How Rising Medical Costs in Thailand Will Impact on Your Insurance Premium
Thailand is an extremely popular destination for expats and tourist alike with Bangkok repeatedly voted the world’s top destination according to Mastercard. Medical tourism is a rapidly expanding sector in Thailand with the country being recognised for its excellent standards of healthcare which is available at affordable prices.
Quality of Care
Thailand’s private international hospitals are famed for the quality of their levels of care. Hospitals in Bangkok and other major cities attract highly trained and professional medical practitioners who offer excellent care to all patients. With almost all world-class hospitals in the country providing healthcare that is on a par with or better their counterparts in the west, medical costs in the Kingdom will inevitably increase.
Increasing Medical Costs
Medical costs in Thailand, along with many other parts of the world, have been growing dramatically in recent years with medical inflation consistently nearing double digits. With advances in technology and new forms of treatment continually becoming available, healthcare costs are now rising at their fastest rate ever. In Southeast Asia, medical expenses are increasing at such a rate that locals are finding it challenging to meet costs without having sufficient medical insurance.
How Much Do Treatments Costs?
Costs vary from hospital to hospital, but under Thai law, their prices must be publicly available and are often available on their websites. Eye surgery, appendectomy and surgery to joints can be a significant financial burden not to mention the costs associated with coronary care and cancer treatments. These costs are far beyond the means of most Thais as well as many expats.
Why You Need Health Insurance
With medical expenses steadily rising in Thailand, any out of pocket expenses, even for relatively minor treatments can have a significant impact on your finances. Thais and those with work permits do have access to healthcare via their social security payments, but in many cases, these government hospitals do not have the equipment or expertise to offer the required levels of healthcare. To get the standards of care that you and your family need, you need a quality health insurance policy to meet these extra costs.
How Much Are Premiums Expected to Rise?
With medical inflation almost hitting double digits on an annual basis, it was inevitable that health insurance premiums would need to follow suit. Most insurers have tried to keep their annual increases to a minimum and, as such, average insurance premium are expected to rise by between five and nine per cent this year – less than the rise in medical costs. These increases are incredibly reasonable, especially when you take into account the peace of mind that insurance offers.
How Can Pacific Cross Help?
We endeavour to keep our insurance premiums to a minimum and well carefully consider all rises, absorbing many of the additional costs ourselves rather than passing them on to our clients. We have an extensive range of policies to suit your needs and your budget. Our team will be able to discuss the best options for you and your family.