OA Visa Insurance -- Seems like a good deal

[ricklev]

This seems like a good deal to meet the insurance requirements as long as you never make a claim.  You have to just consider it an OA visa fee.  And even then hard to say what would happen on renewal after the first year.

 

7. Renewal year premium will be adjusted according to increasing age of each insured person. Each insured person may be charged higher, up to 100 percent of standard premium, according to claims experiences (Loss Ratio) of the previous policy year or not to renew each insured person in the renewal year with 30 days prior notices.  

 

Universal - Long Stay VISA OA with Deductible Feb 2020.pdf

[gk10002000]

similar policies from Pacific Cross.   medically useless insurance and the Thais know it.  That is why they offer and mandate it.  A quick thousand USD or two for nothing.  And it will never cost the insurance company anything since nobody will ever invoke or use these cheap policies.  It is a legal shake down and money grab that solves nothing.  A foreigner could have this policy, and exhaust its coverage in one day and then the same alleged issue of un paid bills would exist again and things would be right back to where they began

[ricklev]

I didn't realize that other companies were offering prices as low as the plan 1 200,000 deductible.  Yes it's not insurance, it's an extorted fee.  Of course the O visa is the solution but just in case...

 

 

[Sheryl]

Interesting, this is not what they originally offered. I think what has happened is that virtually no one was selling policies except Pacific Cross and LMG has wised up and altered its product.

 

And yrs, it is virtually worthless.

[ricklev]

The first remark on the policy information sheet reveals a lot!

 

1. Standard premium for each age band for the first policy year only.

 

 

[Peter Denis]

1 hour ago, ricklev said:

The first remark on the policy information sheet reveals a lot!

1. Standard premium for each age band for the first policy year only.

Thanks for the info Ricklev!

So the PacificCross thai IO-approved standard policy with 300K deductible is not the 'cheapest possible' policy anymore.  This LMG Insurance policy is of course also a worthless policy coverage-wise, and should only be regarded as a throw-away 'entrance-ticket' for an OA Visa extension, but at 6.000 THB annual premium it is worth considering subscribing to it.

Will check out the premiums after the first policy year.  If those are a multiple of that 1st year premium it would confirm that indeed the whole thing is an ordinary scam.  But 'buying time' by subscribing for 1 year only would remain a valid option.

[Peter Denis]

An afterthought:

At such affordable prices for an entrance ticket policy (even if its actual value is less than a role of closet-paper), I guess that many OA Visa-holders, that otherwise would switch to a Non Imm O - retirement Visa, will now be interested to sign up.

And hopefully this will result in more thai companies coming with even cheaper policies.

Maybe the other thai insurers don't realize yet that OA holders have absolutely no interest in what the policy actually covers, but only whether it has the thai IO-approved label.  So a policy that has so many exceptions and rules that it is virtually impossible to make any claim on it that will be honored, would be hugely successful as it can be sold at a rock-bottom price and still generate revenue for the thai insurer that issues it.

I think I will write a letter explaining this business-proposal to all TGIA insurance companies, and thus initiate a 'race to the bottom'. ????

[gk10002000]

12 hours ago, ricklev said:

The first remark on the policy information sheet reveals a lot!

 

1. Standard premium for each age band for the first policy year only.

 

 

Yes.  Time will tell what the second or future years will be.  Known Thai business mentality, if the number of policy buyers is low, they will raise the price to try and make up for that!  Or they will make up some new rules when this current system falls apart.

[Mapguy]

Entry age must by less than 75 years.

[KhunBENQ]

19 hours ago, Peter Denis said:

I guess that many OA Visa-holders, that otherwise would switch to a Non Imm O - retirement Visa, will now be interested to sign up.

And hopefully this will result in more thai companies coming with even cheaper policies.

Until immigration realizes how useless their simplified rules are and make up more details. In worst case up to the arbitrary interpretation of each immigration office.

 

[Peter Denis]

19 minutes ago, KhunBENQ said:

Until immigration realizes how useless their simplified rules are and make up more details. In worst case up to the arbitrary interpretation of each immigration office.

Imo Immigration does not have any interest in making it even more difficult to meet the requirements for an OA-extension of stay.  

On the contrary, affordable policies - even though equally useless - would avoid more OA holders switching to other Visa categories or types and burdening them with more work.

Arbitrary interpretation by every IO is already a daily reality now, and not only for OA-extensions of stay,

[Langsuan Man]

17 hours ago, Peter Denis said:

On the contrary, affordable policies - even though equally useless - would avoid more OA holders switching to other Visa categories or types and burdening them with more work.

Don't you understand that is exactly what Immigration wants.  Do you think 90 day reports are for our benefit ?  No, it just ensures another employee in every Immigration Office.  Bureaucracies don't cut work to make themselves smaller, the make work to increase their budgets and staffing

 

Royal Thai Immigration is not your friend 

[gt162]

I have an American health insurance that covers the world but it's not listed among those Thai approved health insurer. For less than US$200 it serves my immigration purpose.

[gt162]

On 3/6/2020 at 5:45 PM, Langsuan Man said:

"Royal Thai Immigration is not your friend "

 

They never were our friend. Their purpose was to make money off us foreigners to benefit themselves.

It's not personal, it's a business.