Premium Increases Over the Past 7 Years

[pj123]

So, excluding increases due to age, my health insurance premiums have increased by 20.2% over the past 7 years. That doesn't appear to be unreasonable. Is this typical for the sector or am I fortunate?

[topt]

2 hours ago, pj123 said:

So, excluding increases due to age, my health insurance premiums have increased by 20.2% over the past 7 years. That doesn't appear to be unreasonable. Is this typical for the sector or am I fortunate?

How are you managing to work out the excluded increase due to age over that period. Even if banded you would presumably have crossed a 5 year one?

For a comparison I would have thought it more relevant what the overall increases were but also depends on your age.

Will you name the company?

[pj123]

On 6/25/2024 at 9:57 PM, topt said:

How are you managing to work out the excluded increase due to age over that period. Even if banded you would presumably have crossed a 5 year one?

For a comparison I would have thought it more relevant what the overall increases were but also depends on your age.

Will you name the company?

 

I have the list of premiums for different age groups when I first took out the policy. For example, for someone aged 60 (in 2016) the annual premium was £2136. In 2023 the premium had increased to £2568, (+20.2%)

[BenCrew]

14 hours ago, pj123 said:

 

I have the list of premiums for different age groups when I first took out the policy. For example, for someone aged 60 (in 2016) the annual premium was £2136. In 2023 the premium had increased to £2568, (+20.2%)

Can I ask the name of the company? That sounds quite reasonable to me, as I'm bobbin' on 60 and beginning to show an interest in such topics. 🤔

[pj123]

On 7/1/2024 at 10:10 AM, BenCrew said:

Can I ask the name of the company? That sounds quite reasonable to me, as I'm bobbin' on 60 and beginning to show an interest in such topics. 🤔

Globality, they are Luxumbourg based so governed by EU regs. https://www.globality-health.com/

Their OPD cover is very expensive so I have their Essential policy for only in patient cover but it does include OPD cancer care.  I just had a check on their website and for a new applicant aged 60 the premium would be £2748 with no deductible. Thats a bit higher than I quoted above but the £2568 is under different policy terms/prices as I joined in 2016. Thats a increase of 28.6% since 2016.  But I've never made a claim so my recommendation is limited. Its an expat policy so if you return to your home country to live the policy will end.

[JoseThailand]

That's why it's well worth it to have Thai social security