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Thai insurance regulator urged to rescind order forbidding cancellation of COVID insurance policies

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13 hours ago, tomacht8 said:

Perhaps it would also be a good idea to start with the hospitals that issue disproportionately high bills for their services.

Such a Covit insurance, which covers $ 50K or $ 100K, is also a temptation for hospitals to exhaust this pot to the full.

A uniform list of costs / services would make sense. The price differences for one and the same service are gigantic here. And in the case of foreigners, an extra 200-300% is generally added again.

That is how hospitals work. They charge as much as they can and insurance pays out what it deems as “appropriate charge.” They use average costs of procedures to determine this. If a insurance is at risk due to payouts, then they did a very poor job at risk management and need to increase premiums and/or limit payments to exactly what is spelled out in policies (and not be nice).

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  • Insurance companies which don't do their job properly already have a procedure to follow.   It's called bankruptcy and that should be the end of the matter.

  • Alas, a familiar story with insurance companies, all smiles while they are taking the hefty premiums but then try every trick in the book to not pay out on a claim.

  • The potential for moral hazard here is stark. If they let the companies renig because their risk assessment was flawed, it will have consequences. How can the government require people to have insuran

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