Every year more than 15% of the population is admitted to hospital. Medical care provided during these hospital admissions can result in substantial hospital bills. When you are covered by a collective hospitalisation insurance scheme through your employer, you will benefit from a financial contribution for costs that are not reimbursed by your mutuality following an illness, accident, pregnancy or childbirth. This will spare you from the financial headaches that can follow an admission to hospital.
But what if you leave your employer or are no longer covered by a collective hospitalisation scheme? Would you be able to continue to benefit from an affordable hospitalisation insurance?
Taking out a waiting policy today insures you for an affordable hospitalisation scheme later on! This can be done without additional delays and possibly without having to complete a medical questionnaire.
Taking out a waiting policy enables you to fund part of the future premiums for your individual hospitalisation scheme in advance. You pay a monthly individual premium, which, in the event of individual continuation, will correspond to your age when you took out the waiting policy.
The additional premium that you pay for your waiting policy should therefore be seen as an investment that can save you a considerable amount of money. Moreover, the yield on such an investment is higher than the yield from a risk-free investment.
In the current market situation, you can choose from three options:
- a ‘genuine’ waiting policy which meets the need to guarantee the opportunity to take out an individual hospitalisation scheme in the event of loss of cover under a collective hospitalisation insurance, whereby the premium is calculated on the basis of a lowered entry age, namely your age when the waiting policy was taken out. You can inquire about this product with the insurer Ethias;
- a waiting policy that meets the previous basic need, but under which you are also covered by a hospitalisation insurance on top of the current collective scheme. This type of policy is offered by AG Insurance;
- a pre-financing product in the form of a so-called ‘branch 21’ savings insurance policy, which guarantees a minimum return and allows you to use the accumulated reserve to pay the premiums for an individual hospitalisation scheme in the event of loss of cover under a collective hospitalisation insurance. In the event of death, the accumulated reserve will be paid to the designated beneficiary. You can enquire about this policy with the insurers AXA and KBC.
It is therefore important to determine clearly for yourself what kind of pre-financing you would prefer.
You should also consider the fact that it is beneficial to take out a waiting policy with the insurance company which manages your collective hospitalisation scheme through your employer at the time when you take out such a policy. Doing so will allow you to benefit from an individual hospitalisation insurance without having to face medical questionnaires, qualifying periods, exclusions and possible additional premiums. If, however, you prefer a waiting policy with a different insurer and are prepared to complete a medical questionnaire, you are free to do so!
The policy offered by AG Insurance can be taken out by anyone who is covered by a collective hospitalisation scheme, irrespective of which insurance company manages the collective insurance.
For more information on AXA, Ethias and KBC products, please contact your insurance agent or your personal broker.
Since 18/12/2017 DKV does no longer offer new waiting policies. Only actual individual DKV clients can still take out a Horizon plan if they are actually covered by one of the following individual hospitalisation plans: IS, IS+, IS2000 and DKV Hospi Premium.