Medical insurance personal or family

[ShillGates]

I posted in tax legal - thought it would fit here but feel free to move admins….

How much you guys paying in wherever you are for medical insurance?

And

How does that work with private insurers like in USA / UAEin specifically since - each year the policy is up for renewal- what about if you have to claim? If anyone can shed some practical experience on that?

- I imagine the insurance policy premium will go up as insurance companies do not want to make a loss. So if you pay 10000 aed a year - claim suddenly for 25000 - would they not so only jack up the premium to 18000 next year?

- secondly - what if you live in uae and are insured but are diagnosed with a long term illness? Do the insurance company simply then not renew and you are unable to get benefits / payments for cancer treatment for example in following year?

It is one of those things that not everyone needs- but it should be an important factor in deciding where to live.

Insurance does seem a big scam though ?

Bupa seems widely accepted but in how far are they flexible when it really is needed to have medical coverage

 

[JohnnyDoe]

Insurance does seem a big scam though ?

Indeed the concept of insurance is flawed at its core, and the insurance business is a legalized scam, exactly like banks nowadays.
In simple terms, with insurance you are overpaying for tail risk protection, which is how insurance companies make money. If sigma decreases, you either have to pay more or the insurance company goes bust (and you lose everything).
A good lesson comes from drug dealers: they don’t buy insurance on their shipments, instead they accept the risk of loss and mitigate it through diversification.

 

[uplana]

I pay 380 CHF / month all included what I need.

In some countries it is included in the taxes you pay, at least the basics you can expect.