For peace of mind, health insurance is the only option

 

  Even more worrying is that most medical debtors were well educated and middle class. Although private healthcare in Thailand is not as expensive as in the US, it is becoming out of reach for the vast majority of the Thai middle class. 

Not surprisingly, many people try to re-duce their healthcare costs by skipping preventive care and delaying visits to the doctor when they begin to experience symptoms of illness. This is a “penny wise, pound foolish” response. It’s much wiser to spend your money on health insurance premiums now than face staggering debt for years to come.

This is especially so when starting a family, as children will go through all sorts of ailments as they grow into adults. Young children will require a lot of healthcare as they are more susceptible to diseases with a weaker immune system. Costs are the primary consideration when most people choose an insurance plan, which can be overwhelming, and it’s often difficult to distinguish the particulars of one policy from another. 

Insurance products fall into two categories – group coverage and individual coverage. An employer, government agency or labour union provides a group plan, while individual plans are negotiated between an individual policyholder and his insurer. 

Generally, group coverage is less expensive because the provider pays most of the premiums for the user. 

If a group insurance plan is available, it will probably provide more comprehensive coverage than an individual plan. This is because a group plan pools policies within an organisation and ultimately reduces costs for the insurer. 

With an individual plan, you purchase it independently from the open market and your employer is not involved. Individual plans are generally much more expensive than group coverage and provide limited protection.

Premiums are generally the first thing we consider, since this is often a paycheque deduction. However, there is much more than the cost. Considerations to take into account when choosing health insurance for you and your family include evaluating your lifestyle, expectations and payment capacity. 

Together with age, it will determine the comprehensiveness, principal and payment terms. 

Your family medical history should also be reviewed. If there is strong history of critical illnesses like cancer, then you should get coverage for it too.

Note any pre-existing conditions, as any illness arising from them will not be covered. It is better to get insurance early in life when there are no or very few pre-existing conditions.

Health is precious and while we will do everything we can to preserve it in its best state, there will definitely be days when you will need medical care. 

Having health insurance protection can help lessen the angst when those days come. Stay healthy and don’t forget to protect yourself and your loved ones.

 

Vira-anong Phutrakul is managing |director of retail banking and head of branch distribution at Citi Thailand