You might think premiums should always be sustainable. You might think you can trust your insurer to keep premiums fairly stable year after year.
That hasn’t been the case for the international health insurance sector. Too many insurers have raised premiums significantly year after year. Others have increased premiums while reducing benefits or adding waiting periods. Others still have simply terminated products.
Safe Meridian was established specially to address this: to provide sustainable solutions to individual and group buyers.
Why are sustainable premiums important?
Apart from everyone wanting to just pay less, customers who have served their waiting periods or who have fallen ill with a chronic or long term illness, often have little choice but to accept the big premium increases and renew, year after year. They don’t want to serve waiting periods again, and they know their chance of having existing illnesses accepted by a new insurer is pretty slim. “Captive customers” is a phrase that comes to mind…
We do things a little differently.
We deliver excellent benefits and service, but we do care more than others about what was written in Application Forms and what is being claimed.
Sadly one of the biggest problems we face is customer fraud. People failing to disclose existing medical conditions when joining, and then just expecting all other customers to pay for their treatments. It’s a driving force behind why premiums increase so dramatically year after year with most insurers.
If you’re wondering if this is just another marketing blurb, check out Globalis. Its premiums have increased, on average, by 15% since 2017. That’s not 15% a year – that’s 15% in total. Try comparing that to any other insurer.
It’s not all about fraud. To keep premiums sustainable, we do many things. Take our benefit design for instance. We know the most expensive medical providers out there may not actually be any better than others in terms of quality of care. For members that agree not to use the high cost providers, we discount premium. For members that don’t claim, we offer No Claim Discounts. I think you’re starting to get the idea!
We’re a Community
Together with our customers, we’re a community of people that want the peace of mind any decent health insurance policy should provide, and the peace of mind that comes from knowing premiums will not increase dramatically year after year. People and employers join us, attracted by the fact we care about their benefits, services and premiums. We’re not just here offering fancy benefits, wonderful services – and hoping for “captive customers”.
Take our Globalis policy for instance. Premiums have increased, on average, by only 15% since it was launched in 2017. That’s not 15% a year, that’s 15% in total! Try comparing that to others in the market.
It takes a village
While we work hard to make certain our efforts to keep premiums sustainable never impacts customers doing the right thing, you might find the odd claim or hospital guarantee delayed. If, for instance, you lodge a claim for a chronic illness shortly after joining, and you didn’t declare an existing illness in your Application, we’ll have to check before it can be finalized.
We know that’s annoying for those doing the right thing, but in return, we promise to keep it to a minimum, to pay benefits without hesitation once any issue is resolved, and to keep your premiums down.