Insurance

[Glasseye]

I thought perhaps it might be good to start a common thread regarding to insurance. Countless issues. Might be good to share experiences, etc. 

Here is a start....

 

 

[Krapow]

It's mental how much Travel Insurance has went up from last year.

I get a annual worldwide family one, it had went up near 40%. 

I complained and they said it was costs in the USA mostly. I said i never go there, but Thailand comes under the worldwide, so had to have it. If it was just Europe would have been cheaper. 

Anyways, gave me a 10% discount, but still lumpy as f**k.

[Horizondave]

1 hour ago, Krapow said:

It's mental how much Travel Insurance has went up from last year.

I get a annual worldwide family one, it had went up near 40%. 

I complained and they said it was costs in the USA mostly. I said i never go there, but Thailand comes under the worldwide, so had to have it. If it was just Europe would have been cheaper. 

Anyways, gave me a 10% discount, but still lumpy as f**k.

You don't need to include USA on a Worldwide policy, much cheaper without that. As per the info below:

There are two categories of worldwide insurance: policies which exclude the USA, Canada and the Caribbean, and those which include those countries.

[boydeste]

10 minutes ago, Horizondave said:

You don't need to include USA on a Worldwide policy, much cheaper without that. As per the info below:

There are two categories of worldwide insurance: policies which exclude the USA, Canada and the Caribbean, and those which include those countries.

I agree, I have one that covers my European trips and Canada and one that covers me for everywhere except Canada and the US for my Asia travels. 

[Krapow]

It depends who you're with, i'm with Staysure who i have personal experience of them paying out when i needed them, so i stay with them.

They class Thailand as in the same category as the US in their Worldwide. So to be covered for Thailand in their worldwide, i had to have the U.S. as well. I could probably get it a bit cheaper elsewhere with one that includes Thailand but not the U.S. etc, but as said, i'd rather stay with what i know and know will help me if needed.

Generally speaking, there are two types of worldwide travel insurance:

• Policies that include cover for travel to the USA, Canada and the Caribbean.
• Policies that exclude travel to the USA, Canada and the Caribbean.

As with European policies, always check the geographical cover of a worldwide policy as some insurers might have different exclusions. As an example, under its “Region 3” worldwide travel insurance, the provider Staysure excludes travel to: Bermuda; Canada; the islands of the Caribbean; China; Hong Kong; Mexico; Thailand; and the USA.

 

[Horizondave]

4 minutes ago, Krapow said:

It depends who you're with, i'm with Staysure who i have personal experience of them paying out when i needed them, so i stay with them.

They class Thailand as in the same category as the US in their Worldwide. So to be covered for Thailand in their worldwide, i had to have the U.S. as well. I could probably get it a bit cheaper elsewhere with one that includes Thailand but not the U.S. etc, but as said, i'd rather stay with what i know and know will help me if needed.

Generally speaking, there are two types of worldwide travel insurance:

• Policies that include cover for travel to the USA, Canada and the Caribbean.
• Policies that exclude travel to the USA, Canada and the Caribbean.

As with European policies, always check the geographical cover of a worldwide policy as some insurers might have different exclusions. As an example, under its “Region 3” worldwide travel insurance, the provider Staysure excludes travel to: Bermuda; Canada; the islands of the Caribbean; China; Hong Kong; Mexico; Thailand; and the USA.

 

I usually do single trip policies as I haven't traveled overseas as regularly as I once did but most of those where I have looked at Worldwide don't add Thailand in with the USA. Maybe Thailand is getting a reputation for high insurance cover needs and may slip into other worldwide policies in the future.

[Glasseye]

This is excellent info. !

 

 

[Zambo]

My health insurance in singapore is a reasonable cost, NTUC (national trade union congress). They cover for overseas trips. I thought every country that generally has health insurance would be easy for coverage. But for the UK with the NHS and other national health providers that would be where special travel health insurance would be needed. 

[Glasseye]

No... That is what the guy is saying in the vid. And this is where people need to be especially careful.

 

If you live over here full time and want to get treated (say for cancer) over here, you need a separate private health insurance policy, acceptable to the system over here. Travel insurance won't cut it unless you can show a required amount of residency. 

[Zambo]

16 minutes ago, Glasseye said:

No... That is what the guy is saying in the vid. And this is where people need to be especially careful.

 

If you live over here full time and want to get treated (say for cancer) over here, you need a separate private health insurance policy, acceptable to the system over here. Travel insurance won't cut it unless you can show a required amount of residency. 

Yes agreed, if we move to be based in Thailand we need a local health insurance policy. Better to sign up before 65 year of age and have a policy which allows continuous coversge.

[Glasseye]

1 minute ago, Zambo said:

Yes agreed, if we move to be based in Thailand we need a local health insurance policy. Better to sign up before 65 year of age and have a policy which allows continuous coversge.

