Advertorial Expat health insurance trends to have on your radar in 2021

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The COVID-19 pandemic has impacted people all over the world in many different ways, and expats are no exception. Several key areas of expat healthcare have been affected by the global crisis. While people have been reluctant to visit healthcare providers in general, unfamiliarity with foreign healthcare systems makes this a prominent issue for expats in particular. Many are also concerned about the quality of healthcare, which has led to reviewing health insurance benefits and coverage levels. 

 

During these trying times, expats are starting to pay more attention to their mental health in addition to their physical health. Now that we have a brief understanding of expat healthcare as it currently stands, let’s explore insurance trends to have on your radar in 2021 with Pacific Prime Thailand. 

 

Telehealth will increase in popularity

 

Telehealth, also known as telemedicine, has been revolutionizing the way individuals access primary care. The service makes it possible for anyone to access healthcare remotely, from any location, at any time. It’s no surprise that telehealth has played an important role in helping expats access quality care regardless of their location - especially for those living in less developed regions. 

 

While telehealth adoption has already been growing quietly, the COVID-19 pandemic has helped accelerate it significantly. Telehealth has not only helped expats access virtual consultations for physical health conditions but mental health conditions as well - especially in countries like Thailand, where mental health services can be lacking.

 

Despite many people turning to telehealth in response to COVID-19 fears, many consultations are not COVID-19 related. Even though telehealth adoption may subside after the pandemic, it’ll likely continue to grow within expat communities. 

 

National health systems will adopt new frameworks

 

There’s a connection between governments, health insurance providers, and expats. In countries where healthcare is free to all at the point of need, expats may decide to forego medical cover. The majority of expats cannot access free or affordable quality care in their new country of residence. In some cases, quality healthcare may not even be an option. 

 

In response to the pandemic, tax revenues have been reduced and healthcare systems have been overburdened in many regions. How this affects expats and their insurance needs depends on the country in question. Thailand and Mexico are witnessing profound impacts of COVID-19, especially in terms of healthcare capacity issues while places like the Middle East are gradually returning to normal. 

 

Governments are more than aware of the pandemic’s health, social, and economic impacts. Consequently, crisis response measures have been implemented by public and private healthcare providers and policymakers - with the focus surrounding sustainable strategies to address the challenges populations face in the long term. 

 

Delayed care will inevitably increase healthcare claims 

 

The burden of illness is currently under wraps as people remain reluctant or unable to seek medical treatment in person. For instance, hospital emergency rooms have witnessed a noticeable decline in attendance for issues such as cardiovascular disease and heart attacks. Instead, people have been facing these issues at home, which can have a significant impact on health outcomes. 

 

The drop in claims is only short-term though, making it more of a lag. In the wake of COVID-19, the burden of healthcare will become more evident as the need for healthcare will become increasingly apparent. In an attempt to maintain their population’s health, governments are trying to get people to access healthcare when they require it. 

 

Mental health support will grow 

 

Due to unique factors, expats are more susceptible to increased pressures like stress. Inadequate support, lack of a local support network, and regional stigma can exacerbate existing mental health conditions. Add lockdowns, financial pressure, and travel restrictions to the mix and it’s easy to see why expats are more vulnerable than ever. 

 

Mental health is also a crucial aspect for insurance providers to focus on since it has a far-reaching impact on the individual and their family, especially when it comes to expats. Insurers are looking at ways to provide mental health and wellbeing support for policyholders, such as access to employee assistance programs (EAPs) and insurtech (insurance technology) tools. 

 

Expats will demand more employer-provided benefits

 

COVID-19 has put the spotlight on employee health. Employees are encouraged to engage in their employer-provided health benefits, with many asking for more. Companies are more aware of their employees’ need for physical and mental health support, which leads to insurers increasing their level of support. 

 

In the past, the lack of employee engagement with wellness programs made it difficult for employers to evaluate and understand employee needs. As demand increases (and becomes more specific), employers will be able to offer benefits that their workforce will use and appreciate. A tailored approach is especially important for employers of expats as a one-size-fits-all approach simply won’t do. 

 

For a more in-depth look at the aforementioned trends, download your free copy of Pacific Prime’s State of Health Insurance in Thailand 2020-2021 Report today. Looking for health insurance for expats in Thailand or globally? Pacific Prime’s highly-trained advisors are available to give you impartial insurance advice and a tailored plan comparison. Contact Pacific Prime Thailand today!