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New to Vietnam? Selecting the right health coverage can be overwhelming

How our professional insurance selective criteria can help you select suitable coverage. It’s free, as insurance agents are paid by insurers.

We look at a real case study of a fake insurer. This article uses our 5 professional criteria for selecting a trustworthy insurer: it is based on actual defrauded client comments and ratings over the past 5 years of existence of Regency for Expats.

IIA Blog - 28 Dec - 1

SECURITY: Out-of-thin-air capital, corporation and team

  • “I asked if they could send some form of certification to the required german government email address showing that I indeed had health insurance. They then said it was against policy to send such info to a third party.”
  • “No licence anywhere in the world, therefore not regulated by any governmental control body. Regency does not meet the compliance requirements in any country in the world and is not regulated. Have fun when it comes to a claim….”
  • “Regency for Expats is not an insurer and has no reinsurer, as it is not registered anywhere, nobody is interested in this (see above).”
  • “For people asking about visa for Thailand, please be aware that Regency will send you a letter saying that you will be covered for Covid for 100,000 USD and more but be careful, if you have: high cholesterol, a BMI above normal, hemorrhoid, Achille tendinitis, joint pain, they mat not pay, claiming that all of those are connected to preexisting conditions that can worsen the COVID effect and so, following clause 67, they will pay nothing.”
  • “The company does not specify who the insurer is.”
  • “They are not a legitimate company at all – there is no reinsurance company behind them, they have no registered address, all correspondence goes through one central email address, no employee leaves their full name. Why this matters is no matter where you are in the world – you have no legal protection when you need to claim. There is no local authority to report them to as they are not registered anywhere.”
  • “They advertise that they are fully regulated, yes but by the FSRC in Nevis, Caribbean you cannot talk to them they don’t answer emails.”
IIA Blog - 28 Dec - 2

PERFORMANCE benefits coverage warning signs: Cancer unrealistic low limits are unprofessional or pure scam 

  • “I had disclosed having hypertension upon my initial interview with their representative.  He said nothing about that being considered a ‘preexisting condition that would affect converge’.”
  • “Everything is limited and even doubled with an exclusion that you don’t have to pay anything on Regency’s part (examples: Limit for cancer USD 20 vs. unlimited (industry standard), chronic conditions max. USD 10k, GP consultation USD 750 per year (!!!), 30% of the costs for an anaesthetist etc.).”

FLEXIBILITY: Unilateral decision from the company in the Terms & Conditions

  • Make sure you read their small print before signing up on ‘pre-existing conditions’. If you are being sold by Now Compare: ‘Any claim relating directly or indirectly to any medical condition or related condition that existed prior to the date of entry. Conditions for which you have received treatment, had symptoms of, had knowledge existed or should have known existed, or you sought advice for or existed without your knowledge prior to your date of entry (preexisting medical condition) will not be covered.”
  • “Or existed without your prior knowledge. This is what they will use time and again to deny your claim.In our case they have denied my wife’s cancer claim for this reason.”

AFFORDABLE PRICE: When it is too good to be true, it’s probably a scam

  • Premiums are too low compared to competitors. If you look at the services in a more differentiated way, it is clear why. Everything is limited… (examples: Limit for cancer USD 20 vs. unlimited (industry standard), chronic conditions max. USD 10k, GP consultation USD 750…”
  • “NB.How cheap is a premium, dead can not claim ‘Very bad company. Had a life insurance policy and after a death, they refuse to pay. Do your research. They never reply.”
  • “I had to use my own financial means to get the operation going or else I would still be there today waiting for the operation whilst my condition was getting worst. Furthermore Regency, contrary to policy, forst me to pay 20% of the total bill!”
  • “Two claims made. One took multiple follows up to settle. The second they refused to pay citing a ‘pre existing injury’ even though they had previously paid out for the initial treatment (see above). I now know why it was the cheapest quote, won’t be renewing needless to say.”
  • “Please be aware of this company, I have just been sent my renewal of $7,053.00 when last year I paid $3,312.28 this is NOT inline with what they indicate as a 10% increase for this year.”

ADMINISTRATION: 1 person, no location, 100% virtual

  • “Was stranded in a hospital for 6 days after a major road accident as Regency were reluctant in providing the hospital with the down payment so that they may proceed to operate”
  • “No postal address can be found (there are several offices listed on the website, but all with the same email and no office address).”
  • “Regency are not here for you. They have a very strong sales team, but their medical response team are confused and their experts negligent. I was recommended painkiller and steroidal treatment for an emergency operation on my spine.”
IIA Blog
  • “Regency was clearly happy to hear that I prepaid the hospital stay and surgery. Nevertheless, they found another reason not to guarantee the coming claim with the reason that the required room level was full, so I needed to upgrade the room.” 
  • “Impossible to submit a claim they make it a mine field walk.”
  • “You will pay and then get denied reimbursement based on technicalities and itrealistic demands of supporting documentation.”

CONCLUSION

  • “REGENCY Insurance and NOW COMPARE are deceitful organizations.  Buyers beware and please share with your fellow expats.” 

List of associated brokers (not professional or ethical enough to screen a rogue insurer?). 

Read more: Misleading Social network rating

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