Insurance

Robert’s story: –

Are you an expat living, or planning to live abroad without health insurance? Have you ever considered getting health insurance but have some reservations? Let me tell you why I, as a retired American expat living in Thailand, decided to bite the bullet and get health insurance at the age of 71.

Although I don’t need insurance for my visa, I am fully aware that my Medicare coverage in the US doesn’t cover me in Thailand, where I live for about 9 months per year. This means that if I were to have an unexpected health crisis here, such as an accident, stroke, or heart attack, I would not be covered. Moreover, I might not be in any condition to travel back to the US and would require treatment at a Thai hospital.

Why I took Inpatient only coverage

To address these concerns, I opted for inpatient-only coverage, which doesn’t include small incidental trips to the hospital that are treated as an outpatient visit. However, I am concerned about big-ticket items such as a heart attack or a stroke, which could ruin my financial stability and impact my retirement lifestyle. Unexpected medical emergencies are the number one cause of bankruptcy in the US, and I don’t want to rely on family members back home to bail me out.

The longer you wait, the more things can pop up on your medical history

As we all age, we can assume that something serious is likely to happen to us in the next 5-15 years. That’s why I suggest shopping around with different companies and comparing prices. It’s also better to get started earlier than I did, perhaps in your sixties. The longer you wait, the more things can pop up on your medical history, resulting in pre-existing conditions and subsequent exclusions on your policy.

Why I took a 40,00 THB (Approx $1,000 USD) deductible

I also decided to take a 40,000 baht deductible, which means that I will pay this amount first before making a claim for inpatient care over the course of one year. This, along with opting for inpatient-only coverage, made a big difference in my yearly premiums.

Be prepared to share your medical history

Lastly, be prepared to share your medical history with the insurance company. Certain providers may also require additional testing if they are concerned about areas of your health. The cost of these tests is sometimes reimbursed once you have paid your premium.

In conclusion, I hope that sharing my story will help you make an informed decision about your health insurance options. Here’s to your health!

➤ Finally, if you have any questions or concerns, please reach out to one of our team here at Thai Expat Club. We offer access to affordable health and medical insurance for foreigners living, visiting, working or retiring in Thailand.  We deal almost exclusively with reputable companies such as Aetna, Allianz Ayudhya, April, Cigna, Luma and Pacific Cross for a higher range of benefits at affordable prices.  We help clients avoid the confusion which comes from not being able to speak the language or communicate satisfactorily with staff in Thai Insurance Companies.   Our service is FREE and we often save people money by offering a plan more closely matched to their lifestyle and budget.

Contact Thai Expat Club today and let us help you with your health insurance requirements.

Tel. 089-897-9435 or visit our website: https://thaiexpathealth.com/

One of the biggest issues facing health insurance customers, companies and brokers at the moment is having to deal with the rising cost of insurance premiums, particularly health insurance renewals with most companies increasing premiums by a minimum of 8% or more this year.

Renewing your health insurance may not be the most exciting thing to do, but it is crucial for your financial and physical well-being. The cost of healthcare continues to rise, and without insurance, you could be left with an enormous medical bill. So, if you’ve received a renewal notice for your health insurance policy, don’t let it sit in your inbox or on your desk.  Get it out and let’s start by looking at the reasons why you took insurance in the first place

Having health insurance is important for many reasons including:

1. Protection against rising healthcare costs
2. Financial security for you and your family
3. Access to quality healthcare
4. Meeting the requirements of your visa (e.g. In Thailand insurance is required for a number of visa classes)
5. Maintaining your coverage (e.g. If you let your health insurance lapse, it can be difficult to get coverage again)

No one appreciates having to pay more than they did last year for the same level of coverage and this, coupled with other financial pressures causes most of us to panic and immediately start looking to other insurance companies for lower prices.  However, shifting to another company based on price is generally not a good idea (unless you have had a serious issue with your existing company).  In this blog, we will identify a number of options you may wish to consider before deciding to move from your existing insurance provider to another cheaper provider.   

Like it or not, the main reason health insurance premiums continue to increase is due to inflation and the rising costs of healthcare. Unfortunately, there is very little we can do about this. In 2022, the global inflation rate was measured at approximately 8.8%, with some countries experiencing even higher rates. In addition, the cost of healthcare has been increasing by an average of 5-7% annually in Thailand and worldwide.   This leads to higher costs for insurance providers, hospitals and healthcare facilities, all the way down to the premiums individual policyholders pay at the end of each year.

