Savings on Insurance Premiums Could Help Pay for Bariatric Procedures
I attended a recent Bariatric Conference and one of the interesting discussions was the impact of weight and co-morbidities on insurance premiums.
Insurance Loadings for High BMI and Diabetes
The presenter, a financial adviser, having spoken to various insurance underwriters, showed data demonstrating that, depending on BMI and co-morbidities, insurance premiums are loaded by a minimum of 50% and up to 200%. The minimum loading for diabetics is automatically 50% and if an individual is over 50 years of age and obese their insurance premiums increase very substantially.
Change in BMI Co-Morbities and Weight Loss Reduces Insurance Loading
Following bariatric surgery, after 12 months, if there has been significant weight loss or a change in co-morbidities, then the loadings are reduced by 50% and again, in a further 12 months, if the weight loss is still sustained the loadings are further reduced.
Savings Can Be Significant
The presenter demonstrated that the saving in premiums, over a three year period, for an individual over 50 years of age, where more than enough to cover the costs of bariatric surgery even as an uninsured patient.
There was also talk of a specific insurance policy, called “active life” insurance policy from Zurich. This policy will pay out for a large number of medical reasons but one area of interest was for prolonged hospitalisation. So, if someone has surgery for whatever condition and has complications and needs to stay in hospital for several weeks, this policy will pay out very quickly and does not have a lot of the conditions attached to the more traditional trauma and permanent disability insurance. However, the policy does have to be in place for 12 months before an elective procedure.
Take Advantage of Our No-Obligation Consultation.
To find out more about possible bariatric procedures to assist with weight loss and reduce co-morbidities, please book a free, no-obligation consultation with Shirley Lockie, our SCOPE certified PNSA, to answer questions and discuss your options.
https://www.drphillockie.com.au/infopage/request-a-free-consultation-with-shirley-lockie
AHPRA disclaimer
*All information is general in nature, patients should consider their own personal circumstances and seek a second opinion. Any surgical or invasive procedure carries risks
Note From Dr Lockie
Medications will be assessed pre-operatively and post-operatively. With weight-loss and particularly after surgery, comorbidities can change for the better, particularly e.g., hypertension or diabetes. It is essential for your health that medications are discussed with you, your GP and/or any other specialists such as Cardiologist or Endocrinologist etc.
In addition, use of multivitamins, and alternative supplements should be discussed with the practice to promote your better health.
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