Advertorial Why health insurance costs keep rising in Thailand

[CharlieH]

 

Health insurance premiums for expats in Thailand often increase each year, sometimes without an obvious reason. Understanding why these rises happen and how to manage them can help you stay in control of your coverage and protect your finances.

Why do health insurance premiums go up yearly

Premiums rise due to several key factors:

• Medical inflation: Private hospitals and clinics can raise prices annually for consultations, treatments, and medicine. New technology and higher staff salaries add to costs, which insurers then pass on.

• Ageing risks: Older people generally need more care, making them higher-risk for insurers, so premiums increase with age.

• Expensive new treatments: Innovations like robotic surgery, gene therapy, and advanced scans improve care but are costly, impacting insurance pricing.

• More claims: When more policyholders make claims, insurers distribute costs across all members, hence raising premiums.

• Currency fluctuations: For international plans priced in USD or euros, a weaker Thai baht can make premiums higher locally, even if the foreign cost stays the same.

 

Reviewing your policy each year ensures you’re not paying more than necessary. Get a free quote today!

 

 

How rising costs affect expats

Even without claims, premiums can rise, impacting budgets and coverage. Here are a few reasons why rising premiums could affect expats in particular:

• Higher costs without using insurance: Insurers may adjust prices based on overall healthcare spending, not individual claims.

• Retirees feel it most: Those on fixed incomes may struggle to maintain full coverage.

• Budgeting challenges: Unplanned increases can force some to downgrade or drop coverage, leaving them exposed.

• Rising Thai medical costs: Medical inflation in Thailand averages 5 to 9% yearly, making insurance essential to avoid unexpected bills.

 

With rising costs in mind, be sure to regularly review your policies and stay on top of costs to make sure you maintain the coverage that you need.

Ways expats can save on health insurance

Here are a few practical strategies to reduce premiums without compromising protection:

1. Choose a higher deductible: Lower monthly or yearly payments in exchange for higher out-of-pocket costs when care is needed.

2. Review coverage annually: Adjust your plan to remove unnecessary benefits like maternity or global coverage.

3. Pay annually: Insurers often offer discounts for full-year payments.

4. Use wellness or no-claim rewards: Some plans offer up to 10% savings for staying healthy or claim-free.

5. Pick a flexible provider: Companies like Cigna allow customisable plans to fit your lifestyle and needs.

Extra tips: use in-network hospitals, consult a broker, or leverage Thai social security if eligible.

Why the right provider matters

A trusted insurer makes a big difference for expats. Here’s why:

• Flexible expat plans: Plans such as Cigna adjust coverage, benefits, and deductibles as your needs change.

• Global network and support: Gain access to over 1.7 million doctors and clinics worldwide, with 24/7 multilingual help and telemedicine options.

• Clear pre-existing condition policies: You know what’s covered and get support for long-term care.

• Visa-compliant coverage: Get plans that meet Thai visa requirements, simplifying renewals.

• Cost-saving options: Higher deductibles, annual payments, and no-claim bonuses help manage long-term expenses.

 

With a reliable provider like Cigna, health insurance becomes more than coverage; it’s a partner in managing your health and finances while living in Thailand.