Aug 20 2022, 04:50 PM
QUOTE(yklooi @ Aug 20 2022, 01:51 PM)
II got this reply from my agent, ..... Looks like no untung. 😱
QUOTE(sgh @ Aug 20 2022, 03:03 PM)
Thanks for sharing. Thought Msia insurance companies do lose monies business. As one grow old already premium charge cheaper don't make logical sense as everyone know higher chance to do more claims. Here in Spore the older you are the higher the premium so when I read Msia new policies for old ppl is cheaper I so shocked. Thanks for sharing.
Actually both are applicable. Older medical plan= cheaper premium= low annual and lifetime limit but because of the bad apples left in the pool, they are subjected to the highest increase during repricing. The claims ratio will be really bad, i.e premium collected < claims paid. The bad apples cannot upgrade to newer medical plan due to their pre-existing condition and will continue to suck everyone dry.
Newer medical plan= more expensive plan= higher annual and lifetime limit. The claims ratio are healthier because there are a lot of new bloods diluting the claims experience. Eventually as more people move on the newer plan, the one who are left will be the bad apples and will need to share with a pool of higher risk people.
And the cycle continues...
This post has been edited by victorian: Aug 20 2022, 04:51 PM
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