Is Your Health Insurance Coverage Enough?

The recent pandemic has prompted many people to think about health insurance. While many employers offer insurance coverage for employees and their families, we should take the time to understand exactly what is covered. Here are some tips about reviewing your current insurance coverage and what to consider if you require additional coverage for your needs.  

By Richard Cayne, Photos by freestocks.org from Pexels  

We hear about unfortunate situations that befall families in the expatriate community in Bangkok from time to time and it is both heartbreaking and frustrating. There have been cases of people working in Thailand, who needed emergency care at a private hospital in Bangkok. Unfortunately, in these cases, the healthcare coverage provided by the employer didn’t cover the total cost of the final bill. Faced with this financial hit, families had to reach out to friends and family to raise funds to cover the cost.

To have to go through such an experience is devastating. The trauma compounded by unforeseen medical costs is even distressing as well as frustrating. Many people may express disbelief that employer-provided health insurance doesn’t cover all the medical bills. Unfortunately, this kind of story may be more common than we think.

Employers do not have to provide healthcare in Thailand

Technically, expatriates legally working in Thailand can avail themselves of the Thai healthcare system through the social security insurance mandated by the government. This free medical care is extremely limited in terms of when and where you can go for different treatments. And navigating all this can be very difficult if you don’t speak Thai. 

So, many employers will offer healthcare through group policies. Because this is a benefit, it is up to the employer to determine what type of coverage employees will receive. If you’re coming from a country with government-provided healthcare or where companies offer generous healthcare benefits, you may have assumed that your current coverage from your employer in Thailand is enough. It most likely isn’t. If you cannot say for sure that you (and your family) are fully covered for all situations, you should set aside some time soon to find out.

How much will your current health insurance cover?

Whether you’re in Thailand or England, Japan or Mexico, you should know what level of healthcare is available to you, especially as an expatriate. For example, many European countries have national healthcare systems, but foreigners must pay an added premium to take advantage of this benefit. There is national healthcare in Thailand, but only expatriates who are contributing to Social Security, as mentioned above, can use this part of the healthcare system, and it has its limits.

But, if you have employer-provided health insurance, no worries, right? Maybe. Here are some questions you should know the answers to:

• If you have family, will they be covered? If not, can they be included? You may have to pay for their premiums, but it doesn’t hurt to ask.
• Can you go to any hospital? Some policies require you to pay out-of-pocket if you visit an out-of-network hospital. Some won’t cover you at all.
• What is the outpatient coverage? Most private hospitals charge around 1,500 baht per visit, just for the doctor’s time. And any tests or medicines may or may not be included.
• What tests are covered and for how much? MRIs, for example, can cost over 15,000 baht a test at a private hospital.
• Are emergencies/accidents covered separately, if so, are there any exclusions?
• What is covered if you need to stay overnight? Just a room and nurses fees for a private hospital can start around 4,000 baht a night. This doesn’t include medications, tests, doctors’ visits, special meals, etc.
• How will pre-existing conditions or preventative care be handled? Even some group plans may ask about pre-existing conditions, while others may not pay for screenings or immunizations but may offer discounts or special packages with certain providers. 
• How about portability? Can you take your policy with you if you leave your current employer with a group insurance scheme? Many aren’t portable, and if you develop a pre-existing condition and your current policy is not portable, you may be uninsurable or at least face exclusions for that condition.

This is by no means an exhaustive list, but you should get the point. If you want to find out more, ask a trusted financial advisor for some help. Some may feel uncomfortable asking these questions, but we’re not trying to spark your inner hypochondriac. We just want you to feel secure that you and your family are covered in the unlikely chance of severe illness or accident.

What happens if you don’t have the coverage you want?

If your employer offers exceptional coverage for you and your family, excellent! 

If not, no need to panic.

If you need additional insurance, either to include family members or to expand coverage, ask if you can do this through the company’s provider. This should be the most convenient route as you’ll be using the same company. However, some insurance companies don’t allow that option. Even if they do, you may want to shop around to compare costs. Getting an additional policy to supplement employer coverage is common practice in Thailand. Most of the major international insurance companies have offices here. But, don’t be afraid to ask around the community. You may find suggestions or advice that will help you. 

While we’re on the topic of insurance, you may want to look into income loss insurance, especially if you’re an expat, and especially if you have a family. This is a separate policy that will pay out if you are unable to earn an income, usually due to an illness or accident, but you can also get it for unexpected unemployment.

This may seem like a lot to consider, but these are important decisions that, if you take a bit of care to address now, will ensure you and your family will be medically and financially taken care of in the future.

About the Author

Richard Cayne runs the Meyer Group of companies. He is a native of Montreal, Canada and after graduating from Concordia University, he moved to Tokyo and worked in the Wealth Management space. He started Meyer Asset Management Ltd in 2000, and in 2010 moved to Bangkok, where he lives with his wife and two children. Richard encourages his clients to discuss their family’s finances with their children in the hopes of getting them involved in understanding how they can preserve and grow wealth and contribute new ideas towards the common goals of the family. More information: en.meyerjapan.com.

The views expressed in the articles in this magazine are not necessarily those of BAMBI committee members and we assume no responsibility for them or their effects. BAMBI News welcomes volunteer contributors to our magazine. Please contact editor@bambiweb.org.