Are you in the market for health insurance? If so you’ll know that the number of insurance providers and options in the market are huge. When buying health insurance it's crucial you do your homework, and find a plan which meets your requirements!
What should we be looking out for? What might the insurers not be telling us that you MUST be aware of?
Here we look at some common issues which leave people facing issues! We help our clients make informed decisions.. So they are not left with a sour taste in the mouth later down the line if issues arise.
- Pre Existing Conditions. Health insurance companies will not cover pre-existing conditions. Period. You may be able to secure moratorium terms which will cover issues if a certain period of time has passed.. But ongoing chronic issues will not be covered. Not declaring issues on the application does not mean you are in the clear. Insurers will check your medical records!
- Direct billing. A direct billing arrangement an insurer has with a hospital does not guarantee your claim will be paid. It simply means approved claims can be paid directly to the hospital without the policy holder having to pay and claim. Remember… Insurance cards are not credit cards.
- Inadequate cover. Simply having an insurance policy in place does not mean you are protected. The market is awash with low end plans which do not cover people in the event of serious accident/illness. A 400,000 THB cap will be of little help if you’re in intensive care for longer than a week. We recommend our clients cover a minimum of 5 million THB per year. This will ensure you are well protected against high cost claims.
- Waiting periods. Some providers will have waiting periods on certain benefits. It’s crucial you are clear on what these are before you start a policy. A common example is maternity coverage, which is normally subject to a 10 or 12 month waiting period.
- Premiums. Health insurance premiums increase with age. It’s unavoidable. Some providers work using 5 year age bands, and some have a smaller annual increase. Most providers will also have an annual premium review where inflationary increases can also be applied.
- Upgrading. Upgrading of your plan may be possible with your provider. However, you should be aware that any issues which were covered under the previous policy will continue to be covered at the lower level following the upgrade.
- Outpatient cancer care. Is it covered on your inpatient plan? Some providers require you to take outpatient cover in order to be covered for outpatient cancer treatment. Considering most chemotherapy is administered on an outpatient basis, it’s worth checking if an inpatient only plan will leave you exposed to potentially massive costs.
- Exclusions It makes perfect sense to understand the exclusions on your policy. All policies have them…and understanding them prevents any unexpected surprises. All insurers will have a terms and conditions document or policy guide. Take time to read it!
Here at Seek2Insure we work with our clients to make their health insurance journey pain free and easy. We will focus on products which meet your needs, and most importantly, leave you well protected in Thailand.