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No or Low Claim Discounts |
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· Several firms offer premium savings
features for No or Low claims filed by planholders · Savings can be renewal discounts or renewal premium retained at previous age · Groups should request claims review every two years for any available awards Some International Medical Insurance and HealthCare plan companies will offer clients special renewal benefits if in previous year the insured/s were "Claims Free". Offers can differ from one plan company to another. Two plan companies offer to renew one's plan at the same initial age-sensitive premium rate that has been paid since starting the plan. Planholders normally experience a premium increase as they enter a new attained age bracket and when doing so require a higher premium to be paid. These firms because of the favorable claims experience of the planholder/s waive this age-related increase. However, when and if a claim is submitted later, the planholder must begin to pay the applicable new higher premium at next renewal date. Inflation increases would affect all planholders and would still be applicable regardless of good or poor claims experience. Another firm offers a flat 10% discount at renewal for a claims-free previous year. Upward premium adjustment to remove the awarded discount is made after a claim is filed and is applied to the upcoming renewal premium. Group plans having NO or LOW claims filed over 2 or more years may negotiate with the Plan Company for a reduction in premium charged. Plan companies customarily tend to offer increased benefits in coverage rather than a premium reduction. It depends upon the negotiators on both sides as to what can be eventually obtained. Remember in most cases if you don't ask you won't receive. |
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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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