What is the cost of international health insurance in Thailand?
Thailand is widely considered to be one of the best countries in the world when it comes to affordable health care that is of a consistently high quality. While this is true, the cost of care at the various hospitals frequented by expats is steadily increasing each year, often at a higher rate than wages making it increasingly important for expats in the country, or considering moving to Thailand, to secure health insurance. In previous articles, we have discussed the different types of health insurance in the country and how to find a plan that works for you. Here, we take a look at the cost of international health insurance in Thailand.
Pacific Prime’s Cost of Health Insurance report
Before we look into the costs in Thailand, it would first be a good idea to look at where the figures below come from. Each year, Pacific Prime produces an in-depth report looking at the average cost of health insurance in 95+ countries around the world – available here.
This report utilizes premium data from the 10 largest international health insurance providers in the world who, together, make up around 70% of all plans sold. For each insurer we look at the cost of coverage for three separate types of plans:
- Inpatient only – covers only care administered after someone has been admitted to the hospital.
- Inpatient + outpatient – Adds in coverage for patients who are not admitted to hospitals e.g., care from clinics, etc.
- Inpatient + outpatient + maternity – Plans here cover all of the above and add in maternity coverage as well.
We also look at the average cost of the three types of plans above based on four separate demographics:
- Singles
- Couples
- Families
- Retirees
From the 2016 report, we found that the average cost of health insurance (taking into account premiums for the four demographics and three level of plans) in the countries included in the report ranged from USD 7,608 in Mali to USD 17,335 in the US.
The average cost of international health insurance in Thailand – 2016
Thailand is indeed featured in our Cost of Health Insurance report and in 2016 was ranked as the 36th most expensive location (out of 95) with international health insurance plans costing an average of USD 8,479.
It is important to note here that this average takes into account the premiums for each of the three types of plans above and the demographics as well. Below we have provided a bit more of an in-depth look into the average premium you can expect to pay by demographic:
- Single plans – Cost an average of USD 4,102, making Thailand the 37th most expensive location for individuals.
- Plans for couples – Cost an average of USD 8,124, making Thailand the 36th most expensive location for couples.
- Plans for families – Cost an average of USD 11,967, making Thailand the 35th most expensive location for family health insurance.
- Plans for retirees – Cost an average of USD 9,721, making Thailand the 38th most expensive location for retirees.
Bear in mind here that the above figures are an average. They take into account the premiums offered by 10 insurers so some plans will be cheaper while others will be more expensive.
How does this compare with the rest of Asia?
Thailand is often thought to have some of the best private hospitals in the region, with many offering competitive prices for care, especially when compared with other countries like Hong Kong, Singapore, and especially the US. The question is, how does Thailand compare when it comes to health insurance premiums?
Below is a chart comparing the average cost of health insurance in the Asian countries included in the report. As you can see, Thailand is placed right in the middle just behind South Korea and ahead of Cambodia. When compared to Hong Kong, the most costly location for insurance in Asia, the average cost of plans in Thailand is just over USD 3,300 cheaper.
Want to learn more about how the other demographics compare? Click here to view our interactive regional comparison.
While not part of Asia, it is still interesting to see how the average cost of insurance in Thailand compares against the country with the highest cost of healthcare in the world: the US. In 2016, the average cost of international health insurance in the US was USD 17,335, more than double the average price for the same plans in Thailand.
What can we expect for 2017?
Historically speaking, it is a sure thing that the premiums you paid in 2016 will go up when you renew in 2016. Just how much they increase depends on a number of factors including the insurer, the country, the plan, etc. In order to help shed some light into these increases, we created a followup report to the Cost of Health Insurance report.
The report, titled: International Private Medical Insurance Inflation -2017 looks into the factors driving inflation in the insurance industry and presents average inflation figures for top expat destinations including Thailand.
This report found that in 2016, health insurance premiums in Thailand increased by an average of 7.8%. It is highly likely that we will see similar increases in 2017, but we will have to wait until the 2017 Cost of Health Insurance report is out to know for sure.
In the meantime, if you are looking to learn more about health insurance in Thailand, contact us today.
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