Sunday 7th April 2024 was World Health Day. Expatriates in Asia are generally fortunate enough to be able to access healthcare when they need it, but it can be costly. That’s why perhaps the single most important thing you can do as an expatriate in Asia is to ensure you have a comprehensive health insurance policy to protect you and your family. Here are six reasons why.
Comprehensive health insurance: why you need it
In our view, a health insurance policy is an absolute non-negotiable for expatriates in Asia and their families. You simply can’t put a price on health.
We always recommend that you get as comprehensive a health plan as you can afford. If any health issues arise – and they will at some point – you’ll be glad you did.
Below, we outline six reasons we believe that comprehensive health insurance is essential.
Six reasons expatriates in Asia need comprehensive health insurance
To access quality healthcare
The quality of healthcare across Asian countries can vary significantly. Local services may be inexpensive, but the quality of equipment and medical expertise may fall short of Western standards. Comprehensive health insurance ensures access to the highest quality medical services for you and your family, regardless of your location.
To ensure swift access to treatment
When emergencies occur, swift access to treatment can be the difference between life and death. The insurers that we work with here at Infinity typically have agreements with a vast network of quality healthcare providers, including hospitals, clinics, and specialists. This, combined with direct billing services, gives you the quickest possible access to healthcare, whenever you need it.
To overcome language barriers
When you’re receiving medical diagnoses and advice, misunderstandings can be stressful, dangerous, or even fatal. You are more likely to find English-speaking professionals in international medical facilities which are, of course, the most expensive. Rather than worry about the cost, transfer the risk to your insurer and gain peace of mind that you won’t have any miscommunication issues with your healthcare providers. Alternatively, a really good insurance policy may provide access to translators to eliminate the language barrier.
To protect your savings
The cost of healthcare is going up and up. If you’re unlucky enough that you or one of your family is diagnosed with something serious and you are uninsured, your savings may not even touch the sides.
Good medical cover means that the insurer covers the lion’s share of treatment – subject to exclusions and excesses – protecting your savings. Time and again, clients tell us how grateful they are to have had insurance in place when health issues arise.
Because you don’t have a crystal ball!
Younger expats often question whether health insurance is one area where they can make a saving. They are young and fit and feel invincible. We’ve all been there, some of us more recently than others!
The problem is that while older people certainly carry higher risk, diseases are no respecter of age. Sadly, illnesses such as cancer and heart disease can and do affect young people, and increasingly so. Whatever your age, you really should protect yourself with a medical insurance policy adapted to your situation and needs.
Because life is random
And then there are the random, unpredictable accidents that could befall even the most cautious of us – like the unfortunate US influencer electrocuted by power lines in Thailand. Not to mention Asia’s lamentable record for road accidents which increases your chances of being involved in an accident through no fault of your own.
Health insurance for expatriates in Asia
If you’ve been sitting on the fence about the importance of health insurance, the message is clear: you can’t afford to be without it.
The good news is that Infinity can offer a wide range of policies to suit all budgets at prices that match the rates you’ll get by going directly to an insurer. The advantage of working with us is that our specialists can help you compare and contrast policies to find the best one for you. We also provide ongoing support if you need to make a claim.
Don’t put your health and savings at risk a moment longer – get in touch today to discuss your health insurance requirements and gain peace of mind that whatever health issues may arise for you and your family in the future, your insurer will cover the cost.
A leading provider of expat financial services and wealth management services across Asia.
