Do you think the insurance companies charge us "farang" price for the health insurance?

[ppatrick]

Hi,

I've been to Thailand more times than I can count (usually 1-3 months every year). I'm considering spending more time in Thailand; living 6 months in Thailand and 6 months in my home country in a year. Currently I have Cigna Global for high deductible health insurance which costs me about $4000/year. I wonder if I could get a cheaper health insurance in Thailand (like many things in Thailand are cheaper). However after a brief browsing in this forum, many people said that the insurance is so expensive. One guy (in his 70's) said he's paying $7000/year 😮 What?!?! I wonder if the insurance companies are charging us "farang" price. What do you guys think? How would handle the health insurance if you were to be 6 months in Thailand and 6 months in your home country like me? Please advise. Thanks.

[CallumWK]

If you don't stay here full time, why is travel insurance in combination with your social security at home not sufficient?

[msbkk]

3 minutes ago, CallumWK said:

If you don't stay here full time, why is travel insurance in combination with your social security at home not sufficient?

Not all countries offer social security at home.

[Airalee]

It seems as if every time a health insurance cost thread is started it becomes nothing more than an apples to oranges comparison in prices because only one variable (or none) is presented by whoever is stating their own personal policy cost.

 

To better ascertain what people are paying and why, the following information is vital otherwise the answers and advice will be completely useless.

 

1.  Age of insured

2.  Policy limits

 

3.  Deductible amount.  (One persons “high deductible” is another persons “low deductible)

 

4.  Prior claims history (multiple claims can cause premiums to increase)

5.  Smoker?  Drinker?  Exclusions for previously existing conditions?

 

6.  What countries will the insurance cover you and to what amount.  Many companies won’t cover much (if any) in the US for example.

 

Best to call a broker and just get quotes based upon the policy that you want for your personal situation.  What other people claim to pay is of little relevance to what you might pay.  No idea if there are “foreign prices” and “Thai prices”

[Etaoin Shrdlu]

Is it possible to get "cheaper" medical insurance in Thailand compared to what you already have with Cigna Global?

 

That depends upon what you mean by "cheaper".  Cheaper can mean lower purchase price and it can also mean lower quality.

 

Can you get a policy with a lower premium? Probably. 

 

Will it provide coverage that is as broad or broader than your Cigna policy with similar limits? Probably not.

 

Thai policies will likely not transfer as much risk away from you as your Cigna policy. You will retain more risk via lower limits, broader exclusions and more unfavorable underwriting approaches. Then there is the issue of claims-paying attitude of Thai insurers and fewer consumer and regulatory protections here.

 

In my opinion, taking into consideration of the total cost of risk and not just premium spend, Thai insurance policies are on balance more expensive than some offshore products offered by large multinational insurers.

 

 

[stewart479]

Hi; not sure if this will help; but here is my experience.

I also come to Thailand every year; for a one month stay; coming from NZ.

I am old; and have two pre-existing conditions: High blood pressure; and glaucoma.

Price quoted from Travel agent was NZ$750.

Using a freinds Insurance broker, cost was $318.

Turned out to be the same policy; with the same Company.

Obviously there is a lot of fat on the beast!

Cheers!

 

[Etaoin Shrdlu]

13 minutes ago, stewart479 said:

Hi; not sure if this will help; but here is my experience.

I also come to Thailand every year; for a one month stay; coming from NZ.

I am old; and have two pre-existing conditions: High blood pressure; and glaucoma.

Price quoted from Travel agent was NZ$750.

Using a freinds Insurance broker, cost was $318.

Turned out to be the same policy; with the same Company.

Obviously there is a lot of fat on the beast!

Cheers!

 

 

It is almost always better to use an independent insurance broker who works with several different insurers. 

 

Informal intermediaries such as travel agents will very often add their own mark-up which is often a multiple of whatever the regular commission paid to a broker would be. Another sector that does this routinely is the removals business.

 

[Sheryl]

4 hours ago, Etaoin Shrdlu said:

Is it possible to get "cheaper" medical insurance in Thailand compared to what you already have with Cigna Global?

 

That depends upon what you mean by "cheaper".  Cheaper can mean lower purchase price and it can also mean lower quality.

 

Can you get a policy with a lower premium? Probably. 

 

Will it provide coverage that is as broad or broader than your Cigna policy with similar limits? Probably not.

 

Thai policies will likely not transfer as much risk away from you as your Cigna policy. You will retain more risk via lower limits, broader exclusions and more unfavorable underwriting approaches. Then there is the issue of claims-paying attitude of Thai insurers and fewer consumer and regulatory protections here.

 

In my opinion, taking into consideration of the total cost of risk and not just premium spend, Thai insurance policies are on balance more expensive than some offshore products offered by large multinational insurers.

 

 

In addition to the above, I would add that Thai insurance policy regulation is much weaker than that in most western countries and allows such practices as raising rates on an individual basis after a claim (in addition to age related hikes).

 

Almost always better to get an internationally issued policy.

 

In addition, many Thai policies drop you at a certain age and thosee that do not, have skyrocketing premiums after rage 65 or so. In some cases annual premium is same as maximum cover, incredibly enough.

 

As for the relatively high cost of Thai policies, it is in part because the market is so small; Thais have universal health care cover so very rarely get private insurance.

 

If you have health care cover in your home country and are OK with returning home for any non-urgent care, a travel policy is certainly an option. But take care if you have any pre-exisitng conditions as only a few will cover those (and then, only up to a certain age).

 

Another consideration is if you might eventually live in Thailand fulltime. It gets much harder to get a new policy as you age so you might be best off keeping what you have.

 

Besides Cigna Global there is a product called "Cigna Close Care" which is usually less expensive and provides some cover in your home country. And/or, you might look at combining deductible with copay option to lower premiums.

[phetphet]

It's not so much the insurance companies charging "Farang" price. It's more the hospitals charging, "Insurance company is paying" price.

[Tazmo]

Try SBC Insurance, they’re the best for cheaper premiums.( A European Insurer).

[it is what it is]

17 hours ago, Airalee said:

It seems as if every time a health insurance cost thread is started it becomes nothing more than an apples to oranges comparison in prices because only one variable (or none) is presented by whoever is stating their own personal policy cost.

 

To better ascertain what people are paying and why, the following information is vital otherwise the answers and advice will be completely useless.

 

1.  Age of insured

2.  Policy limits

 

3.  Deductible amount.  (One persons “high deductible” is another persons “low deductible)

 

4.  Prior claims history (multiple claims can cause premiums to increase)

5.  Smoker?  Drinker?  Exclusions for previously existing conditions?

 

6.  What countries will the insurance cover you and to what amount.  Many companies won’t cover much (if any) in the US for example.

 

Best to call a broker and just get quotes based upon the policy that you want for your personal situation.  What other people claim to pay is of little relevance to what you might pay.  No idea if there are “foreign prices” and “Thai prices”

 

agree, medical insurance is tailored to the individual, therefore you can;t compare like with like. the best thing to do is obtain quotes from various insurance companies and go with the one that fits best with your own personal circumstances.