These days there are many people consulting Ping An eShanghai long-term medical insurance, there are a number of questions with ****, here to organize one by one to talk about my views for your reference:
1
In the end, it is important for us to know what we are talking about. does a twenty-year guaranteed renewal policy matter?
The answer is yes, and very much so. But the most important thing is not that the policy is renewable for twenty years regardless of the circumstances, but that it is guaranteed renewable for twenty years, plus a twenty-year period in which it is clearly agreed under what circumstances the rate will be adjustable and by how much.
I once praised the health insurance long-term medical six-year guaranteed renewal, six years after the insurance does not need to be reviewed, even if discontinued can also be transferred to the insurance, it is indeed in the renewal of the issue looked reassuring. But in essence, it is still six years of guaranteed renewal, after the discontinuation of the transfer of insurance and other commitments and 20 years of guaranteed renewal is not comparable.
The six-year guaranteed renewal period only guarantees that you will be charged the same rate as you were when you took out the policy for six years, but it does not mean that you will be charged the same rate six years later. According to the "generous" health notices of Good Health Insurance, it is expected that the claim rate will not be low in the future, so can the rate still be maintained at the end of the six-year guaranteed renewal period? In the last two years, the main insured people are under 40 years old, when this group of people are no longer young after ten or twenty years, the payout climax, then renew or transfer, after the transfer of the content of the coverage, premiums, how to charge, are all question marks.
So locking in a guaranteed renewal period of twenty years, and also locking in the content of the coverage, the rate;
2
Given that the rate is adjustable, will it go up by 30% per year after three years?
Whether or not rates go up has to do with a couple of things: 1) the claim rate for this insurance in the previous year was ≥85%; 2) the claim rate for this insurance in the previous year was ≥10% of the industry average claim rate for the previous year; and 3) there were important changes in the basic medical insurance system of the People's Republic of China*** and the State of China.
First of all, the payout rate, the two biggest factors related to the payout rate:
First, the design of the insurance liability. Do you think a product with a deductible has a higher payout or one without a deductible? The fact that a million dollars of medical care is cheap and guaranteed renewable has a lot to do with that 10,000 deductible. A 10,000 deductible is designed to exclude most of the claims that may have occurred, so that the problem of the payout rate can be controlled, otherwise, it can be reported for every penny spent, so will the payout rate be low? In addition to the deductible, the product's 90-day waiting period can also play a role in controlling the payout rate.
Second, the product's insured group. One product has a very loose health notification and can be bought by less healthy people, while the other is more strict and excludes many people with a medical history, so which one do you think has a higher claim rate? Obviously the former. When you take out the policy, you will be asked a more detailed and strict health questionnaire for the initial screening of those who are eligible to take out the policy; the maximum age for taking out the policy is 55 years old, which is younger than the policyholders of the general million-dollar medical insurance; and the occupational level is set at 1-4, which is lower than the risk of some million-dollar medical insurance policies that are not limited to any occupations. These designs of Ping An eShine Insurance are actually a means of controlling the claim rate.
So, with Ping An's product, I think the future payout rate will only be lower than other million-dollar medical insurance, not higher.
And when there's an important change in China's health insurance system, such as a huge change in the basic healthcare system, it's not this product or this company that's going to be impacted, it's the whole insurance industry or even the whole society.
Some people have asked us if the worst case scenario would be a 30% price increase after three years for 17 years in a row? What does it mean if the payout ratio of this product has not exploded? Means that either government regulators have become dysfunctional, or it means that society as a whole has become incredibly economically inflationary. Do you think that could happen in our country?
So I think it's better not to worry about it.
3
Renewals are only guaranteed for twenty years, what happens after twenty years?
The insurance industry turned out to sell so many one-year health insurance policies with no guarantee of renewal, and consumers turned out to buy so many one-year health insurance policies with no guarantee of renewal. Did it stop selling or buying insurance when there was no guaranteed renewal? If today's cell phones could only make calls and send text messages, would you not buy a cell phone just to wait for a smartphone to come out?
And, neither at the regulatory level, nor at the level of the insurer's own reputation, would it disregard the interests of consumers and arbitrarily stop selling million-dollar medical insurance. I don't think Ping An would have used a simple, brutal, across-the-board approach to refuse to renew its customers' insurance policies at the end of the 20-year renewal period, which would have made Ping An much less safe.
