Maternity Insurance - Words of advice from a Broker in HK
Maternity Insurance - Words of advice from a Broker in HK
After 20 years in Hong Kong as an insurance broker, I and my clients have learned the hard way the importance of the 'fine print' in insurance policies.
The insurance policy contract wording is really important because, in the end, this is all we have to protect ourselves and/or your loved ones; in case the insurer wants to rely on the contract.
Questions which we at Navigator Insurance Brokers think are really important that we ask include:
What is the history of the company?
How long has it been in business?
Who owns the company?
In the even of a dispute, where would a court hear our case?
Are we dealing with the underwriter, the company that is ultimately responsible to pay claims, or are we dealing with a Managing Agent, that administers the business on behalf of the insurer?
Is renewal guaranteed? Only the underwriter, the actual holder of the risk can make this guarantee. Always ask to see the guarantee in writing.
How long is the waiting period before we can claim maternity costs? Is it say 12 months and a day, before we can begin to claim, or can we not fall pregnant until after 12 months?
Most importantly, is the child guaranteed cover form birth, for life? Whatever the prenatal and delivery costs, these could be dwarfed by a lifetime of medical expenses if say a child is born with hydrocephalus (water on the brain) of a hole in the heart; congenital defects.
What has been the insurer's history of raising prices? Most insurers push us into ever more expensive price brackets as we age and over lay this with a 10% +pa price rise. One insurer we gladly work with, prices us for life in the adult age band we enter and has a history since 1995 of only increasing prices 5% pa.
Can claims be submitted on line and are soft copies of receipts acceptable?
Is a referral needed from a General Practitioner, in order to go to a specialist?
How free are we to claim wherever we like in the world?
If we are traveling in the USA, are there time limits imposed after which cover expires?
is treatment in the USA an option?
How extensive is the rehabilitation cover within the plan? After the doctors have done all they can medically, how do we afford rehabilitative therapy that may cost USD3,000 / day (in the US).
Are Chronic conditions, like diabetes or kidney dialysis covered or are just acute episodes?
Are there any limits on intensive care? Even in Hong Kong USD100,000 can easily be spent in intensive care costs.
is evacuation cover included and if it is, do you have any say in where you may be evacuated?
Does the plan have deductibles that will enable us to reduce your (apparent) costs? Bear in mind we can easily spend USD5000-USD10,000 for a night in a private hospital, for minor surgery.
Assuming preexisting conditions are excluded, what happens if we are found no be suffering from some type if ailment that has been undetected for years? Are we not covered as the condition existed before we took out the cover, even if we did not know about it?
If we have pre-existing conditions, might these be covered in return for an additional premium?
IF we miss paying a renewal premium, do we instantly lose cover, or are there some days of grace for late payment. Talk to your broker about his experience with insurers in this regard. Commercial Truck Insurance Varieties To Be Aware Of Commercial Truck Insurance: Bobtail Coverage For Independents Are You Tired of Overpaying for Insurance? Where Did Insurance Come From? Staying In Business With NJ Insurance Insurance In One Cost-Effective Plan Choosing Errors And Omissions Insurance Types Of Insurance Your Business Needs An Overview Of Business Insurance: Business Interruption Insurance Best Insurance Jobs: What Are They & How to Get Them Understand the Boiler Insurance Policy Understanding the Credit Insurance Policy