Your guide to obtaining long term health insurance is now released
Our newly released Guide to obtaining long term health insurance leverages our team’s 18+ years of extensive knowledge in the industry to highlight the main reasons and strategies for securing long-term health insurance. This guide is an essential read for everyone who wants to learn more about securing the best long term health insurance.
About Your guide to obtaining long term health insurance
Finding cost-effective long term health insurance is a goal for the majority of our clients. A good medical plan secures your future health spending and guarantees you essential coverage in case you develop any chronic diseases, all with low annual premium increases.
Pacific Prime’s Guide to obtaining long-term health insurance will provide you with a comprehensive overview of the most common questions among policyholders during policy renewal time. Get your free copy today to learn more about:
- Why purchasing a health plan with the long term in mind is a smart move
- Where to find an insurer’s history of premium increases
- How to identify the best long term health insurance plan
- Why using the service of a broker is a good choice for securing the best long term health insurance plan
What to look for when choosing a long term health insurance plan?
Literally everyone benefits from securing a good long term health insurance plan. One of the key advantages of securing long-term health insurance is the peace of mind it offers. It is important to select the right health insurance the first time, as choosing poorly can expose you to unexpected higher costs and/or poor coverage in the future. Below are some tips of what to look at when deciding to get a long term health insurance plan.
The Plan
In a world where a whopping 3.2% of the population (that’s about 230 million people) is an expatriate, and moves countries on average three times in a lifetime, getting the right international health insurance plan could be crucial. An international health plan will go with you wherever you go, letting you focus on what you want to be doing, be it business or pleasure.
Having access to the right doctors and hospital networks can be as important as the annual limits you can claim, making it an important factor for when deciding on a health insurance plan.
Some plans only offer coverage up to a certain age, so when shopping for a health insurance, it’s important to look for plans that do not have a maximum age limit.
Another, and perhaps the most important benefit of getting a long-term health insurance is the fact that it will cover all the chronic diseases that you have developed while you have been insured. We covered in more detail the impact of chronic diseases on the health insurance premiums in this post.
The cost
Medical costs continue to rise, and so have health insurance premiums. While small premium increases every year are unavoidable, a sudden big increase can force you to change providers. This might be a good move for those who are enjoying good health at policy renewal time. but for many, this could be a costly move if they happen to have developed any of the chronic diseases while on their current plan. This is because a new health insurance policy most likely won’t cover any pre-existing conditions, essentially increasing your overall out of pocket medical spending.
The insurer
There are good and better insurers on the market. Do your research and check for how long a particular insurer has been in business for. Is the insurer well known in the territory you need coverage within?
Other very important things to understand are how and why your insurer of choice is increasing premiums. Will your premiums increase based on the number of claims you’ve made? Is the insurer’s premium increase history in line with the actual increase of medical costs? International Private Medical Insurance Inflation – 2018 was created to aid you in establishing whether your insurer of choice has a stable and reasonable premium increase history.
The broker
With so many plans and insurers to choose from, and having so much at stake, one can get a bit confused when searching for an insurance plan. That’s why getting advice from an experienced broker is extremely helpful when searching for a plan that you can use long term.
Brokers have in-depth knowledge of both the insurers and their plans and will advise you based on that knowledge. Since brokers, such as those at Pacific Prime Singapore, work with multiple providers, you’ll get various plans to choose from, and be advised on the pros and cons of each plan.
Our advice is free of charge, so go ahead and contact us today and don’t forget to download Your guide to obtaining a long term health insurance today!
Jantra curates and reports on the results of Pacific Prime’s monthly newsletters, as well as manages Pacific Prime’s Deputy Global CEO’s LinkedIn posts. Complemented by her background in business writing, Jantra’s passion for health, insurance, and employee benefits helps her create engaging content - no matter how complex the subject is.
Growing up as a third-culture kid has given her a multicultural perspective that helps her relate to expats and their families while 8 years of working remotely have given her unique insight into hybrid work arrangements and enthusiasm for employee benefits.
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