Health Insurance Premium Increase

[up-country_sinclair]

For the last three years I've had health insurance from a well known international company (I don't know if I can name/shame here) which has increased my premium by about 10% each year. 

I'm now 53 and have NEVER made a claim.

Last year I raised a stink and they decreased my premium by $100.  This year's retention email arrived yesterday with a 9.5% increase.

Whatever happened to a "no claims" discount?

Am I just getting ripped off or is this how things work now?

Thanks.

[scubascuba3]

What company and how much? usually the increase is with age bands unless you claim

[topt]

11 hours ago, up-country_sinclair said:

This year's retention email arrived yesterday with a 9.5% increase.

Whatever happened to a "no claims" discount?

Very few health Insurance providers give a "no claims" discount at all. As we get older the chance of claims increases and so normally does the premium. I have a vague memory that Pacific Cross or another had such a scheme however but could be wrong.

 

As scubascuba3 said if they use banding then there would be an increase which is likely to be around the 10% figure or more but banding is normally 5 year increments so probably not in this case. To put it in context David Shield put their premiums up by 9% earlier this year which was nothing to do with banding. 

 

[up-country_sinclair]

On 11/29/2020 at 10:08 PM, topt said:

Very few health Insurance providers give a "no claims" discount at all.

 

I feared as much.

 

 

On 11/29/2020 at 10:08 PM, topt said:

if they use banding then there would be an increase which is likely to be around the 10% figure or more but banding is normally 5 year increments so probably not in this case.

 

The company I'm currently with is apparently banding in 1 year increments.  ????

[scubascuba3]

1 hour ago, up-country_sinclair said:

 

I feared as much.

 

 

 

The company I'm currently with is apparently banding in 1 year increments.  ????

It's worth asking them how much the premiums are at 55,60,65,70,75,80,85+ to see whether you can afford them, if not you need to think whether it's worth continuing

[muffy]

20 minutes ago, scubascuba3 said:

It's worth asking them how much the premiums are at 55,60,65,70,75,80,85+ to see whether you can afford them, if not you need to think whether it's worth continuing with the with the insurance,they treat us well and don't want us to leave.

I am  lucky my city has thousands with the insurance ,no problems. BLUE CROSS