Health Insurance

health care

In some countries (such as the UK) private health insurance may be viewed as a luxury – due to State-provided health coverage. In South East Asia there is no State provision for foreigners, so it is widely viewed as a necessity.

The cost of treatments can easily run into tens of thousands of dollars. Will you have sufficient cash available to cover this? Even if you do, what impact will these costs have on your savings plans?

What level of cover do I need?

There is a vast array of schemes on the market all offering different levels of cover. Generally speaking the low cost schemes will be more affordable but offer a lower level of protection, whereas the more expensive schemes will offer a wider ranging level of cover and benefits.

Some cover GP and limited treatments costs. Others are fully comprehensive and commit to cover whatever the hospital bill may be (except for pre-existing conditions). Some policies will cover you as an in-patient or day patient, whereas others will not cover for out-patients, which generally include chemotherapy, physiotherapy, radiotherapy and psychiatry.

Contact your GPS Wealth Manager, and they will discuss the full range of options with you, to ensure that your choice is an informed one.

“My employer provides me with health insurance so why would I want more?”

Your employer may offer health cover as part of your employment package. But have you thought what would happen if illness caused your employment to be terminated? Not only would your income reduce/cease, but you would also be left without health cover and now you’d have a “pre-existing condition” which would not be covered by a new private health policy. Perhaps therefore it would be prudent to cover yourself and your family before anything bad happens.

How much does it cost?

This can vary depending on your level of cover, age etc. As a rule of thumb as you get older you will become more likely to require medical treatment at some stage and your insurance premiums will be higher to reflect this.

Premiums are decided on your individual circumstances and are calculated based on your age, medical history and health amongst other factors.

How am I assessed?

There are two types of assessments that insurance companies use when considering your application – ‘moratorium’ or ‘medical history declaration’.

A moratorium is when you are required to fill in a form without details of your medical history. The insurance company will not provide any cover for a medical condition which existed in the last 5 years.

A medical history declaration is when you have asked to provide full details on your medical history and you may also be subject to a medical examination before being granted the policy. If you do not disclose certain information you may be excluded from future payouts. It is possible your insurer may also write to your doctor for more information.

Where do I purchase my insurance?

Contact one of our fully qualified advisers today for personal advice on the options available to you.