Health insurance can be a bit of a minefield even at the best of times. Here we look at 7 common mistakes which Expats make regarding their coverage.
- Un-insured
By far the biggest mistake some people make is being completely uninsured in Thailand. For whatever reason they have decided against insurance. If you’re ok with raiding your savings in the event of expensive hospital bills and have enough saved you’re good! If you don’t have adequate savings, big hospital bills could leave you in a very bad position.
- Under-insured
Having an insurance policy alone does not mean you are fully covered in Thailand. If you run up a hospital bill of 2 million THB, and your policy only covers 500,000 thb, you’ll need to find the other 1.5 million to foot the bill. Whilst low benefit plans may look appealing due to their low cost, they will be of little help in the event of a serious illness.
- Prioritising outpatient over inpatient
Generally speaking, outpatient care in Thailand is affordable even at the best hospitals. While it’s great to be covered for these minor bills, make sure it’s not at the expense of good inpatient cover. Inpatient is where the largest bills are racked up. Make sure you are covered for these.
- Not exploring deductible options
Deductibles or excesses allow you to reduce premium by agreeing to take on some of the risk yourself. For example, you may agree to cover the first 30k of costs per year in return for a lower premium. This is particularly useful for people who are 50+.
- Using offshore providers
If you are resident in Thailand then use a Thai based insurance company. This means you can pay in THB, and you are protected by the local regulatory body, the OIC, in the event of any issues.
- Lying on the application
When completing an application form for health insurance make sure you tell the truth. Insurance companies investigate at the point of claim and if you have undeclared pre-exisiting conditions it can mean claims may not be paid. An insurer can also ‘walk away’ from a policy if they have sufficient evidence that you lied at the point of application.
- Failing to understand the policy wording and terms
Make sure you understand the plan you have brought. Understand the benefit limits and if there are any exclusions. By doing so, you can be sure of what is covered and what is not covered.
