Where is the best place to buy health insurance? Which type suits my needs?

When things change, especially concerning health, many people start to pay attention to where to get good health insurance. This is because every aspect of life has factors that can affect health. Health insurance becomes a necessary choice as it helps mitigate risks from diseases and covers medical expenses. Health insurance not only is an intriguing option but also boosts confidence in living life, and it can also be used to reduce tax. If you're thinking about where to get good health insurance, let's explore together. Where to get good health insurance? What is lump-sum health insurance? What is OPD health insurance and what are their benefits? Let's find out!

• Types of health insurance
• Comprehensive benefits of lump-sum health insurance
• Where to get good health insurance?
• Why do we need to have health insurance?

Types of health insurance

Where is the best place to buy health insurance? Because nowadays, our health is at risk, whether it's from vehicle exhaust, PM 2.5 dust, the spread of diseases, or lifestyle habits such as unhealthy eating, heavy workloads, lack of rest, and insufficient sleep, all of which increase our chances of falling ill. This leads many people to consider where to get good health insurance because what follows is the occurrence of illnesses and diseases unexpectedly. Both general diseases and critical illnesses, which we cannot avoid, result in substantial medical expenses. Nowadays, the cost of medication, doctor fees, and hospital room charges are almost overwhelming each time. Having health insurance is an important and necessary option that everyone should consider because it helps manage various medical expenses, whether it's for  general diseases or critical illnesses, easing the financial burden. Today, let's start by understanding what we need to know and choosing the most suitable health insurance plan for ourselves.

Health insurance provides coverage for medical expenses for the insureds, whether it's for minor illnesses or severe conditions requiring hospitalization, as well as injuries from accidents. With health insurance, on days when illnesses strike unexpectedly, having this coverage will help manage the incurred medical expenses.

There’re 2 main types of health insurance, including:

Group Health Insurance

Group health insurance is a type of insurance that provides coverage for a large number of individuals under a single policy, typically offered by companies or organizations as an employee benefit to provide healthcare coverage. The key advantage of group health insurance is that the premium per person is lower compared to individual health insurance.

Individual Health Insurance

Individual health insurance is insurance that provides coverage for individuals under an individual policy. The main advantage is that the insureds can choose a coverage plan that suits their lifestyle. Premiums for individual health insurance are calculated based on the insured’s gender and age. The most popular type of individual health insurance is the lump-sum health insurance.

Health insurance provides both inpatient (IPD) and outpatient (OPD) coverage, but the extent of coverage depends on the specific insurance plan chosen. Differences exist based on the policy selected, which may include additional benefits such as maternity and dental care. The insureds can purchase riders  with additional coverage options including hospital income protection insurance, critical illness insurance, and more.

What coverage does health insurance provides?

In-Patient Department (IPD) Coverage

Mostly, this type of insurance is on a lump-sum payment basis, allowing for actual medical expenses to be covered, with coverage ranging from 1 million to 100 million Baht, making premiums expensive. It is suitable for individuals with a higher likelihood of illness or frequent hospital visits, such as young children, the elderly, or those with health risks.

Insureds can claim health insurance benefits when receiving treatment at a hospital for more than 6 hours, including doctor consultations, room and board fees, ambulance fees, services, or emergency surgery expenses (in the case of accident-related surgeries that need to be performed within 24 hours).

Out-Patient Department (OPD) Coverage

This is health insurance that covers minor injuries or illnesses, such as colds, minor wounds that do not require hospitalization, and caters to everyone's needs. It allows for claims of medical expenses without any out-of-pocket expenses, including doctor consultations, medication expenses, or other medical equipment expenses.

Critical Illness (CI) Insurance

This is additional health insurance that provides additional coverage beyond general health insurance, particularly focusing on critical illnesses such as cancer, kidney disease, heart disease, and brain-related conditions. These illnesses often incur higher treatment costs, require long-term and continuous care, exceeding the usual coverage provided by regular health insurance. It also covers hereditary diseases. However, insureds should carefully study the terms and conditions of coverage before purchasing this type of health insurance.

Hospital Income Protection (HIP) Insurance

This is another type of health insurance that provides additional coverage beyond general health insurance, specifically focusing on income protection. If you need to stay in the hospital for an extended period and cannot work or engage in business activities, you will receive daily compensation according to the conditions specified in the insurance policy.

Therefore, this type of health insurance is suitable for individuals who need a regular income. Working-age individuals should also have general health insurance to ensure comprehensive coverage for medical expenses.

Comprehensive benefits of lump-sum health insurance

Last time we were talking about lump-sum health insurance, let's continue to see how purchasing lump-sum health insurance can meet our needs. Lump-sum health insurance sets a fixed amount for healthcare expenses annually. For example, it covers inpatient treatment expenses up to 5 million Baht per year. The healthcare coverage amount is calculated as a lump sum, disregarding specific expenses such as surgery expenses or doctor's fees. However, lump-sum health insurance typically has conditions regarding room fees. Therefore, before obtaining lump-sum insurance, it's essential to review each policy to determine if the coverage for room fees aligns with anticipated treatment expenses. If the room fees exceed the coverage limit, the insured would need to cover the additional expenses themselves.

Benefits of lump-sum health insurance

• Easy claims under coverage limit
• With lump-sum coverage for medical expenses annually, it offers comprehensive protection for medical expenses, as long as the total expenses do not exceed the limit.
• The benefits are provided as charged, but not exceeding each medical expense item.
• Tax deductible up to 25,000 Baht per year. Conditions are subject to the Revenue Department.

Where to get good health insurance?

When it comes to this point, many people may wonder where to buy health insurance, as choosing insurance is important and requires a good understanding before making a decision to purchase. Besides selecting a reputable and popular insurance company, it's crucial to thoroughly understand the details and conditions of the policy and be able to customize the plan according to your needs.

