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BANGKOK 25 April 2019 13:57
simon43

Poll - do you have medical insurance/self-insure savings?

Poll - Do you have adequate medical insurance or self-insure savings?  

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Posted (edited)


This post is intended for expats living in Thailand ūüôā

 

I don't usually do polls, so my apologies if I 'screw up' this formatting...

 

We read many times about both tourists and expats ending up in hospital after a serious accident or illness, and having no medical insurance or savings to pay for the expensive treatment.  Cue 'Go Fund Me' to pay for something that (IMHO), you should have been responsible enough to preplan for, either by taking out comprehensive medical insurance, or self-insuring if you are unable to get such insurance (due to age, pre-existing conditions, self-choice etc).

 

But how many expats actually have made adequate plans?

 

Here's a poll to see what % of us have adequate insurance or savings for that unwanted scenario of serious illness or accident.  By 'adequate', I mean an insurance policy with an annual limit of at least 5 million baht, or savings of a similar amount.  (5 million baht could be the minimum amount required to cover hospital bills for a serious medical event).

 

So here's the poll.  I hope I've covered all choices.

 

 

Edited by simon43
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why 5 million?  2 million is more realistic and unacceptable I would suggest. 

 

I assume you mean 'acceptable' in your comment ūüôā

 

The 5 million baht figure is the 'minimum' that you should have (IMHO).  That's also the opinion of our experienced forum mod - Sheryl.  An insurance policy with 2 million baht annual cover will be quickly exhausted if you have to stay in ICU.

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I've voted for self insure. I'm 49 but am considering insurance, along with the self insure I'd consider going back to the UK if very serious. No poll option for going back to farangland, should have been included

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It's all about risk, obviously the greatest risk is from late 60s hence the premiums go through the roof. Prior to that one could save all those premiums to be used to self insure or use later when premiums rocket

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Posted (edited)
1 hour ago, simon43 said:

 

 

 

I assume you mean 'acceptable' in your comment ūüôā

 

The 5 million baht figure is the 'minimum' that you should have (IMHO).  That's also the opinion of our experienced forum mod - Sheryl.  An insurance policy with 2 million baht annual cover will be quickly exhausted if you have to stay in ICU.

The whole point of the insurance industry is to balance cost (premium) against probability.  that is why insurance companies employ Actuaries.  Self insurance should be approached in the same way. It would be prohibitive to self insure against the worst that could happen, unless you are very wealthy of course, or a very pessimistic person, who always fears the worst. Two million Bhat equates to around £42,000 at today's exchange rate. Unless you have existing conditions (or a family history of certain conditions materialising)  that make it more likely,  2 million is just about the right level of self insurance, especially if it is accompanied with an inexpensive accident insurance. 

 

Yes i did mean acceptable; finger trouble I'm afraid. 

Edited by Pilotman
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Posted (edited)
Quote

 


No poll option for going back to farangland, should have been included
 

 

 

Too late for me to add that - it can be covered by commenting after checking the no insurance/no savings option.

 

In any case, not all home countries offer free medical treatment.  We British citizens are fortunate in that respect.

Edited by simon43
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5 minutes ago, simon43 said:

 

Too late for me to add that - it can be covered by commenting after checking the no insurance/no savings option.

 

In any case, not all home countries offer free medical treatment.  We British citizens are fortunate in that respect.

Healthcare for Brits is not "free". Over £123Billion of taxpayers money funds the NHS

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2 minutes ago, KarlS said:

Healthcare for Brits is not "free". Over £123Billion of taxpayers money funds the NHS

and it's only accessible to permanent expats if you qualify.  I believe that after 2 years out of the UK you have to requalify by residency or you on your own. 

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2 hours ago, Pilotman said:

why 5 million?  2 million is more realistic and unacceptable I would suggest. 

 

If using government hospitals yes, but not for private hospitals. A single hospitalization can top 3 million easily if prolonged ICU care and specialized surgery involved.

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1 hour ago, scubascuba3 said:

It's all about risk, obviously the greatest risk is from late 60s hence the premiums go through the roof. Prior to that one could save all those premiums to be used to self insure or use later when premiums rocket

 

The problem with that plan is that you are quite likely to have developed pre-existing conditions by then.

 

And you may even face catastrophic expenses for a  life threatening condition before then. there was a thread recently about someone burning through their savings because they had cancer at age 59 or 60 and had planned on waiting till over 60 to get insurance. This person will nto only be penniless by the time he is done, he will have zero chance of ever now getting health insurance.

 

 

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1 hour ago, Sheryl said:

 

If using government hospitals yes, but not for private hospitals. A single hospitalization can top 3 million easily if prolonged ICU care and specialized surgery involved.

But why self insure for the most expensive option?  Yes of course ICU and expensive surgery, is, by definition, expensive, and if you are an expat from a country that does not provide free or subsidised health care provision, then maybe you need more in the bank.  UK expats are generally not in that position.   

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1 minute ago, Sheryl said:

 

Because it is the most expensive/catastrophic options that insurance is there to protect against. that is the purpose of it. Not to pay for what you could manage to pay anyway.

 

if you are in need of ICU care you will nto be in a position to fly back to the UK or anywhere else. Indeed, you may owe millions of baht by the tiem you first regain consciousness/ability to ask.

 

Plenty of frantic "GoFundMe" campaigns from Brits who found out too late that they really needed to have had health insurance in Thailand.

I'm sorry, but I couldn't live my life like that, worrying myself to death (no pun intended) about what may happen. Insurance is a game of probability analysis and risk reward algorithms. It's meant to win for the insurance company, not the individual.  They do the calculations.  Thank goodness, most people never see the inside of an ICU and they trade on that. The conically ill and the older people, who may well need medical intervention,  can't get insured anyway. 

 

Most of the GoFundMe I have seen are idiot tourists who come here without any, or adequate travel insurance. Yes, I could get caught out, but it's not likely in my case, as I have sufficient funds for most eventualities. 

 

It all comes down to,  do you sit at home, in your own country and wait for something to happen, or death, just so you can get free medical attention, or do you live your life in LOS, making reasonable adequate provision for emergencies and just get on with living.  I have seen many people I know choose the former, they may as well be dead already for all the joy they seem get out of life. I choose the later.  

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