The cost of health insurance in Thailand
Jakkrist K.
Business Development Representative | Content Marketing l SEO l Digital Marketing l Partnership Specialist
As an expat or business owner reading this, you'll know that health insurance is a must when living in Thailand. For expats, it provides peace of mind when knowing you have coverage for inpatient and outpatient costs (if you add it on, that is). And if you are raising kids here, then family discounts from some insurers can lower your total premiums. Business owners, however, will look for employee benefits that offer tailored group health insurance plans to attract top talent, while seeking to retain experience staff.
This article offers the latest on what we know about the cost of health insurance in Thailand. Happy reading!
Thailand’s premiums have increased but remain the lowest in the region
According to Pacific Prime’s insurance experts, the average IPMI premium for individuals was USD $2,035, while the average cost of health insurance for family health plans was USD $7,367 in 2021. These figures represent a 5% and 2% hike, respectively when compared to the previous year. As to why premiums have increased, let’s have a look below.
Cost drivers of IPMI premiums
Based on Pacific Prime’s analysis, the primary cost driver was COVID-related/Office of Insurance Commission (OIC)-related cover that was made compulsory for all onshore insurers in Thailand at the time. Another cost driver was increased healthcare utilization due to people regaining confidence after getting vaccinated and returning to everyday activities. Medical inflation has also contributed to increased health insurance premiums due to the innovations, technology, and resources needed to treat COVID-19 cases in Thailand.
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Thailand’s IPMI premiums are the lowest in the region
Despite the global COVID-19 pandemic, which contributed to an increase in premiums, Thailand still featured at the bottom of Pacific Prime’s ranking of 100 locations from around the globe for the cost of IPMI plans. This knowledge is somewhat pleasant to hear, considering that the premiums can be 2-3 times more at the other end of the spectrum. For instance, the US, which again topped the rankings in Pacific Prime’s report, saw much higher premiums. The average premiums for an individual and family plan were USD $7,431 and USD $20,929 in 2021.
What to expect moving forward in 2023 and beyond?
As Thailand overcomes the worst of the COVID-19 pandemic, the demand for health insurance from foreign arrivals remains high. Additionally, individuals and families now know the importance of having proper coverage in case the unexpected happens, especially in a foreign country.
Get in touch to learn more!
Reach out to me to learn more about Thailand's latest cost of health insurance trends. Feel free to contact me for a FREE health insurance quote or review your current plan.
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