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Why is it important to get health insurance for the long term?
Obtaining health insurance for the long term is a significant matter for every expat. While expats may enjoy free national healthcare at home or even medical insurance from their employers, they still need an insurance policy that will cater to their changing plans and medical needs. Whether you’re moving to another country, deciding to start a business abroad, or retiring away from home, it is important to obtain a private health plan that can serve you well throughout the course of your lifetime.
What do we mean by health insurance for the long term?
When we say health insurance for the long term, we’re describing the act of purchasing health insurance with the intention of keeping it for a long time, or even for life. Long term health insurance is more of a strategy, really. It assumes that a client won’t switch insurance plans every renewal period, and will choose one plan wisely, hoping for continuous coverage, and stable premium increases throughout the plan’s lifetime.
Such insurance plans will protect the client from potential financial loss due to high medical bills or drastic premium increases in the future and will cover them for as long as they want it to.
Why is it important to secure health insurance for the long term?
Here at Pacific Prime Thailand, we recommend all of our clients to opt for high-quality plans, which offer the right benefits at the right price. These quality plans can then be renewed every year and you, as our client, can have peace of mind knowing that your plan won’t disappoint you in the long run. What are other reasons why you should secure health insurance for the long term?
The main reason: Cost-effective medical insurance for now and in the future
Company health insurance plans are great, and usually also cover pre-existing conditions. But what happens if your next employer doesn’t offer medical insurance? What happens if you ever want to become a business owner in a foreign country, or decide to retire here in the beautiful Land of Smiles? Having a private international health insurance plan poses multiple benefits – the biggest one being its cost-effectiveness in the long-term.
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Stable premiums
A quality, long term health insurance plan will have a history of steady premium increases. And while price increases are unavoidable, knowing that your plan’s premiums are stable is the most important thing. Oftentimes, policies with low premiums and good benefits are only a short-term solution, as, after a period of time, the insurer may increase premiums drastically to compensate for their initial losses, leaving you with no other option but to switch plans.
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Pre-existing conditions
In our modern world, noncommunicable diseases (NCDs), or chronic diseases, are responsible for 71% of all deaths globally. Chronic diseases tend to be of long duration, and in the insurance industry, they are called pre-existing conditions and are excluded from coverage for any new person joining the policy. However, if a chronic disease develops over the duration of your current plan, you stay protected, and generally speaking, your insurer won’t increase your premiums based on your NCD or refuse to reimburse you for treatments related to your NCD.
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Lifetime plans
Usually, insurers won’t accept any new joiners, and some will even refuse to renew the plan after a certain cut-off point. There are, however, some insurance plans without the usual age limit of 64 to 69 years old. These are the policies you might want to opt for, as you’re more likely to utilize your plan when you reach old age.
To recap the above, stable premiums, cover for chronic diseases, and the possibility of keeping a plan lifelong are some of the main benefits of securing health insurance for the long term.
Be protected wherever you are:
As important as the quality of the plan’s benefits and the insurer’s history of premium increases are, there are certain elements that are only offered by international medical plans:
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International coverage
You are residing in Thailand, but let’s say you need a specific type of eye operation and the closest hospital that performs such treatments is in Japan? With an international health insurance plan in hand, you will not have any issues, or second thoughts before scheduling a visit there. Global plans cover you worldwide and follow you wherever you go.
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Private hospitals and clinics
In countries where the primary language isn’t English, an expat’s best choice where healthcare is concerned is to visit a private clinic/facility. Not only is the private sector known for international and English speaking staff, which of course, make the communication part easier, they are also known for higher standards of care, specialists, and medical equipment.
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Auxiliary coverage benefits
Some international policies also offer supplemental support services that might come in handy, in case of emergency or when you need:
- Assistance for major political/terror issues
- Medical evacuation
- Right to a second opinion
- Convenience services – e.g., 24-hour nurse advice hotlines, pharmacy delivery, and more.
How can you secure health insurance for the long-term?
You can determine how to choose the best health insurance for the long term by reading our recent publication: Guide to obtaining long term health insurance, which is available to download for free. In this guide you’ll learn how to determine the quality of a health plan, taking into consideration things like the plan’s benefits vs. price, the insurer’s reputation and history of premium increases, among other essential factors.
You can also use our specialist, free advice from Pacific Prime Thailand. Our insurance advisors will help you secure a plan that is cost-effective both now and in the future, recommend plans with the best benefit limits and provider networks for your needs, and even negotiate premiums and benefits for you. When the time comes, we will support you with your renewal process and assist with all aspects of claims processing and submissions. All these offerings are part of our complimentary services, so feel free to start a conversation with Thailand’s leading insurance broker today!
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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