Link to Virgil Compton user page Virgil Compton Insurance Product Manager Date Published: 22/11/2023 Last Updated: 05/03/2024 The information in this post is for individuals and families with a health insurance policy that renews in 2024. If you live in Hong Kong, please see our post on how we calculate renewal premiums in Hong Kong. If you live in the UAE, please see our post on how we calculate renewal premiums in the UAE. What is a renewal premium? A renewal premium is what you pay to continue your health insurance policy for another policy year. This post sets out how we calculate your renewal premium, and—just as important—the factors we don’t consider when we make those calculations. Renewal premiums What affects your renewal premium? What doesn’t affect your premium? Frequently asked questions What affects your renewal premium 1/ Your age Health insurance premiums increase as you get older. 2/ Changes you make to your plan Your renewal date is a good time to make changes to your plan. If you want to upgrade your cover (e.g. choose a more comprehensive plan, reduce your excess), then your renewal premium increase will be higher. If you want to downgrade your cover (e.g. choose a less comprehensive plan, increase your excess), then your renewal premium increase will be lower. What is health and how does insurance protect it? Find out how insurance can protect your health while living as an expat 3/ Moving country If you move to a different country, your renewal premium will change. If you move to a country where private healthcare is cheaper, then your renewal premium will be lower. If you move to a country where private healthcare is more expensive, then your renewal premium will be higher. 4/ Medical-related increases There are some medical factors we consider when we calculate your renewal premium: Inflation – Most countries have suffered from higher general inflation, probably due to fiscal and monetary stimuli following the COVID-19 pandemic. General inflation has been exacerbated by higher energy prices following the war in Ukraine. Inflation in the healthcare sector typically tracks higher than general inflation. This means we’re seeing much higher costs when our members claim for private healthcare, which in turn puts pressure on insurance premiums. Inflation is different from country to country, so this factor doesn’t affect renewal premiums uniformly. Cost of new treatments – We’re witnessing a golden age of medicine, with astonishing breakthroughs in gene editing, immunotherapy, and the use of artificial intelligence in an increasingly broad range of treatments. While these breakthroughs improve clinical outcomes for patients, they drive up the costs of treatments. Higher costs mean more expensive claims for health insurance providers. Of course, you can take advantage of many of these breakthroughs with your health insurance policy. COVID-19 – There’s evidence that people’s inability to access healthcare and medicine during the pandemic stored up healthcare problems for the future. While routine check-ups weren’t possible and it wasn’t easy for people to seek diagnosis and treatment for symptoms, illnesses could get more serious without treatment. Late diagnosis and treatment are generally more expensive, leading to more complex and more expensive claims for health insurance providers. Want to know more about what affects price rises? Find out more about what causes premiums to increase 5/ When you regularly receive medical treatment in a different country If you regularly receive medical treatment in a country that is not the country of residence stated on your certificate of insurance, we may reclassify your country of residence and re-calculate your renewal premium on the basis of that reclassified country of residence. 6/ Fading discount If you have the 15% fading discount on your health insurance policy, your discount will reduce at each renewal date until there is no further discount. What doesn’t affect your renewal premium Knowing what doesn’t affect your renewal premium for health insurance can help put your mind to rest. 1/ Claims you made in the current policy year Unlike some providers, we won’t increase your renewal premium if you’ve made a claim in your current policy year. Members purchase an insurance policy in good faith, so we don’t think it’s fair to penalise them for legitimate claims. Things are different for members living in Hong Kong whose policies began before 01 March 2022. Private healthcare is so expensive in Hong Kong that we have no choice but to take into account our your claiming habits when we calculate your renewal premium. 2/ Your state of health Your current state of health has no bearing on your renewal premium. We won’t, for example, increase your renewal premium if your health has deteriorated or you are midway treatment for a serious medical condition. We’re proud of our reputation for great customer service Find out why it matters and what it means to us Frequently asked questions Is there a discount if I don’t claim? No, it doesn’t make a difference to your renewal premium whether you make a claim or not during a policy year. How can I reduce my premium? There are a number of ways you can reduce your premium, including switching to a different plan, reducing your coverage zone, and increasing your excess. Speak to your policy manager to find out how we can help you save on your premium. Speak to our team Want to discuss your renewal? Speak to our team Related articles Read More Expat life News The TechPat Index: The Best Countries To Move To Be A TechPat Discover the best countries to move to if you’re a technology expert looking at moving and working abroad. Read More Health News Artificial Intelligence In Medical Diagnosis: How Is AI Supporting Diagnostics? Discover how artificial intelligence is playing an essential role in the field of medical diagnostics. Read More Brokers News Understanding Our Medical Network A summary of our medical networks for members when they receive inpatient and outpatient treatment. Read More Brokers News How We Calculate Your Renewal Premium Guidance on how we calculate your renewal premium and the factors we take into account. × Search More results… Generic filters Relevance Search More results… Generic filters Relevance Relevance Date