As with many areas of life, top-ups allow us to to boost a product up to a level which is satisfactory. Top up insurance in Thailand is no different. Many of us who work for companies will have an employee medical insurance scheme which we are part of. Unfortunately, many employers do not understand how health care costs can escalate in Thailand, or are simply looking to save on money when it comes to purchasing a scheme for their staff. As a result people are often stuck with an insurance policy which has a low ‘per disability’ limit, and a policy which could leave them facing financial ruin should they have a serious illness, or be involved in a serious accident, where the small headline limits on their policy is quickly used up.
The solution to this problem is to go out and to purchase a top up insurance policy to run alongside your work scheme. Lets use the following as an example: Your work policy has a per disability limit of 500,000 THB. You can then purchase a top up policy which has a high deductible, which then picks up the costs once the work policy is depleted. If you break your leg and the cost is 800,000 THB the work policy pays the first 500,000 THB and then the top up policy pays the next 300,000 THB. Due to the fact a high deductible is in place, top up policies can be purchased very cost effectively. This means you have peace of mind without having to break the bank. Speak to your intermediary regarding top up plans, as they can be complicated to set up.
People approaching retirement should also look at top-up insurance plans for another reason. Many insurers have cut off dates for enrolment onto their plans. You need to be aware that you may pass these cut off dates while employed and under an employee scheme. To avoid this, it’s crucial that you, or your intermediary, research the market and are aware of the cut off dates for potential products which can cover you into your retirement. Managing this overlap will allow for you to leave your employee scheme upon retirement and then be covered under the second plan. Before going down this route, you should make sure your employee scheme does not have a provision to allow those leaving the scheme to transfer onto individual policies. If this is a possibility, it may well be the best way to proceed.
