In today’s article, we talk about this frequently asked question and topic, as it seems that many people still are confused about when it’s best to get health insurance. The short answer is …When you’re still healthy.
“Why?” you may ask. Well, people tend to wait until they’re older or sick to decide to get health insurance. The problem is that at that point it is going to be much harder to find an insurance company that will insure, or almost impossible, and here’s why:
The problem mentioned above is very often not considered by Expats, because we compare the way things work in the US, Europe, or Canada. However, as expats, we have to stop thinking about how things are done in our home countries and make an awareness of how things are done here in Mexico.
So, how would you avoid this altogether? It would start with you getting insurance while you’re still young, healthy, or without major or many preexisting conditions. Think about it this way, if you have a car, you don’t get insurance after you get into an accident, right? No one would insure you, because it would no longer be a potential risk but an actual ongoing event.
It’s pretty much the same with health insurance, you don’t wait until you’re sick or dealing with major medical problems to get yourself or your family covered. Same as with car insurance -and all insurance for that matter-, health insurance is in case something happens, not when!
Let’s say you’re living here in Mexico, and you develop Breast Cancer. Treatments will cost you about $120,000 US dollars for the year, but let’s say you do have Health Insurance. You now could be looking at an out-of-pocket expense of $4,000 to $10,000 considering the cost of your policy and the deductible you would pay (Remember: the deductible is only paid when you use your policy). Substantial difference, right?
Let’s use another example: Say you have a heart attack. Without insurance, it would cost you anywhere between $50,000 to $100,000+ USD, because keep in mind that the stabilization costs are very often the most expensive. If you had insurance, your out-of-pocket expense would be much lower.
This answer is pretty simple: premiums are based on age, gender, company, and type of plan, i.e., high-end, comprehensive, basic, catastrophic-only, etc.,
The good thing is that you don’t need to break the bank to be insured. Premiums go anywhere between $1,000 USD to $15,000 USD a year.
So, don’t hesitate and wait until something bad happens. We encourage you to speak to a broker today.
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