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Plan Takeover Discounts |
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· Special rates can be obtained when
leaving one plan company to join another · Never leave a plan until "No Worst Terms" are in place with the new plan - called takeover · Use a Broker's influence & knowledge plus never have a break in coverage - called continuity Some International Medical Insurance & HealthCare plan companies offer special rates and provide continuity of coverage benefits when leaving one Plan Company to begin a new replacement plan with them. This privilege offered is called a plan takeover provision. It is one of the most important provisions in the medical plan business insofar as planholders are concerned. Let us separate two issues with regards to a takeover. One is the discount that may be offered by some companies. We all understand and like discounts. The other issue is an extremely important provision of continuity of benefits coverage when leaving one plan and replacing it with a new one. Medical conditions may have arisen whilst covered by an existing plan and will continue to be covered if you renew it. Besides a discount that may or may not be offered, one should be certain any takeover includes coverage on all conditions that the current plan covers. This means the new Plan Company must waive the traditional exclusion of these pre-existing conditions if they really want your business. If not, you may be wise to stay where you are and not change plan companies unless other you have valid reasons. Negotiation of a takeover provision seems always better handled by a Broker with a relatively large clientele and who understands these provisions thoroughly. Commercial weight a Broker lends to the request for agreeable terms is seemingly always greater than what a single planholder has. Plus compromise or some other direction may have to be explored before securing agreeable terms. Description of takeover terms should be in written form and attached onto the new Plan documents. Direct negotiations are often very difficult and time-consuming. Using the Broker can help. Remember never let a plan expire or be cancelled until you have the wanted replacement in force. Avoid with an absolute priority any break at all in your protection. Do not learn about this mistake the hard way, as it could be extremely costly. |
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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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