Doesn't the letter state the impact of rejecting?

Obviously, it will reduce your coverage lah, though it depends on how they do it. Otherwise, how to maintain profit margin?

If you start thinking about it, health insurance isn't really needed apart from OUTLIERS. By outliers, I mean say 10% of the population. These people could suffer some strange disease etc, so it's actually beneficial for them.

For the rest of the 90% of the population, there's no difference between health insurance and you saving up and investing your money for the day you actually need it, when you go to the hospital.

I think Health Insurance was probably good in the past before these insurance companies got too profit orientated. Right now, I'm sure an average person would be very confused as to what exactly is the product they're buying.

Between the disclaimers, coverage, exclusion clauses etc... it'll probably take a lawyer, doctor and insurance expert to actually understand the product being sold.

Besides, if you notice, once you're past 60 or 70s, the health insurance get so prohibitive, you're betting off saving the money to pay the hospital on your own.

This post has been edited by agewisdom: Oct 30 2020, 12:32 AM

I said health insurance.
The others are fine.

The others have defined parameters that make it easier to regulate.

Life insurance - humans have definite lifespan and statistically, the age that they die can be mapped out a certain period.

Same goes for car accidents or fires.

For health insurance, things are changing rapidly as to treatments, medicine etc. There's plenty of loopholes to make money.

If you think insurance companies are NOT to make money, please go ahead. If so, why are there such strict regulations on insurance companies by the Governments.

It's complicated because they want to make money.
Fine to make money, but I just hope they don't go overboard.

Not all companies are terrible, as you said.