Should I continue health insurance or gamble?

[humdrumdays]

I'm mid 60s and have been here for the past 10 years on a retirement extension. I pay about 40k a year for health insurance. In patient cover only and 1m baht cover. So far have only claimed about 100k for a two night stay, nothing serious.

With the current exchange rates I am considering stopping it. But with sod's law as soon as I stop paying something is bound to happen! Any thoughts? thanks

 

[HampiK]

In my opinion I would pay as long it is possible.

Even 1 million baht is not a very high cover. But you would safe 40K a year, but when you have something in 3 years which will costs 200K then you already lost. As far I understood, if you strugeling to pay 40K per year, what would happen if you have to pay the hospital bill?

And with increasing age the occurrence of happening something to your health will increase!

[marcusarelus]

Certain expat websites in conjunction with the insurance industry is trying to convince the Thai government to make insurance mandatory.  Perhaps they will be successful.  One would think this means you should keep your policy but in truth you will be forced to buy a placebo policy from one of six companies that the government/insurance agents will approve that has to low a cover to be of any use.  

[HampiK]

35 minutes ago, marcusarelus said:

Certain expat websites in conjunction with the insurance industry is trying to convince the Thai government to make insurance mandatory.  Perhaps they will be successful.  One would think this means you should keep your policy but in truth you will be forced to buy a placebo policy from one of six companies that the government/insurance agents will approve that has to low a cover to be of any use.  

What your comment have to do with the OPs question?

Please not use everything with an Insurance in the title to discuss the O-A Insurance debate!

[lemonjelly]

For just over 3k per month, I’d keep it just in case, compare being covered to be admitted to a decent private hospital to being stuck in a government hospital ward that you’d still have to pay for anyway..... keep it 

Edited July 17, 2019 by lemonjelly

[OneMoreFarang]

How much cash do you have?

What would happen if you have a heart attack and need an operation?

Crowd funding? Or what is on your mind?

[from the home of CC]

if I was in the op's shoes I'd go for a complete physical and blood work check from top to bottom at the best in Thailand, then I would make the call..

[Sheryl]

You'd be out of your mind to drop insurance.

 

That you did not need to use it in the past has nothing whatsoever to do with the risk of needing to use it in the future, which rises as you age.

 

As you age it gets harder to get insured. And if you drop the policy until you find you need hospital care it will be way too late as at that point whatever you need it for would nto be covered as it would be pre-exisitng.

 

Lots of people on this board who dearly wish they could get insurance but cannot due to pre-existng conditions. Don't become one of them.

 

BUT - do take a good look at your policy and make sure it (1) guarantees lifetime renewal and won't cut you off at a certain age (some Thai companies do that) and (2) will cover you in case of developing chronic illness and twill not  raise your rates based on claims.

 

Might also be wise to look at what the premiums for your current policy are at subsequent ages and how these compares to other policies, including international ones (which contrary to aht many assume do nto necessarily cost moire than Thai issued policies and are often better value).

 

Because now -- while you are still healthy and under 70 -- is the time to change policies if you need to.

 

You should also consider whether you are prepared to use only government hospitals because if not, you need a much higher level of cover than 1 million baht. And it may nto be possible to raise the level of cover later on.

 

 

 

[Puchaiyank]

Keep your insurance coverage...you are buying a priceless peace of mind...one major health issue could wipe you out without coverage...

 

Be smart...be safe...be insured...????

[wisperone]

Unless your loaded with money and can weather any long term illness, I would say keep the insurance and follow what Sheryl suggested policy wise.

 

We all know of at least a couple of examples of youtubers in Thailand who took the insurance-less gamble. Of course there is always GoFundMe????

[Odysseus123]

Do not gamble if you value your life....

[Essex Reject]

40k for only 1 mil baht cover seems very expensive?

 

I'm 50 and looking for insurance, in-patient only, cover for maybe 3-4 mil a year. If anyone knows of a GOOD co that offers this for a fair price pls free to let me know.

[Saltire]

I ask myself this question every renewal (just actually renewed last month) - and even though they are aware I have several pre-existing conditions they probably wouldn't pay out on, I still feel it's worth it, especially as I drive here.

