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Brand new long term health insurance guide released!

With the goal of simplifying insurance, Pacific Prime is pleased to announce the release of our latest Long Term Health Insurance Guide – 2018. Drawing upon the in-depth knowledge and the solid experience of our specialists in the industry, this guide spells out all the key information you should consider when securing long term health insurance. Click here to download a FREE copy of our highly-coveted guide today!

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About our new long term health insurance guide

Virtually all of us are prone to severe illnesses at some point in our life, and the last thing we want is to deal with the unexpected, extortionate medical bills without any financial protection. While health insurance can undoubtedly make a world of difference, there is a pool of ill-fitting, unsustainable insurance policies on the market with erratic premium hikes and lousy customer service. In light of this, understanding how to select and maintain the right long term health care coverage is of utmost importance. Get your free guide now to learn more about:

  • Why you should buy long term health insurance rather than short term
  • Why switching insurance policies frequently is not a good move
  • What criteria you should take into account in identifying quality health insurance
  • Where to find the insurer’s record of premium increases in the past years

Why should you consider health insurance for the long term?

It’s sustainable

The right long term insurance plan safeguards you against the threat of a drastic premium increase, or the refusal to renew your policy of the insurer due to factors such as age limits and expensive claims. As such, you can take comfort in knowing that all the conditions you develop during the policy period will be covered.

It protects you against long term financial loss

If you are forced to switch from an ill-fitting insurance plan to a new one, any health conditions arose during the former policy period will most likely be deemed as ‘pre-existing’ by the new insurer. Such conditions will not be reimbursed in the new plan and can result in steep long term out-of-pocket costs and a heavy financial burden for the policyholder.

It’s portable

A portable insurance plan allows the policyholder to receive treatment outside of the location of residence or when they move to another country. It is an essential feature to consider particularly for expats who travel frequently.

It gives you access to better treatment

It is advisable to secure a plan with an extensive network of providers as it grants you access to more healthcare facilities and of better quality.

It gives you auxiliary benefits

On top of the standard benefits, some policies will even provide in-house or third party supplemental support services, such as assistance for major political / terror issues and medical evacuation.

What to look out for when securing the right health insurance?

The insurer

The reputation of the insurer is a crucial element to consider. When seeking inpatient treatment (i.e., care received when you are admitted to hospital), a Guarantee of Payment (GOP) from the insurer is usually needed to confirm that your provider will settle your medical bills. And if an insurer has a bad record of settling claims and bills, some medical facilities may reject its GOP.

Another critical aspect to look out for is the customer service quality. In the event of an emergency, the customer service plays a crucial role. Some insurers may make up for their losses from low premiums with poor customer service and claims support.

The number of insured members also reflects the financial stability of an insurer. Usually the larger the risk pool, the more stable your premium is.

The last point to look out for is the history of the insurer. Insurers with a long history in the market tend to have more members and a more solid financial foundation. Thus they are less likely to increase premiums drastically or even closing down.

The cost

While the more ‘affordable’ healthcare options seem enticing, prices alone cannot reflect the overall quality of a healthcare plan. Cheap plans may have a lot of drawbacks and limitations, including low benefit limits, numerous exclusions, and irregular premium increases.

When it comes to premium increases, it is definitely worth the effort to check the insurer’s history of premium increases. Given the high inflation rate nowadays, minor price adjustments are indeed unavoidable. However, sudden price hikes are what you should watch out for. For more information on the history of premium increases, look no further and download a free copy of our International Private Medical Insurance Inflation – 2018 report now. This report highlights the inflation rates of 8 major insurers across 10 locations between 2009-2017.

Besides, you should also learn what the insurer will consider when increasing premiums. Some insurers may consider the number of claims you’ve made to decide the renewal premiums. The good news is that major insurers usually don’t take this into account.

The underwriter

The underwriter is responsible for evaluating the risk of insuring a potential client and determining the scope of coverage, the premium amount and ultimately, whether to insure the client or not. Many insurers outsource their underwriting operations, and hence you should also consider the reputation of the underwriter.

The broker

An established broker can help clients identify the best insurance product for their needs. Moreover, brokers can draw upon their strong relationships with the insurers to streamline your claims processes and help to negotiate more favorable terms for your insurance policy.

How can Pacific Prime help you?

With over 18 years of experience in the industry and seven regional offices throughout the world, the insurance experts at Pacific Prime are always on hand to answer your questions and provide you with a free quote. Contact us today and don’t forget to download our Long Term Health Insurance Guide – 2018.

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Content Creator at Pacific Prime
Anthony Chan is a content writer at Pacific Prime. He’s responsible for writing, translating, and editing articles, guides, infographics, leaflets, as well as other resources for Pacific Prime and Kwiksure.

When he’s not working, he’s usually on the hunt for great restaurants, playing badminton, and writing screenplays.
Anthony Chan