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Senior Citizens Plan |
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· Best rates are for those entering at
earliest age but plans are offered to seniors of any age · Premium depends on recent and current state of health plus past claims history of senior · Get convert from group to individual plan privilege or consider forming a senior group plan · Be flexible in accepting terms offered and never cancel a cover until carefully replaced Select International Medical Insurance and HealthCare Plan companies will consider continuing an existing group plan on those seniors in the firm of all ages. Some require people within any group to have originally enrolled before reaching age 60 or 65 and if accepted will continue offering renewals to 70 or 75 or for life. A few consider initial enrollment at any age. However, plan companies do not accept all senior applicants of a group for coverage simply because they apply. An applicant's accurate medical history and current state of health are deciding factors an underwriter considers when making a final decision. Expect a higher than average price if the medical history shows treatments for disabilities that are probably to be cause for future care. In some instances cover may be granted but with special terms applicable. Of-course a higher price can be one of the terms. The group's overall premium rating with a plan company is affected by all group members' claims, both senior and otherwise. Employers should be flexible in considering offers for their seniors that may include special limitations, terms or conditions in cover. Underwriters tend to follow the same procedures and therefore you may be looking at what is only available to your senior people in the long run. You may consider creation of a separate group for your seniors so that it will not affect directly your main employee group plan rating with the Plan Company. Or you may pre-negotiate with the Plan Company a conversion feature, from group to individual plans, for those reaching senior status in your company. You may have seniors in your group plan and want to have them insured elsewhere. Do whatever you must to keep the plan in force until a willing new plan company will accept their coverage and hopefully with a waiver of pre-existing conditions. This must be pre-negotiated when applying for a new senior individual or group plan. If they won't accept them on agreeable terms, you may be well advised to keep them in your current group plan. Once they are covered, be certain their premiums are paid within the prescribed time allowance each year to avoid cancellation. And lastly, if all else fails and you are not being offered a plan for them, ask if a plan is possible with either a high deductible or with co-insurance (20/80%) at an affordable premium. Underwriters will reconsider this because the risk can change more in favor of the Plan Company versus a plan without these alterations. Seniors must also be realistic and flexible when necessary. Without coverage, the financial risk is usually much too high. |
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OMNI is an active member of: American Chamber, Canadian Chamber, European
Chamber, Australian-New Zealand Chamber, Lighthouse Club, Le Club, British Business Association. |
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