‘Do I really need health insurance?’ It’s a question that expatriate clients often ask our financial advisers. When you are young and don’t suffer from major medical issues, health insurance can seem surplus to requirements. But none of us know what the future holds, and if you need to make a claim, you’ll be extremely glad to have comprehensive health insurance in place.
Do I really need health insurance?
When you are healthy, it’s hard to imagine being sick but don’t kid yourself that your life couldn’t change in an instant, however fit you are right now.
We’ve all heard the stories about the 30-something diagnosed with breast cancer or the fitness fanatic in seemingly optimal health struck down by a heart attack. Although we like to think it won’t happen to us, the reality is that it could.
Not to mention the road accident victims, injured through no fault of their own, or the people who suffer freak accidents that literally no one could predict. Those things could happen to us too.
You just don’t know what surprises life has waiting for you around the corner. Unexpected things happen to thousands of people every single day, and you cannot protect your health, and that of your loved ones, against every eventuality.
What you can protect against is the risk to your financial stability from a need for expensive medical care.
And the way to do that is with health insurance.
Health insurance transfers the financial risk of unforeseen accidents or illnesses to your insurer. If your health or the health of your loved ones is compromised, the insurance company will pick up the tab, protecting your savings.
Four reasons health insurance is critical for expats in Asia
- To eliminate risk
Healthcare is expensive and the cost is rising. Do you have the financial resources to cover hefty hotel bills if you were to be hospitalised for any reason? Care could very quickly run into tens of thousands of dollars, putting your savings and your financial future at risk.
When you buy health insurance, you transfer this risk to the insurer in the same way that car insurance transfers the risk of incurring costs in a car accident to an insurer. The difference is that your health is worth far more than your car.
- To have peace of mind
Life is full of worries so why add another one unnecessarily? Health insurance gives peace of mind that whatever life throws your way, you will be able to cope financially with the consequences. Asia is no more or less dangerous than anywhere else in the world but there are risks everywhere. A cut could turn septic, high pollution levels could trigger respiratory issues, a mosquito bite could give you dengue fever but with comprehensive medical cover in place, you’ll have the peace of mind that you will never have to fork out for expensive medical bills.
- To ensure speedy access to medical treatment
The last thing you need in a medical emergency is to be scrabbling around to prove that you can cover eventual bills. A good health insurance policy will include direct billing to the healthcare provider. This can avoid delays to treatment and, in certain cases, can mean the difference between life and death. Direct settlement networks do vary by insurance provider so it’s worth checking policies to ensure this is included.
- To have a choice of healthcare provider
When health problems arise, we all want the best level of care available and access to the most up-to-date medical and diagnostic equipment. Without a good health insurance policy, you may be forced to compromise on hospitals and/or treatment because you’re covering the costs out of your own pocket.
Health insurance for expats in Asia
The thing with insurance is that it can feel like a waste of money while you are fortunate enough not to need it but it’s an absolute godsend when you do.
Why take risks over your family’s health when there are affordable policies out there which will guarantee you access to world-class medical care whenever you need it?
Your health is the greatest asset you have. Protect it as you would your house, your car or anything else that you value.
If you’re looking for health insurance quotes to suit your budget, contact us to discuss your options.
A leading provider of expat financial services and wealth management services across Asia.
