For established expats, or ones who have just moved here, expat insurance in Thailand is crucial to ensure that your time in Thailand is stress free. Knowing that you are covered in the event of the worst case scenario leaves you to focus on the things that are important in life.
For some of the lucky ones, your insurance needs will be taken care of as part of your expat package. For everyone else, moving to a new country can feel like a step into the unknown. There may be new things to consider that had not been a consideration in your home country, and we shall look at some of these factors in the following article.
At Seek2Insure we spend a lot of our time helping our expat customers to understand the risks of living in Thailand, and helping them to find products which meet their requirements. We strongly advise that you enlist the help of an intermediary who understands the local market and one who understands the dangers of under-insurance. Whilst it is tempting to opt for cheap products, you could be left facing serious financial consequences should such products fall short at your time of need.
So what should I consider when moving to Thailand one may ask?
1. Healthcare provision. Many Expats in Thailand will come from countries where there is a healthcare system one can fall back on. In Thailand you either go down the road of using the private hospital system, which has some of the best standards of healthcare anywhere in the World, or you could opt to use the government hospitals. Generally speaking, you can expect to queue for long periods, stay in far from luxurious accommodation and be cared for by staff whose English may not be proficient. For the majority of expats, they will want to opt for the private route. With this, expenses can very quickly escalate to international levels, so private medical insurance should be a key consideration for you. With that, you should aim to cover for a minimum of 5 million THB per disability.
2. Security. If you are going to be living in a condo or apartment building then the chances are that your building will employ a security company to take care of protecting the building. Whilst in the majority of cases this provides a good level of security, in some cases theft and break in’s still occur. If you are planning on living in a stand alone property which is not protected by round the clock security, then the chances of being a victim of a break in are much higher. In both of the above examples, property insurance will provide peace of mind should a break in occur.
3. Legal issues. If you are planning on employing either a driver or a domestic helper, then you will need to take account of Thailand’s Workman Compensation and Employer’s Liability laws. Should someone fall sick as a result of working for you then you would be liable. It’s therefore crucial to have cover in place should such an issue arise.
All in all expat life in Thailand can be a very rewarding and pleasant one. Be sure that you protect yourself against any unexpected issues by getting adequate insurance cover.