cover their professional interpretation although the Docs may charge an additional consultation fee to explain the results
A kick-back is something else, usually undocumented, under the table, is considered unethical and in many jurisdictions illegal.
Any recommendations on companies based on the ease of interaction? (claims process, etc)
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Those CEO plans are a neat trick. They advertise low rates at the beginning when nobody in the pool has any claims. i.e. CEO1
After the first members in CEO1 have claims that cause the rates to rise AIA will close CEO1 to new subscribers and offer CEO2 to new subscribers, with low rates, because nobody in CEO2 has had any claims. Rates for CEO1 will obviously rise more as if new subscribers were added to the old pool. That way AIA can always offer artificially low rates to lure new clients. The current selling plan is CEO5
For comparison our insurance fee with Generali rose 13% in 2020 and only 3% in 2019.
Currently paying roughly 41k per year for 2 adults, pre-existing conditions covered with loading, no deductible and an annual limit of 3 million USD excl USA
Claims process is rather painless, they issue you with a card which I gave my doctor for my last surgery and that was it, they handled it all.
Yeah it was itemised as something starting with Bupa... Can't imagine what else it would have represented. Is it unusual to be taxed on a benefit in kind here? Only been through one tax cycle so far and didn't really question anything due to the novelty of not being asked to hand over half my salary to the taxmanOriginal Post Deleted