Any Ideas?

[MichaelJohn]

I'm mid 50's in good health and have just paid approx $1,700 with a reputable "big name" insurance company for my annual Health Insurance policy

The premium has gone up 9% this year; typical of recent years.

If premiums continue to increase at this rate my premium, when I'm 70, will be $7,000+ (out-patients only) or about B20k per month.

Like most retirees my income doesn't increase; or is relatively static, so will be much the same when I'm 70 as it is now.

So I doubt this policy is sustainable ..........

Apart from; "leave the country", "don't be insured" etc etc are there any good ideas for alternatives ?

What do most of my fellow ex-pats do?

[lopburi3]

Suspect most will not have outpatient coverage . The major inpatient expense is the real fear for most insurance.

[Suradit69]

when I'm 70, will be $7,000+ (out-patients only)

Maybe you meant for in-patient care. Most policies that people refer to as "health insurance" here are really only for treatment received when admitted to hospital. When I had BUPA I didn't opt for the out-patient add-on because the additional premium was about the same as the maximum possible pay-out for the year.

With BUPA they sort of guarantee that if you start coverage before a certain age (55 or 60 ??) and keep paying premiums they won't drop you, but obviously as you age and accumulate a history of claims, the premiums will escalate to the point where most people will drop the coverage.

I would now be in the situation the O/P predicts for himself in future, but fortunately my former US employer provided full coverage for all things medical as part of my retirement package and that kicked in at 65.

I don't think there is any solution to the problem posed by the O/P if he expects to be treated at private hospitals in Thailand. One could "self-insure" and pay the annual premium into a savings account and hope it builds to a respectable amount before it's needed. Obviously a gamble.

Possibly some insurance company back in Farang Land offers coverage that kicks in for major medical expenses over some set amount, for example anything over $5000. Whether you can find such coverage from a reliable company and that would be available to people "overseas" is uncertain. A description of such catastrophic or major medical insurance is given below:

Catastrophic Health Insurance

Catastrophic health insurance plans are designed to provide an emergency safety net to protect you against unexpected medical costs.

Catastrophic plans are individual and family health insurance plans that emphasize coverage for hospitalization or serious illness. The word "catastrophic" is not always used in the name of the plan - they may also be referred to as hospital-only or short-term plans. Catastrophic plans may not provide coverage for other services such as prescription drugs, regular doctor's visits, immunizations or checkups.

Monthly premiums for catastrophic plans may be lower than those of other health insurance plans but annual deductibles are usually higher. That means you may have to pay for the first $2000-$5000 of medical expenses each year before the insurance company begins to pay for covered services.

[ukchatterbox]

Muang Thai offer varying levels of cover well within your current premiums. Unlike most, providing you take cover befor your 70th Birthday cover can continue until required without age restriction. Quotes/documentation are provided in both Thai and English. PM me if you want further details.

[siam2007]

Muang Thai offer varying levels of cover well within your current premiums. Unlike most, providing you take cover befor your 70th Birthday cover can continue until required without age restriction. Quotes/documentation are provided in both Thai and English. PM me if you want further details.

any contact address / number would be helpful to many me thinks, so maybe you r allowed to post it here ? or if no, can you send me a msg about it ?

[ldnguy]

Insurance companies offer you an umbrella when it's not raining, but then take it away again once it starts raining.

I don't have any health insurance, as I prefer to pay myself. I have save a small fortune on all types of insurance over the years. Insurance companies make a profit, so the average payout will always be less that what was paid in. So makes more sense to save and invest yourself. That way you're your own insurer. Of course, that may mean you can't cover a real disaster. But that's life.

I also think that this is where many people expect something for nothing. They want low payments but great cover. If you're expecting a $100K claim during your lifetime, then you should expect to pay $100k+ in as well. Insurance companies aren't stupid. At 70, premiums need to be high to cover claims. Again, that's life. Up to the individual to plan for these events.

I suppose the answer is to save from a young age, but most won't do that even if they can afford it.

Edited January 11, 2015 by ldnguy

[rrreeeuben]

The premiums are ridiculously high :X what sort of health insurance is that???? Does it even have any cash value

[rrreeeuben]

I think you should get a whole life insurance with a limited pay option. Ie you pay for 8 years and get coverage for your whole life.

[fletchsmile]

Shop around each year for the lowest quotes. Insurance companies often don't give the best rates to existing companies and rely on you people lazily renewing. They then offer promotional rates to attract new clients.

Worth also asking for discounts, and don't just accept the renewal quote, particularly after shopping around.

Are you buying in Thailand or outside Thailand? Some types of Thai insurance tends to be expensive compared to say UK? Hence may pay to switch to outside Thailand, but make sure the policy will cover here.

Think about what coverage you actually need, and what eventualities you need to protect against. Look if you can remove unneccesary coverage or have a higher excess. I've had policies thru employment for example where they will pay the first X thousand baht for outpatient, but in my view the maximums or coverage for serious stuff was too low. i.e I could afford the few thousand baht for outpatient so wasn't really bothered about that. What I was more interested in was critical illnesses, serious stuff which can run into millions of baht, and would have caused me problems. Policies that pay every time you just visit for anything are expensive, and while it was nice to cover the few thousand every time I saw a doctor it wasn't really essential coverage. So focus on what would cause you a problem financially and just seek protection for that.

These days I don't take out insurance, and have enough put by to cover expenses. So when it's a few thousand dollars for coverage, I'd rather skip it, as most years my medical bills would be less than I would pay out, and can cover the biggies now

Cheers

Fletch

Edited January 11, 2015 by fletchsmile