 

I pay about the same as the OP (44k) but I get 13 Million Baht cover (UK company) and am 64. I have been with them 5 years and they encouragingly report every renewal that they will not stop cover at any point in the future but will for sure up the premium in bands of 5 years so I expect an increase at age 66. As my single biggest annual expense in Thailand, I will continue to pay it any way I can. I use an excess and co-pay (with a ceiling) to keep the premiums down which helps a little. I have it really in case of some major treatment.

 

Finally, while there is no guarantee, they have a moratorium period of 3 years where they claim they will cover pre-existing conditions, but I am not holding my breath on that one, but at least shows they would consider it.

 

While this al sounds good to me, I have never claimed so far and so it's still fingers crossed that I never have to.

[pookondee]

Keeping the insurance is still a gamble in itself.. the gamble whether they will actually pay up if you make a claim and not pull some BS clause in the fine print to get out of it.

 

Also just because you are covered now, it doesnt mean they will not cut you off at a certain age.

AND if they dont cut you off, the premiums will skyrocket as risk gets higher..no consideraion of the fortune youve already paid them!

 

Either way they win, which is of course how it works, otherwise they wouldnt be in business, and making their directors rich.

 

Complete SCAM if you ask me.

If you have always had reasonable health, chances are you will pay in an absolute fortune and get absolutely nothing in return.

Edited August 2, 2019 by pookondee

[alfieconn]

1 hour ago, pookondee said:

Keeping the insurance is still a gamble in itself.. the gamble whether they will actually pay up if you make a claim and not pull some BS clause in the fine print to get out of it.

 

Also just because you are covered now, it doesnt mean they will not cut you off at a certain age.

AND if they dont cut you off, the premiums will skyrocket as risk gets higher..no consideraion of the fortune youve already paid them!

 

Either way they win, which is of course how it works, otherwise they wouldnt be in business, and making their directors rich.

 

Complete SCAM if you ask me.

If you have always had reasonable health, chances are you will pay in an absolute fortune and get absolutely nothing in return.

Complete rubbish, people are getting claims paid for every single day !

[simon43]

Also just because you are covered now, it doesnt mean they will not cut you off at a certain age.

 

Depends on your insurance policy.  Many, like my policy, cannot cut you off, regardless of how many claims you've made, and cannot increase your individual premium if you have made a claim.

[KittenKong]

11 hours ago, Saltire said:

I pay about the same as the OP (44k) but I get 13 Million Baht cover (UK company) and am 64. I have been with them 5 years and they encouragingly report every renewal that they will not stop cover at any point in the future but will for sure up the premium in bands of 5 years so I expect an increase at age 66.

Some readers might be interested in knowing the name of the company.

[thailand49]

15 hours ago, simon43 said:

 

 

 

Depends on your insurance policy.  Many, like my policy, cannot cut you off, regardless of how many claims you've made, and cannot increase your individual premium if you have made a claim.

Interesting?  what policy are you covering and by who?

[Saltire]

9 hours ago, KittenKong said:

Some readers might be interested in knowing the name of the company.

No problem https://www.healthcareinternational.com

 

As I said as I have never had to claim I can't say they are good or bad. I just find them easy to deal with, responsive and fair prices for the cover. I am therefore unable to recommend them any more than the others.

 

My cover excludes USA but I just had a 2 week holiday there and when I asked for a quote for additional cover, they said my policy includes 30 day trips worldwide so they would cover me for the duration of my trip but not for the usual 'travel' issues like baggage loss and cancellations, just medical.

 

Interestingly the one hospital I can't go to in Bangkok (well I can, but pay an additional co-pay) is Bumrungrad. I can guess why after reading several reports on hospitals charging practices.

[KittenKong]

25 minutes ago, Saltire said:

My cover excludes USA but I just had a 2 week holiday there and when I asked for a quote for additional cover, they said my policy includes 30 day trips worldwide so they would cover me for the duration of my trip but not for the usual 'travel' issues like baggage loss and cancellations, just medical.

