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]

On 12/17/2024 at 8:56 AM, 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 those that do not, have skyrocketing premiums after age 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.

[JBChiangRai]

Always check Trustpilot for any insurance company recommended, there some scams/get rich quick schemes out there, some brokers push them because they pay outrageous commissions.

[CallumWK]

Just now, JBChiangRai said:

Always check Trustpilot for any insurance company recommended, there some scams/get rich quick schemes out there.

 

Trustpilot in itself being the biggest scam, since you can buy your rating and reviews on Trustpilot

[JBChiangRai]

2 minutes ago, CallumWK said:

 

Trustpilot in itself being the biggest scam, since you can buy your rating and reviews on Trustpilot

 

Yes I agree that a good trustpilot review can't necessarily be trusted, but a bad trustpilot review can be trusted.

 

I'm thinking of one particular insurance company that props up regularly on this platform.

[Cardano]

All health/medical insurance is a scam, it's a one year contract and any medical condition that develops in that year will become a pre-existing condition for the following years.

[Etaoin Shrdlu]

4 hours ago, Tazmo said:

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

 

What's the name of the insurance company that SBC places the coverage with?

[JBChiangRai]

1 hour ago, Etaoin Shrdlu said:

 

What's the name of the insurance company that SBC places the coverage with?

Probably be the one you need to check on trustpilot?

[Etaoin Shrdlu]

8 minutes ago, JBChiangRai said:

Probably be the one you need to check on trustpilot?

 

Yup.

[ppatrick]

On 12/16/2024 at 8:31 AM, CallumWK said:

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

 

Does travel insurance have sufficient coverage? My guess is that it would be quite expensive to buy a travel insurance during the 5 month stay in Thailand. No? BTW I'm not old enough to get social security. By the time I qualify, it would probably be gone haha So I don't really expect to see it.

[ppatrick]

On 12/16/2024 at 8:59 AM, Airalee said:

No idea if there are “foreign prices” and “Thai prices”

Thanks for your reply. Totally agree on the many "missing info" to arrive at the insurance premium.

The "farang price" and "Thai price" is very common. For example, many places charge foreigners more than Thai nationals. Sometimes street vendors would sell a bottle of Coke to the foreigners twice the price of the Thai price.

[ppatrick]

19 hours ago, Etaoin Shrdlu said:

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.

Thank you for this insight. 

[ppatrick]

15 hours ago, stewart479 said:

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.

Interesting. NZ$750 = $553. That's a lot more than $318. So, you've got a cheaper price for the exact same policy in Thailand through your friend. Do you know whether your friend skip part of his commission causing the price to be lower?

[ppatrick]

15 hours ago, Sheryl said:

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.

Thanks for this eye opening info. 

 

15 hours ago, Sheryl said:

Thais have universal health care cover so very rarely get private insurance.

Yes they have universal healthcare but I've heard that it's not that good. Hence some economically well off Thais have their own private insurance. I'm just curious whether we (foreigners) would pay about the same price as Thais if we were to be a Thai citizen (hence no farang premium).

15 hours ago, Sheryl said:

Besides Cigna Global there is a product called "Cigna Close Care" which is usually less expensive and provides some cover in your home country.

Great info! Thank you 🙂

[ppatrick]

13 hours ago, Tazmo said:

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

Thanks. What's SBC short for? How about the coverage? Do they actually pay the claims? It would be suck to have an insurance like those from UHC, United Health Care, that their CEO just got gun down a week ago because they denied claims at a whopping rate of double the US industry standard.

[ppatrick]

9 hours ago, Cardano said:

any medical condition that develops in that year will become a pre-existing condition for the following years.

 

Just like as we get older, our premium increases 😑

[JBChiangRai]

1 hour ago, ppatrick said:

Thanks. What's SBC short for? How about the coverage? Do they actually pay the claims? It would be suck to have an insurance like those from UHC, United Health Care, that their CEO just got gun down a week ago because they denied claims at a whopping rate of double the US industry standard.

Get a quote and then check the proposed insurance company against Trustpilot.

[Etaoin Shrdlu]

2 hours ago, ppatrick said:

Thanks. What's SBC short for? How about the coverage? Do they actually pay the claims? It would be suck to have an insurance like those from UHC, United Health Care, that their CEO just got gun down a week ago because they denied claims at a whopping rate of double the US industry standard.

 

SBC is an insurance broker, not an insurance company, so SBC does not itself pay any claims. Claims would be paid by the insurance company they place their clients' risks with.

 

Do some research on which insurance company or companies SBC works with and then check them out on Trustpilot.

 

 

[mrwebb8825]

On 12/16/2024 at 8:16 AM, ppatrick said:

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.

Yes, next question.

 

They charge Farang prices in Farangland also. (when was the last time you got a free house, free money, free insurance, etc in your home country?) Thailand is just more open about it.