COVID-19 insurance policies, paying out on infection, cancelled

[snoop1130]

 

Amid a surge in cases, several insurance companies have cancelled their COVID-19 insurance policies, which promised payment upon the discovery of infection, dubbed “Found, Paid, Done” policies.

 

They have now been replaced by new products, which exclude medical personnel and cover medical treatments, comas and allergic reactions to COVID-19 vaccines instead. 

 

With an average of 2,000 new COVID-19 a day in recent weeks, the Thai General Insurance Association (TGIA) said the insurance providers may be liable for up to one billion Baht in claims, as opposed to 200 million Baht being claimed currently. 

 

Full Story: https://www.thaipbsworld.com/covid-19-insurance-policies-paying-out-on-infection-cancelled/

 

-- © Copyright Thai PBS 2021-05-03

 

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[smedly]

cancelled or no longer offering

 

Big difference

[4MyEgo]

First thing I was told when looking for health insurance here was, stay away from any Thai insurers, made sense then, makes sense now.

 

Also cheaper isn't necessarily better as the saying goes.

Edited May 3, 2021 by 4MyEgo

[Globaleyes]

33 minutes ago, 4MyEgo said:

First thing I was told when looking for health insurance here was, stay away from any Thai insurers, made sense then, makes sense now.

 

Also cheaper isn't necessarily better as the saying goes.

Yes,  that's what I did. 

[ukrules]

45 minutes ago, smedly said:

cancelled or no longer offering

 

Big difference

It sounds to me like they've stopped issuing them instead of current policies being cancelled.

 

If they're cancelled then the companies need to lose their licenses hence I don't believe they have actually been cancelled - they're still on the hook until the policies expire no matter what they do.

 

[Justgrazing]

2 hours ago, snoop1130 said:

replaced by new products, which exclude medical personnel and cover medical treatments, comas and allergic reactions to COVID-19 vaccines instead

 

including hanging upside in a cave after flying about all night with 000's of buddies ..

[Patong2021]

1 hour ago, 4MyEgo said:

First thing I was told when looking for health insurance here was, stay away from any Thai insurers, made sense then, makes sense now.

 

Also cheaper isn't necessarily better as the saying goes.

Not necessarily better with the foreign insurer. Thailand ownership law used to require 75% Thai ownership of insurer. Now it is just majority Thai control at 51%. There is exception for direct branch or subsidiary but the tax laws and compliance regulations make that structure expensive, and not popular. For example, AXA Thailand General Insurance is not a subsidiary of AXA. It is a branded Thai operation. Locals decide what is covered and what is paid.

[hotchilli]

13 hours ago, snoop1130 said:

Amid a surge in cases, several insurance companies have cancelled their COVID-19 insurance policies, which promised payment upon the discovery of infection, dubbed “Found, Paid, Done” policies.

 

[hotchilli]

12 hours ago, smedly said:

cancelled or no longer offering

 

Big difference

If you have a policy and paid the premium I would say they have to honour it as they have entered into a contract with you... 

No new policies being issued.

[digger70]

14 hours ago, ukrules said:

It sounds to me like they've stopped issuing them instead of current policies being cancelled.

 

If they're cancelled then the companies need to lose their licenses hence I don't believe they have actually been cancelled - they're still on the hook until the policies expire no matter what they do.

 

 

15 hours ago, snoop1130 said:

Amid a surge in cases, several insurance companies have cancelled their COVID-19 insurance policies, which promised payment upon the discovery of infection, dubbed “Found, Paid, Done” policies.

Well, to me it's as Clear as Mud.

[RocketDog]

On 5/3/2021 at 8:04 PM, 4MyEgo said:

First thing I was told when looking for health insurance here was, stay away from any Thai insurers, made sense then, makes sense now.

 

Also cheaper isn't necessarily better as the saying goes.

I spoke to my insurance broker yesterday when renewing coverage for my OA extension of stay. 

 

He assured me that my Pacific Cross policy covered me completely if I test positive for Covid, regardless of symptoms or not, hospital or field hospital. I told him I would post that info on TVF if he provided me with the letter from PC verifying that, which he claimed to have. 

 

He said most Covid policies are garbage and won't pay. He told me not to waste money on one for my GF. He said the only real one is TipInsure for 850฿. 

 

He said private hospitals, at least in Huahin, would not give Covid test because if positive they would have to give you a bed. They don't want Covid patients at all. They will tell you they are out of test kits. So in effect he is saying that for thai people Covid insurance is a waste because the gov hospital will pay everything anyway and private hospitals won't take the chance of serving you. If you test positive it will be at a gov facility, not private. 

 

I can't verify any of this but wanted to put it out there for anybody wanting to follow up. 

I can provide contact details for my broker if anybody wants to contact him. He agreed to that. 

[internationalism]

they are talking about cash up to 200k for a positive test.

No matter if tested in the government hospital or private laboratory.

This policy doesn't cover treatment.