The most important thing before deciding to purchase insurance is gathering information that meets your needs, including other coverage you already have, to avoid overlapping or unnecessary coverage. Typically, salaried individuals often have group insurance benefits from their employers, which may cover both health and accident insurance, including both inpatient and outpatient care. Thus, we might be able to top up from the existing benefits.

Buying health insurance from Muang Thai Life Assurance is another interesting option, as it provides tailored protection that meets your needs, with flexible premium payment options and the ability to access information and purchase insurance online. Click for more details.

Key factors before purchasing health insurance

Before determining which health insurance provider is the best, it must be stated that both lump-sum health insurance and general health insurance are suitable for different individual needs. Therefore, several factors need to be considered before deciding to purchase health insurance for oneself and family members, including the following:

• Assessing Your Own Risks

When it comes to purchasing health insurance, buyers should assess their own risks to determine which type of health insurance is most suitable for them. Factors to consider include gender, age, genetic conditions, health history, lifestyle habits, and annual health check-up results. All of these factors are used by insurance companies to calculate premiums and determine the benefits and coverage of health insurance.

• Checking for Other Existing Medical Benefits
  

Regarding entitlements for medical treatment according to the law, all Thai citizens are entitled to comprehensive health welfare or "gold card" coverage. Upon employment in private companies or government agencies, individuals may also receive treatment entitlements from social security or additional health and life insurance benefits. However, for those who find these entitlements insufficient for their needs, such as long waiting times, medication quality, service quality, and various medical equipment used in treatment, health insurance serves as a secondary level of protection, helping to mitigate financial risks and reduce the burden of expenses in the event of illness and extensive medical treatment.

• Assessing Based on Needs

In selecting a comprehensive health insurance plan, it’s essential to assess based on individual needs, including the coverage amount for medical expenses per time, the room fee per night, whether there’s income compensation coverage, and whether the coverage amount for treatment is sufficient for actual expenses incurred.

• Assessing the Ability to Pay Insurance Premiums

A crucial aspect of purchasing health insurance is assessing one's ability to pay insurance premiums. Therefore, it’s necessary to evaluate oneself to determine how much can be afforded, whether to pay monthly or annually, and what the total insurance premium costs. Different insurance companies offer options for payment frequency, allowing customers to choose between monthly or annual payments.

Why we need to have health insurance?

The question of where to get health insurance and why we need to buy health insurance is a concern for many, as some still view it as an annual expense. However, did you know that purchasing health insurance is actually an investment that guarantees returns? In the event of unexpected occurrences like illness or critical illnesses, having health insurance ensures that you have the financial means to cover medical expenses. When comparing between having health insurance and not having it, at the very least, having health insurance provides peace of mind knowing that you have funds to cover medical expenses, without worrying about depleting personal or family savings. But for those who still wonder why having health insurance is necessary, let's explore the benefits of having health insurance today.

• As age increases, the risk of diseases also increases. Therefore, having health insurance to support the costs of treatment is essential. Don't wait until you fall ill to consider getting health insurance because by then, the insurance will not cover pre-existing conditions.
• Medical expenses are rising every day, and relying solely on welfare benefits or group insurance from the workplace may not be sufficient.
• Individual health insurance provides comprehensive protection for you in every situation, even if you are not employed.
• Health insurance premiums can be tax-deductible up to a maximum of 25,000 Baht per year*. 
• It’s not a burden on the family because health insurance helps cover medical expenses, room fees, etc., reducing the need to use family savings or borrow money to pay for medical expenses.
• You can choose your treatment or select hospitals with complete facilities for quick and efficient treatment. If unexpected accidents or chronic illnesses occur while under the insurance coverage, you will have the necessary financial support.

Once you understand why you should have health insurance and which one is best to buy, some may still wonder who should get health insurance. The answer is "everyone" because regardless of age or gender, everyone faces health risks. Nowadays, there are various health insurance plans available, including children's health insurance, general health insurance, and elderly health insurance, all aimed at reducing healthcare expenses for everyone. So don't hesitate to get insurance for yourself and your family today.

Health insurance, whether it's lump-sum health insurance, general health insurance and critical illness insurance, is a means of protecting against future health risks. If an emergency occurs, you won't have to use your savings for medical expenses. 

📍 Health insurance

• Covers medical expenses and doctor fees
• Provides peace of mind without worrying about room fees
  
  

📍 Additionally purchase critical illness insurance

Get a lump-sum payout upon diagnosis to use for follow-up treatments, mortgage payments, car loans, or other expenses.

✔️ Elite Health Plus - Coverage up to 20-100 million Baht per year, including advanced treatment options

✔️ D Health Plus - Coverage for standard single room, with coverage for minor illnesses like flu to critical illnesses like cancer

✔️ Mao Chai Extra - Affordable premiums for comprehensive medical coverage from 200,000-500,000 Baht

Additionally purchase critical illness riders to ease the concerns

✔️ CI Perfect Care - Lump sum payout upon diagnosis of critical illness

For more information, Click

☑️ Call Tel. 1766, available 24/7.
☑️ Contact life insurance agents

• Coverage conditions are as specified in the policy.
• Health riders must be attached to an effective policy.
• Coverage period of the rider must not exceed the coverage period of the life insurance that this rider is attached to.
• Premium is eligible for tax deduction. Conditions are as specified by the Revenue
• Underwriting is subject to the Company’s rules.
• Please study details of coverage, conditions and exclusions before making a decision to purchase insurance.
  

Sources : Data retrieved on 27/02/67 

🔖 set (data as of 01/03/2022)

🔖 itax  (data as of 08/03/2022)