Health insurance with high deductable that insures for lifetime

[CrossBones]

Hi

I am currently with ACS insurance. I am 40 and have been in thailand 20 years and expect to spend another 40 years here possibly

 

I worked out this would cost me over $100,000 in insurance payments.

 

I was wondering if anyone can suggest an insurance that will insure my health until i am very old whereby i get a large discount for a large deductible.

Thanks

[Etaoin Shrdlu]

As far as I am aware, there are no Thai-based medical insurers that would guarantee renewal or that would not be able to eventually raise premiums to unaffordable levels over time. Forty years is an extremely long time horizon and companies can go bust, withdraw from markets or discontinue products at any time.

 

Are you working and contributing to the Thai Social Security Fund? If so, this may become your best source of medical insurance, especially after you reach retirement age when commercial insurance starts to become much more expensive. While it is possible that the Thai government could change the SS system, it is likely more stable and reliable over longer time periods than commercial insurance.

 

Some Thai life insurance companies offer whole life cover with riders that provide medical coverage. Normally these are not a cost-effective solution unless one wants or needs life insurance, but to some extent, they could address the issue of non-renewal or premium increases over time. You'd need to check the fine print on this, however. Whole life policies can trigger FBAR and other tax reporting requirements if you are a US citizen or green card holder.

[4MyEgo]

17 hours ago, CrossBones said:

I worked out this would cost me over $100,000 in insurance payments.

 

I think it will cost you more than that over the next 40 years as the premiums increase in 5 year lots, and some also go up slightly yearly on top of your premium.

 

40 is young, perhaps look at opening an account and self insuring, but you will have to be disciplined.

 

I am 60 and pay 110,000 baht a year and it will keep going up, while I have enough in the bank to keep me going till I die, I will start self insuring next year if I can't find an alternative insurer who has deductibles in the range of 40%-50% to reduce the premium to an acceptable level, e.g. 60,000 baht.

 

In 7 years time I intend on returning to my homeland to receive the pension, so if I don't have a claim while self insuring, that will provide me with around 1,000,000 baht allowing for age related and slight annual increase, bit of a lottery if you ask me.

[pj123]

Have a look at Globality Insurance, based in Luxembourg. They will accept new applications up to age 79 and they will continue to cover you. Their premium quotes go up to age 99. You can reduce your premiums by accepting a deductible but as the deductible increases they reduce your choice of plan to the higher level of cover.

 

I attach their premiums from 2016 when I joined. The premiums have increased so I am now paying 138 per month not 132 as quoted here (increase of 4.55% over 5 years so not too harsh). They have 4 levels: Essential, Classic, Plus and Top. So with zero deductible at 40 years you pay £80 per month for Essential cover and 390 for Plus. If you want the max deductible of 2,100, then you only have the choice of Plus and Top at £203 and £301 respectively.

 

For me its worth paying extra for a policy regulated in Europe

Globality Premiums Area 3 2016.pdf