Health Insurance - Loss ratio after claim

[alphason]

I have health insurance from a Thai company for a few years, its a basic policy 400K coverage. When I bought it I researched myself and had thought this to be the best value for the price, I contacted a broker (one of the popular ones mentioned on here) they looked around and came to the same recommendation as I found on my own, I bought it through the broker but quickly I had an issue that made me lose confidence in them so I contacted the insurer direct and have renewed directly since.

 

I had no claims until Dec 2020 when I had an accident and surgery, the IPD bill was around 140K and I paid around 10k of it, there was also around 20k of OPD treatment which I paid.

 

My renewal came for Feb 2021 and I lost my no claims discount 10% and premium was up 25% over the standard for my age. This years 2022 renewal is now in and again up 25% but have 10% NCD back. Last year I was still recovering so did not give a lot of thought to it and wasn't expecting the premium to go up forever because of this one claim. I contacted them and eventually found out that my premium will remain higher until the loss ratio falls below 70%, from my quick calculations this could take several years.

 

Now I could change insurer, but I may have to have some metal work removed later this year. If I changed insurer I guess they would class this as preexisting. My thinking at the moment is to pay another year, claim what I can if I need extra work then change possibly next year? I would be happy using a broker again if there are any recommendations for Phuket but probably after this renewal? Any advice welcome?

[internationalism]

change insurer, no point 25% increase every year. You should do it a year ago.

cover metal removal with self-finance.

 

get higher policy with large deductible, but top up accident to max, around 1mln (that for about 1k baht)

Edited January 24, 2022 by internationalism

[alphason]

12 hours ago, internationalism said:

change insurer, no point 25% increase every year. You should do it a year ago.

cover metal removal with self-finance.

 

get higher policy with large deductible, but top up accident to max, around 1mln (that for about 1k baht)

Thanks, still considering options, I think the metal removal will cost more than a years premium (proximal humerus).

 

1Mil accident cover for 1k Baht???

[internationalism]

Yes, you can upgrade your accident from what you have now (around 50k), to max 1mln. I did pay 150b for each additional 100k premium. So upgrade from 200k to 1mln cost 1200b. 

[alphason]

Any recommended brokers?

 

I've seen 2 on here frequently mentioned, one the them that is mentioned a lot is who I got the policy from in the first place but I changed to buying direct after I lost confidence in them after making a mistake, the other one I have emailed twice now and they don't bother to reply.