How To Change Health Insurance Companies – It’s time again to compare health insurance plans to see if we’ll switch this year or not to maximize our frugal spending.

As usual, I used the best comparison tool for health insurance in Switzerland on the official website of the Swiss Confederation “Priminfo” (and not Comparis or anything else that places sponsored items between results that you can quickly screw up).

How To Change Health Insurance Companies

How To Change Health Insurance Companies

Reminder rule change health insurance in Switzerland: you can change your health insurance by giving a notice of termination of the basic health insurance (aka KVG / LAMal) no later than one month before the new premiums take effect. Since the new premiums for health insurance take effect on January 1 of each year, your cancellation must therefore reach the health insurance at least 30 November 2023.

Health Insurance Opt Out Process

Readers who have been following the blog for a long time know that we have been with Assura for several years now.

So I went to enter my info and that of Mrs. MP and the kids on the official federal “Priminfo” website to compare health insurance premiums:

And for the first time for us, the health insurance for children for 2024 will be different from ours, because they will change their health insurance for CSS in 2024!

That’s quite a slap in the face compared to last year & mldr; we are talking about a 25% increase 💸

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But if we had stayed with KPT, we would have paid CHF 1’005 for the whole MP family, or CHF 112 more per month!

So, by switching from health insurance in 2024, we are talking about annual savings of CHF 1’344 (= 112 x 12).

And over 10 years, by investing this amount in the stock market through my favorite broker Interactive Brokers, that will make us CHF 19’877 more in our pocket!!!

How To Change Health Insurance Companies

All this for the small effort of sending a registered letter to cancel my KPT health insurance, and filling out a small form to take out our health insurance with Visana and CSS for 2024!

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If you also decide to take out your KVG / LAMal health insurance with Visana, I made a few screenshots of their registration process (pretty well done):

If you also want to cancel your KVG/LAMal health insurance (not like KPT, Assura or others), here is a standard insurance letter that you simply fill in, sign and send by registered mail to your health insurance before 30.11. 2023:

I must insist that you send this letter on time, otherwise your request to cancel your basic insurance will not be considered & mldr;

It feels strange to go through all these health insurance changes again & mldr; I’m borderline happy because I feel like I’m back in 2013 when I optimized all my contracts to become the Moustachian I am today 🙂

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And a small note about KPT and Assura: even though I canceled with them, I can confirm that it is only because of the health insurance premium, because it has always gone well and I have always been very satisfied.

, are you canceling your KVG / LAMal health insurance this year? If so, with whom? With the GP insurance model or another? And also, do you have an opinion on Visana and CSS?

* These products and services are affiliate partners of the blog. If you click on it, you will not notice any difference, but the blog will earn a small commission and I sincerely thank you for this.

How To Change Health Insurance Companies

As usual, I only write and review things that I use in my personal daily life, or that I trust. the long term. And we are seeing this scenario play out in the midst of the COVID-19 crisis.

Open Market Health Insurance

In fact, The Insurance Information Institute, in its first quarter ‘Global Macro Outlook’ reported that “COVID-19’s impact on global growth and the insurance industry is likely to be deeper and broader than the current consensus and could last well into the third quarter and beyond. ” In addition, AM Best draws attention to the fact that reinsurers are subject to higher levels of coronavirus-related risk compared to primary life and health insurers. All point out that this is an extremely complex time for insurance companies to navigate.

In this article, we explore the insurance business areas that are currently under great pressure, and the pragmatic efforts needed to equip them to better handle an unpredictable future.

Post-COVID-19, the insurance industry should lay the foundations needed to innovate and build organizational resilience. It makes sense to use this time wisely, to reconfigure business processes to consider all stakeholders – customers, employees, distribution channel partners, suppliers. This is relevant because at the end of the day the core mission of the sector is to help manage risk and buffer against shocks like COVID-19. The approaches below will also ensure that the focus of the sector shifts to contextual, transparent and clear communication to customers.

Opportunities to increase While 2019 was a record year with more than $6 billion in investment, for global insurance tech start-ups and scale-ups, it is only the current global crisis that has effectively forced insurers to re-evaluate their entire business structure, operations and customer service.

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India’s insurance regulator IRDA has already moved to overhaul insurers’ product portfolio. They have advised insurance companies to design products that cover treatment costs for COVID-19 patients.

‘ recommendation is for companies to adopt an agile product development process so they can quickly adapt to changing market landscape. Starting point will be to review their existing product portfolio and product mix to look for products that can be quickly adapted to address short-term customer needs.

An example of one of the first and timely corona-specific products of India is the insurance policy of the digital payment company PhonePe, Corona Care. This was launched in collaboration with Bajaj Allianz General Insurance for people who have been infected and hospitalized for treatment of COVID-19.

How To Change Health Insurance Companies

Despite the history of global health crises like H1N1 and SARS, there is very little evidence of insurtech companies building solutions to model the risk of pandemics. One of the biggest reasons for this is the lack of sufficient historical data to build reliable loss curves for events like COVID-19. Sophisticated approaches use stochastic models that are based in epidemiological science. These models are built from the ground up with a wide range of inputs – the transmission of a disease, lethality, point of origin and status of a vaccine in production. However, there is no widely accepted risk model available in the market.

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Our suggestion is to design a robust strategy that does not only lift in emergencies or crises. They must adopt an exhaustive framework that continuously evolves and models all possible permutations and combinations of risks and redressals.

The genie of digital insurance is out of the bottle and will be hard to put back. Our recommendation is to invest in digital platforms that enable remote and seamless collaboration of various stakeholders – insurers, emergency services, hospitals, employers, mental health consultants, etc.

As an example, the COVID-19 crisis has given rise to unique situations where a nominee may not even be aware of the ongoing treatment of the insured due to strict lockdowns. In such scenarios, insurance companies should extend the benefit of doubt (circumstance) to the nominee, without requiring any additional action like intimation, submission of forms etc. This can be easily facilitated by proactive, regular and consistent communication through digital channels.

In addition, the business continuity plans of many insurance companies are falling short during this crisis. The digitization of business processes can help in such situations and bring a total operational efficiency.

Cancellation Of Health Insurance And Change Of Health Insurance Company In 2024

Internal processes such as virtual inspections, DIY claims reporting for first notice of loss (FNOL) and AI-based damage assessments also ensure progress to serve customers in their hour of need. In fact, we recommend that insurers and regulators accelerate their involvement with emerging technology such as blockchain that has the potential to eliminate intermediaries, duplication, incorrect records, lengthy claim processing, claim routes, excessive checks and more.

Developing decision intelligence and management is a valuable addition to the insurance industry’s main line decision-making processes, and especially to the underwriting, claims and policy / customer administration processes.

Our suggestion to insurers is to choose a simple point to start this data management journey. It can be anything from directing macro decisions to day-to-day operations. Identify a motivated line-of-business sponsor so that the project does not lose steam. The practitioners in the project team could start with a decision-making or design thinking workshop.

How To Change Health Insurance Companies

In addition, the project should enable operational and technical people to explore institutionalizing new approaches. Finally, determine metrics that need to be tracked to ensure the project is functioning within expected tolerances and all learnings are captured for the ongoing journey of data management.

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Operations such as processing inbound documents is a high-volume, people-intensive activity. And, in cases where documents require production and mailing, employees must be physically present on site – not ideal in the current scenario. We would place importance on building digital input options, automation and digitization of incoming documents and correspondence that can help alleviate such challenges.

Upskilling and cross-skilling agents, adjusters and other field operators to be adept with digital collaboration tools will help manage the increase in operation

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