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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 but disclose all material facts · Join a group or association, refer qualified prospects and use a broker to help apply · Be flexible in accepting terms offered and never cancel a plan until carefully replaced Select International Medical Insurance and HealthCare Plan companies will consider applications from people of any age. Some require people to apply before reaching age 60 or 65 and if accepted will continue offering renewals to 70 or 75 or for life. A few will consider an applicant at any age. However, plan companies do not accept all applicants 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 to insure or not insure. 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. Here are some tips to consider. Always disclose full and honest details of medical history, past claim details and current state of health. It is best to do so up front than to have possible rejection of a future claim due to failure to disclose pertinent application information. Be flexible in considering offers that may include special limitations, terms or conditions in cover. All underwriters tend to follow the same procedures and therefore you may be looking at what only is available to you in the long run. Consider joining a group or an association that allows more flexibility to senior applicants. If younger families can be convinced to take a plan with the same plan company at the same time that you apply because of your promotion of such, ask the plan company (through your Broker) to give due consideration to this fact as well. Qualified referrals of prospects from you can help as well, especially young and healthy ones. If you have coverage already, do whatever you must to keep the plan in force until a willing new plan company will accept your coverage and hopefully with a waiver of pre-existing conditions. This must be negotiated when applying. If they won't accept you on agreeable terms, you may be well advised to stay with your current plan company. For certain, once you are covered, do not fail to pay your premiums within the prescribed time allowance each year to avoid cancellation. And lastly, if all else fails and you are not being offered a plan, 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 be realistic and flexible when necessary. For them without coverage at all 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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