The older your employees become, the harder it is for them to obtain an individual hospitalisation insurance policy. Their health situation and age can greatly increase their premiums.
So as not to encounter surprises in their old age, they can take out a waiting policy today. With this insurance your employees can finance the premium required to extend your collective group insurance to individuals today.
We are happy to refresh your knowledge about pre-financing with these seven facts you should know.
- …under the Verwilghen Act, as an employer you are required to inform your employees regarding the ability to pre-finance the premium for individual extension?
- … a waiting policy secures the right to take out an individual hospitalisation plan later at a lower premium? Taking out a waiting policy definitely implies that the insured finances a part of their future premiums in advance for his or her individual hospitalisation plan. The insured then pays an individual monthly amount, as a result of which, where they extend the policy as an individual, the premium due will correspond to that for the age which she/she took out the waiting policy. The younger the insured takes out the waiting policy, the less he or she pays, now and into the future.
- … you can choose from three options in the current market situation:
- a waiting policy “pur sang”, which satisfies the need to have a guarantee that each time they leave the collective hospitalisation insurance they will be able to take out an individual hospitalisation plan, for which the premium is calculated on the basis of a reduced age of access. This age of access is, depending on the situation, calculated on the basis of the monthly premium payments required or on the basis of the age, at which the policy is taken out. The waiting policies from DKV and Ethias satisfy these requirements.
- a waiting policy that satisfies the basic requirements stated above, but under which the insured can also enjoy a hospitalisation warranty on top of the current collective plan. The waiting policy from AG satisfies this requirement.
- a pre-financing product in the form of a branch 21 savings account, which guarantees a minimum return and from which the reserve that is built up can be used after leaving the collective hospitalisation plan to pay the premiums for an individual hospitalisation plan. In case of death the accrued reserve is paid to the nominated beneficiary. The pre-financing products from AXA and KBC satisfy this requirement.
- … the waiting policies from AG Insurance and DKV can be taken out by anyone who is a member of the collective hospitalisation plan, regardless of which insurance company manages that collective plan? The products from AXA, Ethias and KBC can, on the other hand, only be taken out (with the mediation of Vanbreda Risk & Benefits) where the hospitalisation plan is managed by the same insurance company.
- … the waiting policies from AG Insurance and DKV can also be taken out collectively?
- … the transfer of the waiting policy to an individual hospitalisation insurance policy does not take place automatically? It is important that an employee, at the moment that he/she (or one of the relatives covered by the waiting policy) leaves the cover of the collective hospitalisation plan, immediately contacts the insurance company to change his/her waiting policy into an individual hospitalisation insurance policy. That way the insured employee is never without cover.
- … you, as an employer, can contact your account manager for Employee Benefits or view our website www.wachtpolis.be for more information? Employees can also consult our website www.wachtpolis.be or contact us via firstname.lastname@example.org.