Hospital Cash Insurance: Affordable Health Coverage for the Underserved in Thailand
Fred J. Hegner, CPCU, FLMI
General Manager of Regional Health: Focusing on a Simple and Engaging Journey for the Insurance Customer
Publish Mar 16, 2023
Hospital Cash (otherwise known as Hospital Income Insurance) has been a popular form of supplemental health coverage in Asia for over three decades. According to a 2021 ResearchandMarkets.com report, the Hospital Cash market is expected to grow to 62.6$ billion USD by 2026 at a CAGR of 10.6%. North America followed by Asia are the two largest markets for Hospital Cash, and there is a good reason why. The cost of private medical insurance continues to outpace the general inflation rate in these two markets, and Hospital Cash is one solution to offer affordable and entry-level coverage to those underserved in these markets, particularly in countries in Asia where the health protection gap continues to widen.
According to a 2021 ResearchandMarkets.com report, the Hospital Cash market is expected to grow to 62.6$ billion USD by 2026 at a CAGR of 10.6%.
In Thailand where the health protection gap represents nearly 10% of the average annual Thai income, Hospital Cash can help narrow this gap to supplement the Universal Health Coverage Scheme (UCS) introduced in 2001. With the cost of private medical coverage beyond the reach of most Thais, Hospital Cash plans have grown in popularity to offset the cost of hospitalizations giving the underserved community access to more affordable private healthcare.
With the cost of private medical coverage beyond the reach of most Thais, Hospital Cash plans have grown in popularity to offset the cost of hospitalizations giving the underserved community access to more affordable private healthcare.
Here at Tune Protect Thailand, our commitment to digital insurance innovation will make Hospital Cash an even more popular insurance option. We just launched our first 100% digital Hospital Cash product "ChillSure" with a number of new innovations to help drive the mass appeal for simple and affordable health coverage.
These unique innovations include:
• Offering a double benefit that includes a daily income benefit with a medical expense benefit when hospitalized in the Intensive Care Unit (ICU)
• Adding a Personal Accident benefit which covers Accidental Death, Dismemberment, and Total Permanent Disability at no additional cost
• Giving a No Claim Bonus with a 10% premium discount up to three years from the date of initial purchase
• Providing fast and 100% digital policy delivery and claims service with no original paper documents required for the hospital income benefit payout
All of these benefits and services can be accessed with just a few clicks on our website and mobile platforms. The purchase and service journey for our ChillSure product is simple, quick and painless.
The purchase and service journey for our ChillSure product is simple, quick and painless.
When it comes to pricing, our simple "one price" annual rates apply to all Thai nationals and residents living in Thailand between the ages of 20 to 55. Customers can continue to renew their policy at a slightly higher but attractive "one price" rate between the ages of 55 to 60. We have four plans to choose from depending on the daily hospital income compensation of 500, 1000, 1500, and 2000 baht. Those electing to choose the 2000 baht plan also receive our free telemedicine consultation service (one free service per year) known as "Health2Go". This service is embedded in our website and mobile platforms giving all customers easy and fast access to experienced doctors in Thailand when they need it most.
The insurance industry in Thailand must find ways to provide more accessible and affordable micro-insurance type products. Tune Protect Thailand is committed to this by providing Hospital Cash insurance to help Thai nationals and residents take charge of their health coverage needs in a simple and direct way. With medical inflation continuing to grow 8 to 10% in Thailand, Hospital Cash and "ChillSure" can be one way to help take a bite out of these costs at a time when we least expect them.
With medical inflation continuing to grow 8 to 10% in Thailand, Hospital Cash and "ChillSure" can be one way to help take a bite out of these costs at a time when we least expect them.
Giving customers access to affordable and quality private healthcare is our mission here at Tune Protect Thailand. Learn more about us at tuneprotect.co.th and check out all our health innovations including Hospital Cash, Critical Illness, and Diabetes insurance. Tune Protect offers more than just a product or service; we are committed to partnering with you in your personal health journey.
Tune Protect offers more than just a product or service; we are committed to partnering with you in your personal health journey.
Remark:
*Any product benefits, coverages and premiums subjected to insurance plan you have selected. Please read and understand the plan, underwriting conditions, coverages, exclusion and its policy wording before applying the insurance. Terms and Conditions of underwriting as specified by the company. The insured should fully understand the terms and conditions before purchase.
