Salary men must know! Why do I need health insurance as I already have existing welfare benefit?

“Why do I need health insurance as I already have existing welfare benefit? My company already helps take care of medical expenses, and there are many other basic welfare benefits that provide protection. Moreover, if I don't get sick, I don't have to pay for it. I just need to take care of my body.” Believe me, certainty is uncertainty. No matter how well you take care of your health, you can always get sick. At that time, is your savings enough to cover medical expenses? Let's see why salaried people like us should have life and health insurance even though there is already existing welfare benefit. Muang Thai Life Assurance is here to share more with you.

Medical expenses increase every year, but the welfare benefit amount has not increased accordingly.

Salaried people have existing benefits from their company, but do not forget that every benefit has a specified maximum amount. In case of emergency or critical illness that requires a long period of treatment, the existing welfare may not be enough. Life and health insurance, therefore, help to protect you against excess medical expenses and help reduce the risk of the burden of medical expenses that increase every year, including room fees, medicine fees, doctor fees, and other hospital expenses. We do not have to use only one right, for salaried people like us, we can use both welfare and life and health insurance at the same time, ensuring that the money you've saved throughout your life will not disappear due to illness and medical expenses.

Coverage provided but not covering all illnesses

The health of salaried people is uncertain. Nowadays, there are many emerging diseases, and the welfare coverage is not comprehensive. If you have an emergency illness or need to cure a specific condition that is outside of welfare coverage, the savings you have accumulated will probably disappear in the blink of an eye. On the contrary, if you have life and health insurance prepared, you will receive more rights and opportunities for treatment. Relieve worry about expenses that may affect your savings. You can also choose to receive hospital treatment as intended. A tip for salaried people is choosing health coverage that helps cover expenses from new and highly-effective treatments and medications for confidence and peace of mind in every process.

Coverage is usually limited to the period of employment.

Company welfare and basic welfare benefits are available only during employment. One you resign or retire, all welfare benefits shall end at the same time. Life must go on, and sickness can always occur, especially in the future when the body begins to deteriorate and not as strong as before. Each time you get sick, the expenses are shocking. Having life and health insurance helps take care of them early on. Therefore, it is considered another way to plan for future medical expenses, especially for chronic illnesses from critical illnesses requiring high hospital expenses as a result. It also increases opportunities of receiving treatment without affecting the retirement savings you have prepared and takes care of you and gives you peace of mind, not leaving us to bear the burden of medical expenses alone.

Doubled benefits: Benefit for health and tax deduction

Getting life and health insurance isn't just about protecting you from expenses during illness, but the insurance premiums that we pay can be used to reduce taxes as well. In the year 2022 (filed in the beginning of 2023), the Revenue Department requires salaried people to request for a tax deduction from their own health insurance up to 25,000 Baht. When combined with life insurance, it must not exceed 100,000 Baht. So, you can receive both health coverage and worthwhile tax deduction.

Most salaried workers have responsibilities and often work so hard that they are not careful about their health, life and health insurance should therefore be planned early to deal with health problems. Consider getting the insurance once you’re still healthy. Once you get sick, you won't be able to get insurance covering the illness.

Mare sure your health coverage is more comprehensive with D Health Plus, health coverage topping up from your existing health insurance. Pay only 4,000 Baht per year or less than 12 Baht per day* for lump sum benefit up to 5 million Baht* covering standard single room fee, ICU room fee, doctor fee, medicine fee, examination fee, surgical fee, OPD continuous rehabilitation treatment. Add more coverage for childbirth, health checkup, dentistry and eye care as needed. Entry age is 11 - 90 years with long-term health coverage until the age of 99 years.

*For the insured aged 35 with coverage plan of 5 MB and deductible of 100,000 Baht per any hospitalization (top-up coverage) and annual mode of premium payment

• D Health Plus Rider must be purchased to be attached to the policy which is still effective.
• Coverage period of the rider must not exceed the coverage period of the life insurance policy that this rider is attached to.
• Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
• Underwriting is subject to the Company’s rules.
• Conditions are as specified by Muang Thai Life Assurance PCL and the banks.
• Conditions are in accordance with medical necessity and medical standard.
• Please study the details of coverage, conditions and exclusions before deciding to purchase insurance.

Sources: MTL (data retrieved on 05/11/2020)