The importance of Medical Insurance and how to select a suitable plan
Written by Sam Barrie on March 14, 2016.
It’s often said that there is nothing more important than your health and I can’t imagine many people would disagree with that. So how would you cope if you fell ill or had a serious accident in a foreign country where free treatment is not available? How would this affect your family, financial situation or career? As an expatriate, medical insurance should be the biggest priority you have, to ensure that you receive immediate medical attention when required and are not burdened or even restricted in care by the costs incurred. Serious conditions could end up costing a lifetimes earnings and so you want to be sure that you are adequately covered wherever you are in the world just in case.
Medical care costs in South East Asia are increasing on average between 7-10% per annum and this is having a knock on effect on insurance premiums. The cost of medical insurance can be a deterrent, certainly for the older generation where the likelihood of needing treatment is greater, but there are ways of keeping the premiums to an affordable level.
- By increasing the excess and paying a higher amount when treatment is actually needed will in turn reduce premiums.
- Co-insurance is another option where you simply pay a percentage of the treatment costs up to a certain capped level.
- Putting funds aside and ‘self-insuring’ for outpatient treatment can also make sense and one can simply take out insurance for inpatient only.
- For those who don’t travel extensively and only need regional cover will also benefit from a reduced premium.
It is important however to ensure that cost is not the only factor to base your decision, and to fully understand the difference in coverage between the variety of both local and international plans.
Infinity Solutions works with a wide range of international and local medical insurance providers and are able to provide an in depth comparison between costs and cover provided.
If you would like to discuss medical insurance options or a comparison between existing cover and alternative plans, please feel free to get in touch via e-mail at firstname.lastname@example.org