COVID-19 is an imminent threat that affects billions of people worldwide. In Thailand, more than 17 million people are eligible for government-provided healthcare (including holders of 30-baht universal healthcare cards, Social Security Cards under sections 33 and 39, pensioners, civil servants and state-owned enterprise employees, including family members). Additionally, there are more than 22 million health insurance policies in force, and some people have multiple plans. Another option for Thai people to strengthen their COVID-19 protection is to purchase COVID-19 insurance products, with premiums starting at a few hundred Baht. Sales of these products reached to as much as 9 million in 2020, and more than 14 million policies are in force as of May 15, 2021.
Government-provided healthcare is a fundamental right, but it may also come with opportunity costs, such as lost income. Patients who can afford and need specialized care may incur additional costs. For example, a stay of about 10 days in an air-conditioned single room in a private hospital costs at least THB100,000 more than treatment in a public hospital. This is why COVID-19 insurance is attractive as a risk management tool.
The COVID-19 insurance plans currently available offer different coverage options, giving consumers the flexibility to choose the plan that best meets their needs and budget. Prices range from over THB100 to 2,000, with lower-priced plans offering less coverage and higher-priced plans offering more comprehensive coverage. It is important to compare plans and understand your rights and benefits before purchasing. By choosing the right plan and taking into account your existing health insurance coverage, you can maximize your coverage.
The COVID-19 insurance plans this year offer a wider variety of coverage options at affordable prices, with coverage of up to tens or hundreds of thousands of Baht. In addition, these plans also offer additional benefits such as cleaning costs at the insured location, income compensation while hospitalized, and lump sum payment after infection (“Covid 2 in 1” (Jer Jai Job)). However, don’t fall into the marketing traps and forget that the “expense” portion can only be claimed for actual expenses and is limited to the amount of insurance coverage. Therefore, if you want to buy a COVID-19 insurance plan, you should check if you are still missing or want to emphasize any additional coverage, such as adding a daily compensation benefit or receiving a lump sum of money when you are diagnosed with COVID-19. If you already have medical benefits from other sources, you can buy a plan that covers “expenses” for treatment. Currently, this type of plan covers medical expenses as well as vaccine allergies and other expenses, and some even offer a lump sum of money when the insured is diagnosed with an infection.
In addition, there are 3 things that you should not do:>>Do not conceal the truth. Do not intentionally infect yourself, as this is considered fraud. Do not forget the waiting period before the contract takes effect.
Insurance is a tool that helps to reduce risk in an affordable way. Understanding the coverage of your insurance plan will help ensure that the premiums you pay will provide the coverage you expect, and will actually help to reduce your burden when you need to use the benefits.
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