 

Yes, the before 65 is very important.

[forcebwithu]

Just received my health insurance renewal notice via email. Premium increase is only $167 from last year. Hope the annual increases remain small when I hit 70 in three more years.

https://www.imglobal.com/expat-insurance

[Glasseye]

On 7/11/2024 at 12:45 PM, forcebwithu said:

Just received my health insurance renewal notice via email. Premium increase is only $167 from last year. Hope the annual increases remain small when I hit 70 in three more years.

https://www.imglobal.com/expat-insurance

 

If you locked in(which I think you did) before 65 then you should be reasonably covered as policy holders are somewhat protected by law. But, for the most part I think the vast majority of folks (especially those who live into their 90's) the system will suck up most of their assets.

[Zambo]

21 hours ago, Glasseye said:

will suck up most of their assets.

Yikes... that is the fear

[Glasseye]

7 minutes ago, Zambo said:

Yikes... that is the fear

 

The fear is something to be let go of.

I recognize easier said than done. Do the best you can, but know that anything can happen.

I guess this philosophy began to set in years ago before I retiered. 

A guy I trained and supervised for many years (he was actually older than me. A transfer from another department). He was one of the most respected guys I have ever worked with. He had a severe stutter.

He retired at the age of 56 (two young kids, young wife). Six months later around Christmas he was dead (bladder cancer). 

He used to say often throughout the time I knew him - "No expectations, no disappointments"

[Butch]

Insurance is my single biggest "fear" once I retire. as @Glasseye said, as you get older, it consumes more of your disposable income - thus your income becomes less disposable by a percentage year on year, so unless you have a method of mitigating the increase either by an index linked pension and a passive income in addition, it's going to get hard.

There's also a tipping point whereby the cost becomes untenable, which of course varies person to person.

We intend to retire to the PI full time eventually, and have everything in place for that, which, at the moment while I'm working, is fine and dandy.

My company provides BUPA for me and now my Mrs as part of my contract, but the previous BUPA over seas /travel insurance is now under a different company (Allianz) - which doesn't help anyone at all, and I did ask the question just last week of what happens if I fall ill abroad and get repatriated to the UK (while still employed) - does BUPA care take over when my gurney hits the tarmac or am I at the mercy of Allianz?. No one could answer, so I've emailed both of them.

It'll come as a shock when I end up having to pay for insurance cover, I just hope that it's not going to mean we have to compromise on our lifestyle in order to pay it, but if needs must, then we will have to.

Great topic @Glasseye and hopefully it'll throw some useful info and interesting replies, as it effects all of us.

 

Edited July 13 by Butch

[Glasseye]

1 minute ago, Butch said:

Insurance is my single biggest "fear" once I retire. as @Glasseye said, as you get older, it consumes more of your disposable income - thus your income becomes less disposable by a percentage year on year, so unless you have a method of mitigating the increase either by an index linked pension and a passive income in addition, it's going to get hard.

There's also a tipping point whereby the cost becomes untenable, which of course varies person to person.

We intend to retire to the PI full time eventually, and have everything in place for that, which, at the moment while I'm working, is fine and dandy.

My company provides BUPA for me and now my Mrs as part of my contract, but the previous BUPA over seas /travel insurance is now under a different company (Allianz) - which doesn't help anyone at all, and I did ask the question just last week of what happens if I fall ill abroad and get repatriated to the UK (while still employed) - does BUPA care take over when my gurney hits the tarmac or am I at the mercy of Allianz?. No one could answer, so I've emailed both of them.

It'll come as a shock when I end up having to pay for insurance cover, I just hope that it's not going to mean we have to compromise on our lifestyle in order to pay it, but if needs must, then we will have to.

 

 

 

People can have the rug pulled out from under them no matter how well you plan, which is basically what I am saying.

Example (this is more common than people realize) - I worked for the State of Illinois for 25 years (full retirement benefits). I used to attend retirement seminars, always read everything, always checked details and asked for clarification. Employees were told (in policy) repeatedly over all of those years what to expect concerning coverage upon retirement (and at age 65. I retired at 51. Between the age of 51 and 64 there were minor adjustments (change of provider companies, options, etc. and actually some improvements). 

I had a set up where the coverage (for those reaching the age of 65) I had would pay 50 % if living abroad. I would also have Medicare (which can only be used in the U.S.) as backup. My budget and planning was all set.

Then when I was 64 the state legislature sweeps in a major reform law changing the entire system. They announce they are yanking all options for those who turn 65 to two things. One was a Medicare Advantage plan (can only be used in the U.S. and is horse shit coverage) or Medicare (can only be used in the U.S.).

They ass fcuked thousands of employees who had expected (and basically made career plans, investment and dedicated service) certain coverage. This kind of shit is happening everywhere.

Prepare for the worst, hope for the best.