Additionally, as you enter a new age band, your premiums may increase as insurance companies take into account the higher risk associated with older individuals (Adults over age 65 are more likely to encounter diseases related to aging, such as Alzheimer’s disease, or more advanced chronic conditions such as diabetes and heart disease.)

It’s important to note that while the increase in premiums may be a tough pill to swallow, it’s a necessary step to ensure that you continue to have access to quality healthcare and financial protection. Without this, your insurance company might become insolvent and all the payments you have paid to ensure your health and security in the future gone with it. Having said that, let’s take a look at some options to maintain your insurance.

4 ways to reduce the cost of your premium:

1. Taking a higher deductible:

If you’re willing to assume a greater share of the financial risk associated with your healthcare, you can consider taking a plan with a higher deductible. This means you’ll be responsible for paying more out of pocket before your insurance coverage kicks in, but you may benefit from lower premiums.

2. Reduce your area of coverage:

Opting for coverage in a smaller area, such as just your country or region, may lower your premiums. However, be sure to carefully consider your healthcare needs and any potential risks before making this decision.

3. Paying annually instead of monthly or half-yearly:

Some insurance providers may offer discounts if you choose to pay your premiums annually instead of in monthly or half-yearly installments. This can help you save money over the long term and simplify your budgeting.

4. Taking a plan with lower overall benefits which still meets your needs:

Another option to consider is taking a plan with lower overall benefits that still meets your healthcare needs. By choosing a policy with less extensive coverage, you may be able to reduce your premiums without sacrificing essential benefits.

By exploring these options and working with your insurance provider to find a solution that meets your needs and budget, you can help reduce the financial burden of your health insurance premiums. Remember, however, that it’s crucial to maintain adequate coverage to protect your health and financial well-being in the long run.

In addition to why you should renew your health insurance, it is important to note what may happen if you don’t renew your policy.

What can happen if I don’t renew my insurance:

1. You may lose your no-claim rebate

If you have been eligible for a no-claim rebate and don’t renew your policy, you may lose the rebate that you would have received. This rebate is typically offered to customers who have not made any claims in the previous year and is a valuable benefit that can help reduce the cost of your premiums.

2. Pre-existing conditions may not be covered

If you have a pre-existing medical condition under your current plan and choose not to renew, you may not be covered for that condition under a new insurance policy with a new company. Insurance companies typically require a waiting period before covering pre-existing conditions, and if you let your policy lapse, it is unlikely your new company will extend that waiting period or cover you for any illness or injury that occured while you were under your previous plan.  It is generally best to continue with your existing provider if you have a waiting period on a particular condition or if you received treatment for an illness or injury over the time of your existing plan.

3. Vulnerability to predatory pricing strategies

While it’s important to consider the cost of your health insurance policy, it’s also crucial to be aware of predatory pricing strategies. Some insurance companies may deliberately keep their prices low to attract customers, only to raise them significantly after the initial policy term has expired. This practice can leave you vulnerable to unexpected price increases in the future and may not be a sustainable option for the long term.

As healthcare costs continue to rise, it’s important to resist making any rash decisions or change insurance providers without carefully considering all of your options. Try to find a solution that meets your needs and budget without sacrificing benefits. By exploring the different options presented earlier, and working with your insurance provider, you can help reduce the financial burden of your health insurance premiums.

It’s also important to keep in mind that your health insurance premiums may continue to increase as you age or if you experience a change in your health status. If you have a chronic condition or require ongoing medical treatment, you may need to adjust your coverage accordingly.

It’s a good idea to review your health insurance policy annually to ensure that you have the right coverage for your current needs and budget.

➤ Finally, if you have any questions or concerns, don’t hesitate to reach out to one of our team here at Thai Expat Club. Thai Expat Club offers access to affordable health and medical insurance for foreigners living, visiting, working or retiring in Thailand.  We deal almost exclusively with reputable companies such as Aetna, April, Cigna, Luma and Pacific Cross for a higher range of benefits at affordable prices.  We help clients avoid the confusion which comes from not being able to speak the language or communicate satisfactorily with staff in Thai Insurance Companies.   Our service is FREE and we often save people money by offering a plan more closely matched to their lifestyle and budget.

Contact Thai Expat Club today and let us help you with your health insurance requirements.

Tel. 089-897-9437 or visit our website: https://thaiexpathealth.com/