How to spot a good health insurance company in Thailand
There are a lot of things about health insurance that are reliable. For instance, as long as you adhere to the terms of your policy, you can count on a good health insurance company to reliably reimburse you for covered medical costs. Also, most years you can expect some type of increase in the cost of health insurance premiums.
Of course, not everything is reliable when it comes to health insurance in Thailand. For both locals and expats in the country, there are a number of different options to choose from when it comes to not only your healthcare provider, but also your insurance provider. Those that choose to seek out the high quality care in Thailand through private or international hospitals will also no doubt want to have a quality comprehensive insurance policy to go along with it.
A Thailand health insurance policy is only as good as the company that provides it, though. So how is one to know which companies should and should not be seriously considered when choosing a new health insurance company? Here, Pacific Prime Thailand breaks down the factors that buyers should keep in mind when choosing the company that will be insuring their, as well as their family’s, livelihood.
Thailand health insurance
If you are a new arrival in Thailand, you may be asking yourself, “Do I even really need good health insurance here? I thought there was a universal healthcare system in place?”
If you had this thought, you would not be incorrect. Thailand has had in place a healthcare system that provides subsidized medical care for just about every resident in the country at very affordable prices ever since 2002. The country’s Ministry of Public Health and other non-ministerial government agencies oversee the entire system.
The public healthcare system is not without its shortfalls, however. Residents are restricted in which hospitals they can use to receive subsidized care, long queues and wait times are common in many public medical facilities, doctors are often overworked and don’t get to take a proper amount of time with patients, and communication can be a major issue for expatriates in Thai public hospitals.
As a result of these points, many people in Thailand purchase private health insurance plans so that they will then have access to high quality private and international hospitals in the country, and the significantly pricier care that can be received in them.
What makes a good health insurance company?
If we were to pose the question, “What makes a good health insurance company?” to many people out there, the number one answer from a significant portion of respondents would likely be, “A low price.” Yes, people are always worried about the bottom line when it comes to many aspects of life, but we’re here to let you know that this actually should not be the case when it comes to good health insurance.
A good health insurance plan is so much more than just want you pay for it. While keeping within your budget is important, there is still certainly a range of service levels between insurers, and Pacific Prime Thailand implores people to seek out the best value that they can get from their health insurance, rather than the lowest health insurance prices.
Below are some of the major factors that make for a good insurance company with this in mind:
- Full reimbursement – The way many health insurance plans work, a person will have to settle their medical bills with their own funds first, and then submit claim for the amount paid to their insurer. When your financial security is on the line, you will want to know that you’ve partnered with an insurer that is known for honoring their commitments and paying out on legitimate claims.
- Timely reimbursement – Not only do you want your insurance provider to pay you back, you want it done quickly. Timely repayment is important, but sometimes you can even avoid having to pay from your own pocket at all! The best insurers will have a plethora of direct billing arrangements with hospitals throughout Thailand; thereby settling medical bills directly with hospitals, and making the process of paying such bills much easier for policyholders.
- Few exclusions – There are always particular items that will be excluded from coverage included in a health insurance policy. However, how many exclusions are included can vary quite a bit from insurer to insurer. The more exclusions a policy has, the more likely it is that the insurer will find a way to avoid reimbursement when a claim is made, so be very aware of which exclusions apply to any potential insurance plan.
- Straightforward policies and staff – Sure, all of the important aspects of a policy will be presented to you in black and white, but the print will be small, and the language can be confusing. This is why working with honest people is so important when purchasing insurance. It is on the staff you deal with to be open and forthright about the details of any plan they present you with, so doing whatever due diligence you can to connect with a trustworthy insurance adviser can go a long way to avoiding purchasing the wrong plan.
- Technology – While some insurers may still do things the old fashioned way, doing business largely on paper, top insurance providers have already greatly increased their efficiency and organization through computerization. Not only does this allow insurers to save money, which turns into savings for customers, it also allows them to create helpful online tools like online portals and digital resource centers to better serve their clients.
- Health insurance cost control – Sure, insurance premiums are likely to go up on an annual basis, but how much they go up is important to note. This is not only because of the potential costs to policyholders, but also because companies that control their costs more effectively are likely to be more stable partners for the long term.
On a related note, Check out Pacific Prime’s International Private Medical Insurance Inflation Report 2018 for more information on the real inflation rates seen among major global insurers. - Plan types – If you spend the large majority of your year in Thailand, a local health insurance plan is likely to take care of your needs. However, if you travel regularly, whether for work, pleasure, or visiting your home country, you may be better off with an international health insurance plan that can cover medical costs incurred in virtually any country, hospital, clinic, or doctor’s office worldwide. The ideal health insurance provider may specialize in whatever specific type of insurance plan you are looking for.
- Size – As in most other industries, health insurance providers come in all shapes and sizes. While some might like the personal touch a smaller company can provide, it’s also important to note that smaller insurance companies are unlikely to have the resources available to them that large ones do. Make sure any insurer you work with is able to provide everything you need.
Finding a good insurance provider in Thailand
The items mentioned above are a bit of a mixed bag in that information on some of them will be readily available and easy to find, while others will be quite hard to get a full answer to without some sort of insight into the inner workings of insurance companies, their staff, and their internal practices. Obviously, this is not an easy thing to come by for the average person.
Fear not! A well established insurance broker like Pacific Prime Thailand has close professional relationships with the top insurance companies that Thailand has to offer. That means that we know who is trustworthy, who has the features, convenience, and service levels you are looking for, and who you may want to steer clear of.
Contact us
Hopefully the above information will allow you to make the ideal choice when it comes to your health insurer. It’s understandable if you still feel a little lost, though. After all, there are a lot of different insurance companies and plans out there, and considering all options can be a very difficult task for a single person.
Fortunately, there is another way that you can cut to the heart of the issue of finding a great insurance provider by working with a trusted and experienced international health insurance broker like Pacific Prime Thailand.
Our agents are at the ready to answer any questions you may have, present you with a good health insurance comparison of local and international health insurance plans from top insurers, and give you free health insurance quotes. Contact us today!
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