Is only Social Security Coverage is enough?

Social security registration is mandatory for employees in Thailand under the labor law and allows employees to access to the social security benefits.

Social security is a fund providing security and coverage to insured individuals. Employers and employees are required by the Social Security Act to make contributions to the Social Security Fund on a monthly basis.

However, most of the people are concern whether only social security will be enough to cover their bills or not? Should they buy additional health? Today dSurance has answer for you.

Should employee buy additional health insurance?

If you are an employee of any company in Thailand and got deduct some of your salary as a contribution to Social Security Fund, you already insured under the Social Security Act whether under section 33, section 39 or under section 40. However, got insured by social security might not be enough for the medical expenses that are getting more expensive due to the increase of cost of living. Rather than medical expense fee, people may need additional prescription of medicine, surgery, room coverage, ambulance, etc. Health insurance will cover the additional costs of mentioned expenses which could also help you to be treated better in a better facility or cares as well.

Needs of Health Insurance

Sickness can happen to anyone, having health insurance is another assurance that people can buy for themselves to cover during unwanted time. The benefits of health insurance are included below.

1. Health with hospital expenses:

Sometime people encounter with serious illness that may came with high amount of medical bills. Social Security coverage might not be enough to cover the additional costs that arrives.

2. More options for medical care:

With health insurance, people can have more options in terms of treatment such as choice of hospital selection, choice of doctors, better room quality, etc. For these mentioned advance options come with expensive price but can be cover by health insurance.

3. No Advance Payment:

Each insurer has their hospital list for insure person to choose and get treated around the country. The insured person can choose the hospital that close to their home for the convenient of treatments without have to pay advance and dealt with the complexity of the claim reimbursement.

4. Reduction on personal income tax:

A health insurance premium, up to a maximum of THB 25,000, paid to a life or non-life insurance company in Thailand by a taxpayer for one's own health is allowed as a deduction.

Now can you see the importance of Health Insurance?

Whether its importance or not, it dependent on your personal needs and requirement. You can consider based on your healthcare behavior, your family health history, and your preference of medical care in time of sickness. Nowadays, people become aware of the importance of health, health insurance is another way that we recommend you have for your own benefit.

Even though social security will cover you when need medical care, but health insurance can give you beyond that social security cannot provide.