That's a worthwhile extra to have.

[crystal1949]

On 7/17/2019 at 6:47 PM, from the home of CC said:

if I was in the op's shoes I'd go for a complete physical and blood work check from top to bottom at the best in Thailand, then I would make the call..

Yes exactely on this way I would do it also

[KittenKong]

38 minutes ago, Saltire said:

As I said as I have never had to claim I can't say they are good or bad. I just find them easy to deal with, responsive and fair prices for the cover. I am therefore unable to recommend them any more than the others.

The reviews make interesting reading:

 

https://www.reviewcentre.com/reviews102786.html

 

 

[Antonymous]

On 7/17/2019 at 6:47 PM, from the home of CC said:

if I was in the op's shoes I'd go for a complete physical and blood work check from top to bottom at the best in Thailand, then I would make the call..

 

Hmm. So you might get a clean bill of health, leave the hospital feeling ecstatic, close your policy, and have a serious accident the next day.

 

In your shoes I would hang onto the policy you have if at all possible, mainly because it will cost you so much more to start another new policy at a later date and you won't be covered for any pre-existing conditions at that time.

 

 

[BestB]

40 k per year for over 60 is an absolute bargain and as many said you would be insane to dump it .

 

just think how many years it would take you save the 1 million that you have now?

 

no one ever plans to have anything serious but when or if it happens it hits your pocket hard. 

[newnative]

   Not only keep the coverage but I would consider upping it.  My Thai mother-in-law has been ill and the medical bills are over 1 million baht and counting.  

[Old Croc]

52 minutes ago, crystal1949 said:

On ‎7‎/‎17‎/‎2019 at 6:47 PM, from the home of CC said:

if I was in the op's shoes I'd go for a complete physical and blood work check from top to bottom at the best in Thailand, then I would make the call..

Yes exactely on this way I would do it also

"Mind what you have learned. Save you it can".

[rwill]

22 hours ago, Essex Reject said:

40k for only 1 mil baht cover seems very expensive?

 

I'm 50 and looking for insurance, in-patient only, cover for maybe 3-4 mil a year. If anyone knows of a GOOD co that offers this for a fair price pls free to let me know.

For your age group David Shield Essential plan gives 32M baht coverage for a little over 48K/year

[BestB]

3 minutes ago, rwill said:

For your age group David Shield Essential plan gives 32M baht coverage for a little over 48K/year

Sadly not much reviews or positive about this company . Not saying it’s not good , just saying not much feedback 

[rwill]

If you can afford it keep it.  Or switch to a better one.  If you drop it and then later develop some problem and try to get insurance again you will be subject to more exclusions for pre existing conditions. 

Perhaps if you have a large sum of savings you don't plan on touching except for emergencies you could drop it.  But even that is risky. 

You just never know when you will be involved in a major accident or have a serious illness crop up.

[vukovar77]

On 7/17/2019 at 7:04 PM, Sheryl said:

You'd be out of your mind to drop insurance.

 

That you did not need to use it in the past has nothing whatsoever to do with the risk of needing to use it in the future, which rises as you age.

 

As you age it gets harder to get insured. And if you drop the policy until you find you need hospital care it will be way too late as at that point whatever you need it for would nto be covered as it would be pre-exisitng.

 

Lots of people on this board who dearly wish they could get insurance but cannot due to pre-existng conditions. Don't become one of them.

 

BUT - do take a good look at your policy and make sure it (1) guarantees lifetime renewal and won't cut you off at a certain age (some Thai companies do that) and (2) will cover you in case of developing chronic illness and twill not  raise your rates based on claims.

 

Might also be wise to look at what the premiums for your current policy are at subsequent ages and how these compares to other policies, including international ones (which contrary to aht many assume do nto necessarily cost moire than Thai issued policies and are often better value).

 

Because now -- while you are still healthy and under 70 -- is the time to change policies if you need to.

 

You should also consider whether you are prepared to use only government hospitals because if not, you need a much higher level of cover than 1 million baht. And it may nto be possible to raise the level of cover later on.

 

 

 

Yo work for insurance company???