Health Insurance - newbie question on no claims

[WorriedNoodle]

Hi,

 

Just thinking about signing up for a Health Insurance plan. No health issues, no family health history issues and lead a healthy lifestyle but at 58yo it seems something I ought to do in case of any unforeseen situations in future.

 

** But just looking at prices I'm wondering if I will just carry on "self insuring" a name I always thought was rather misleading as it means no insurance. Insurance Prices seem to start at about 2,000USD/yr at 58yo and if I check for 75yo about 15,000USD/yr? So if I started now on 2,000USD I would eventually end up paying 15,000USD per year when I get to 75yo or is there a membership or no claims reduction over time usually?

 

These prices seem huge, am I misunderstanding things?

[Sheryl]

You might be looking at policies that include both in and outpatient whereas you only need impatient cover.

 

While rates certainly do rise with age, none I have looked at get anywhere near 15,000 a year at age 75. More like 5,000.  And bear in mind that you will almost certainly make more use of thei nsurance/have more claims once that age.

 

Also note that there are  options that can reduce prices, like deductibles and copays.

 

"self insuring" does not mean no insurance, although many members of this board wrongly use it that way.

 

It means having funds (1-5 million baht, 3-5 if you want the option of using private hospitals) set aside solely for use for medical care and the means to replenish them as they are used.

 

The problem of course is that people who can't afford insurance, can't afford to do this either. And people who can afford to properly self-insure will often prefer ot buy insurance in order to protect their financial assets.

 

 

[WorriedNoodle]

Thanks Sheryl that helps. So I would need to look at all the deductibles and copay possible to keep premiums down.

 

Does joining a health plan earlier help reduce next years premium rate at all if no claims were made before or the premiums just keep going up and up with age and normally just same as they would be for a new member? 

[GarryP]

Apologies for jumping in but I am also considering health insurance. At present I am covered by my office's scheme, and I also have Thai Social Security, which I will continue to pay for once I retire in 5 years, but believe I will need something to replace the office coverage. What additional coverage would you suggest? I don't know whether it has any bearing on the question, but I am now a Thai citizen.  Should I wait until I am 60 or start now? 

[Sheryl]

1 hour ago, WorriedNoodle said:

Thanks Sheryl that helps. So I would need to look at all the deductibles and copay possible to keep premiums down.

 

Does joining a health plan earlier help reduce next years premium rate at all if no claims were made before or the premiums just keep going up and up with age and normally just same as they would be for a new member? 

Even without deductibles I have never seen an inpatient  nly policy with rates as high as 15,000 a year for people aged 75. Suggest you re-check that, or widen your search if that is coming from an unusually expensive insurer..

 

Last time I looked, MSH (now called LUMA) Asia Care policy rate was around 5,300/yr for ages 75-79.

 

Premium rise with age is the same for everyone. Some insurers based in Asia also raise premiums based on "risk profile" or past claims, and such policies are to be avoided. Some insurers give a small rebate if you had no claims in a given year, I know BUPA Thailand does this or used to.

 

 

[Sheryl]

1 hour ago, GarryP said:

Apologies for jumping in but I am also considering health insurance. At present I am covered by my office's scheme, and I also have Thai Social Security, which I will continue to pay for once I retire in 5 years, but believe I will need something to replace the office coverage. What additional coverage would you suggest? I don't know whether it has any bearing on the question, but I am now a Thai citizen.  Should I wait until I am 60 or start now? 

If you want private health insurance you should definitely start as soon as possible, since (1) some insurers will nto accept new applications form people 60 and above, and (2) the longer you wait the more likely it is that you will develop a pre-existing condition.

 

As it sounds like you have private insurance now through your office I would first check to see if there is a provision whereby you can continue it on a self pay basis after you retire (assuming you are happy with it).

 

Personally I would nto bother if I was lucky enough to have SS. Private insurance is costly and gets more so as you age, it is my single largest annual expense. Figure on something in the range of USD $2,000 a year at age 60 rising to over $5,000 by age 75.

[chubby]

I thought that after  age 55,  it was difficult to get policies while  living in Thailand ?330days / year ,  not  60 .......  or perhaps at *starting at age 59  would be more expensive than starting at age *54 and aging to *59  while in Thailand .......

 

I wonder what counts as "pre-existing" ........ so if one has osteoarthritis mild in their knees,  could they never  get any treatment for it,  if it  was 'pre-existing' ?

[The manic]

On 3/27/2018 at 6:40 PM, Sheryl said:

Even without deductibles I have never seen an inpatient  nly policy with rates as high as 15,000 a year for people aged 75. Suggest you re-check that, or widen your search if that is coming from an unusually expensive insurer..

 

Last time I looked, MSH (now called LUMA) Asia Care policy rate was around 5,300/yr for ages 75-79.

 

Premium rise with age is the same for everyone. Some insurers based in Asia also raise premiums based on "risk profile" or past claims, and such policies are to be avoided. Some insurers give a small rebate if you had no claims in a given year, I know BUPA Thailand does this or used to.

 

 

USA dollars?  I have bupa international 400 hundred pounds a months but via my company discount 50 quid a month. Bargain but I must change soon. Looking at the Pattaya City Ex pats Club scheme. Che, k it out..