Have you stopped smoking or lost weight? There is something you forgot to do

95% of health insurers who lost weight or quit smoking do not report the change and continue to pay a high premium - according to a poll by the Policy Check. Insurance companies do not report to clients how much they pay in addition to health risk factors, and policyholders do not know they can save

In a survey by Policies Check, which deals with insurance companies' wrongs and errors, it was found that 95% of private insurance owners who have undergone successful weight loss or long-term smoking cessation have not contacted insurance companies to update their insurance premiums according to their status The new. Changing the health status may eliminate the excess payment of 25% - 150% paid by people in risk groups, in addition to the basic premium.

The October-November 2019 policy check was conducted through an online questionnaire among 1,818 of the company's customers, who indicated that they were smoking or overweight. The findings show that only 5% (91 people) of the overweight or smokers have had a successful weight loss or smoking cessation over the past five years, which has been successful over a period of more than two years.

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The companies don't tell you, but you can save tens of thousands of shekels if you just say you don't smoke

Man smoking (Photo: ShutterStock)

According to Erez Dayan, Founder of Check Policy, "Today, when a person purchases a health policy from the insurance company, he is required to complete a health declaration or perform medical examinations. The underwriting process stipulates a 25% to 150% increase in the normal premium, the amount of smoking. For example, a customer who purchased a health insurance policy at a monthly premium of NIS 375 per month, which includes an additional 50% on the premium for overweight and losing weight at age 35, will save about NIS 2,250 a year and age 65 will save a total of NIS 67,570.

"It is unclear why insurance companies do not report to their clients in the annual report the additional cost charged for risk factors such as overweight or smoking. Such reporting may, among other things, increase customer awareness of the extra payment, which may be a spur to change, "said Dayan, adding:" In cases where the insured has made a successful change of lifestyle or changed a profession or hobby, it is important to be aware of the possibility of reducing the premium. Because of the risk of depreciation. "

"Insurance companies are also interested in having their clients make health changes. With the rise in life expectancy and the extent of chronic illnesses on the one hand and competition between insurance companies on the other, the insured's health risk assessment has been done in the past and today without personalizing the level of premium risk and the possibility of improving health and updating the premium accordingly. Today, creating excess claims and spending money beyond what is planned from the company's coffers and the result is a reduction in the profitability of the companies in the field to the extent that insurance companies have recently stopped marketing long-term insurance policies. "

Commenting on the finding that only 5% of those surveyed were able to quit smoking or lose weight and maintain it over time, Dayan said: "This data is consistent with global statistics that only 5% manage to lose weight and / or quit smoking by various methods and long-term because of the approach that considers eating Overeating and smoking addiction for everything. "

About Check Policies

Policy Check, which was established in 2003, operates in the field of insurance companies' wrongs and mistakes in the worlds of pension, executive and health insurance. Policy Check accompanies its customers at all stages, from the detection of errors to the final credit. So far, Check Policy has helped tens of thousands of customers receive cumulative refunds of tens of millions of shekels.