The BIRC issued a Notice on the Regulation of Short-Term Health Insurance Business (Draft) (hereinafter referred to as the Notice) earlier this year to regulate short-term (one year and below) health insurance product design, renewal, discontinuation, pricing, etc. The Notice requires that "insurance companies should not be required to provide any additional services to the customers". The Notice requires: "If an insurance company ceases to sell a short-term health insurance product, it shall inform the insurance consumers of the specific reason and time of the cessation of sale, as well as the follow-up service measures through the company's official website, sales channels, and disclosure of the information through newspapers, instant messaging and other means that are easily accessible to the public, and shall continue to provide protection services for the insurance consumers who have already purchased the product during the insurance period, and provide the necessary protection services at the expiration of the insurance period. Provide necessary and reasonable transfer services at the expiration of the insurance period."
If you buy a big brand, a big platform, and a big-selling product, you don't have to worry too much about the product suddenly stopping selling. If you are really worried, buy two medical insurance to hedge the risk that one of them may not be renewed, the two happen to play a complementary role in the content of the coverage as well. But it will cost a lot more to renew the policy when you get older, so there's not much need to do so.
I believe that there is absolutely no need to wait twenty years for the renewal of medical insurance, so it's good to make sure it's twenty years first, how many twenty years can there be in life?
4
What if there's no Proton Heavy Ion Therapy, no medical advances, no reimbursement for out-of-hospital purchases?
First, it's true that proton reionization medicine is better than ordinary cancer treatment, but getting into a proton hospital is no simple matter. Not all cancers are suitable for Proton Heavy Ion Therapy, Proton Heavy Ion Hospital will have a strict index examination for the patients admitted, and those who are not suitable will not be admitted. If you're concerned about this, buy medical insurance with a Proton Reionization Medical Benefit.
Secondly, the lack of medical advances means that there may be huge medical bills that need to be paid out of pocket and then reimbursed. The only difference between having an advance and not having one is whether or not you need to pay for it up front. If this is something that bothers you, get a medical insurance policy with an advance.
Third, out-of-hospital purchases are a service for cancer specialties. The current situation is that a lot of cancer patients can't get their medication in the hospital, so they have to buy it out-of-hospital, and the lack of this content does mean that out-of-hospital purchases can only be paid for out-of-pocket. However, I have heard that Ping An has reimbursed customers for the cost of out-of-hospital drugs in actual claims, so there is still some room for maneuvering, but after all, there is no clear agreement. I'm not sure if you're going to be able to get the same kind of coverage, but I'm sure you're going to be able to get the same kind of coverage.
The above issues are not critical insurance responsibilities, but they are important, and I hope that Ping An will supplement them with product upgrades. The ZongAn Dignity eLife is limited by the identity of the ZongAn property insurance company, is not a guaranteed renewal of medical insurance, but its protection responsibility, additional services are very comprehensive, but also can be attached to a specific disease to enjoy the special medical care, but also my own choice of millions of medical insurance. People who have high requirements for million-dollar medical coverage and service comprehensiveness are recommended to learn about this product.
5
This product waiting period of 90 days is too long, critical illnesses there are 10,000 deductibles, it will not be very bad.
Generally, the waiting period of million medical is 30 days, and the critical illness medical is not a deductible. But this product not only has a 90-day waiting period, but also has a 10,000 deductible for 120 critical illnesses, so it's a bit of a stretch, isn't it?
We talked earlier about the longer waiting period and the setup of the deductible to control the payout rate. The Ping An health insurance company is a big brand, guaranteed renewal for 20 years and also reasonably priced so that the vast majority of consumers can afford it, how can you not make a little sacrifice in other areas.
Big brand, cheap, good insurance, but also to ensure that it has been good, this kind of thing is like asking for a husband, handsome, rich, good, good for you and good, but also has been good ......
Lastly, borrowing from our Chief Exploration Officer, Eric. Eric's words, "There is a saying that 'one white covers a hundred uglies', if what you care most about is the guaranteed renewal of your policy, then this Ping An product is the most 'white' million dollar medical insurance on the market today."