YOUR MEDICAL INSURANCE GUIDE
IN HO CHI MINH CITY 🇻🇳 SINCE 2008
SAIGON INSPIRATION HEALTH MEDICAL INSURANCES
SAIGON INSPIRATION HEALTH MEDICAL INSURANCES WHAT HEALTH CARE INSURANCE IN SAIGON COVERS COVID-19
The COVID-19 coronavirus, officially termed a global pandemic, has literally spun the world into lockdown. It is so important to play our part and STAY HOME. Protect ourselves, protect our family and friends, and protect our beautiful community.
Read our article: MEDICAL ADVICE ON HOW TO PREVENT COVID-19 for some essential information and guidance on how to safeguard ourselves against the COVID-19 virus.
Just as importantly, we need to remember to ask ourselves … “If I test positive for COVID-19 coronavirus, does my current health insurance policy cover all costs?”
Below we’ve listed some health insurance options currently available to foreigners residing in Vietnam, in particular, policies that cover COVID-19 coronavirus treatments. If you’re aware of any other health insurance services that cover COVID-19 please do let us know so that we may update this list and continue to keep our community well informed.
STAY HOME. STAY SAFE. STAY HEALTHY.
SAIGON HANOI BANK (SHB) – NcoV Shield
– Eligible to all Vietnamese and foreign residents living, studying, working in Vietnam.
– No age restrictions.
– Payment for inpatient treatment of viral pneumonia of the Corona strain.
– Daily allowance of VND 100,000 per day during treatment.
– Benefit paid In the unfortunate case of death: VND 100 million.
– For more information CLICK HERE.
MILITARY INSURANCE (MIC) – Corona Guard
Military Insurance (MIC) has launched CORONA GUARD with the desire to join hands to protect public health. CORONA GUARD actively extends its application to include infants from 1 day old, to 70 year old adults, and all foreign citizens living and working in Vietnam. MIC’s CORONA GUARD is designed to be flexible with 3 packages of insurance at each participating level so customers can actively choose. For more information CLICK HERE.
Package 1
– VND 29,000 / 3 months.
– Benefit paid in the unfortunate case of death: VND 50 million.
– Hospitalization (isolation/quarantine): VND 1,500,000 / 30 days (VND 50,000 per day x number of days lying).
Package 2
– VND 59,000 / 3 months.
– Benefit paid in the unfortunate case of death: VND 100 million.
– Hospitalization (isolation/quarantine): VND 4,500,000 / 30 days (VND 150,000 per day x number of days lying).
Package 3
– VND 119,000 / 3 months.
– Benefit paid in the unfortunate case of death: VND 200 million.
– Hospitalization (isolation/quarantine): VND 7,500,000 / 30 days (VND 250,000 per day x number of days lying).
PRUDENTIAL VIETNAM
– PLEASE NOTE: This policy is applicable ONLY to existing Prudential Vietnam health insurance policy holders. The program applies to individual customers who are the Policyholder and the Insured of both main and supplementary products of the Insurance Contract issued by Prudential and valid for the duration of the program.
– This is a special program for unfortunate customers who are infected with the 2019-nCoV virus from February 6, 2020 to April 30, 2020.
– The program offers cash assistance that corresponds to the severity level based on the number of days a client is on hospital isolation.
– With the duration of isolation / hospitalization for 3 to 9 days, the support value is VND 10 million / customer.
– With the duration of isolation / hospitalization for 10 days or more, the value of the support cash assistance of VND 20 million / customer.
– For more information CLICK HERE.
BAO VIET INSURANCE
– PLEASE NOTE: This policy is applicable ONLY to existing Bao Viet Life Insurance policy holders.
– Cash support offered to existing Bao Viet Life Insurance holders who are required to be tested / treated for COVID-19 infection.
– For more information CLICK HERE.
SAIGON INSPIRATION HEALTH MEDICAL INSURANCES NAVIGATING HEALTH INSURANCE IN VIETNAM
Pascal Ho Ba Dam of InsuranceinAsia.com is an insurance advisor representing a number of large health insurance companies. He caters to all types of insurance needs for expats who frequently relocate from country to country, as well as Vietnamese professionals.
Declaring Your Medical History
When you’re shopping around for health insurance, keep in mind that you’ll have to declare your medical history with most of them. There are three ways insurers can handle this:
1. Exclusions
If you declare a previous sickness or condition, such as stomach cancer, this will not be covered by the insurance in the future, as well as any type of cancer in general. If you don’t disclose your medical history, and they find out you had something as minor as a consultation for that sickness in the past, the insurer can cancel your policy (and ask you to refund any payments they made). This actually applies to any withheld information; so if they paid you $30,000 over two to three years of treatment, and discover you withheld details about an unrelated condition, they can ask for all that money back.
2. OK to cover, but you pay extra for the extra risk
You may ask the insurer to consider covering you for your pre-existing condition, but your premium will increase by a certain percentage if that condition re-occurs.
3. No declaration.
You don’t have to declare anything, as long as for a certain period (say one or two years) you don’t get that particular sickness or condition. Most people get sucked into the first category without realising that there are second and third options. Be sure to see what your chosen insurance allows before you jump in.
The Insurance Salesman
The salesman might never tell you the fine print. They may not tell you that “special diseases” are covered, but only if you don’t have any within the first year of your insurance package. They might also not tell you that every time you use their insurance for serious treatment, the premium increases, the amount covered decreases, and eventually you’ll have to share a percentage of the bill you’re paying, even though the brochure says you’re fully covered. Pascal recommends sending all your questions via email beforehand to get proof of what the salesman has promised. Otherwise the insurance provider may blame you for not reading the fine print.
Vietnamese Health Insurance Providers & Foreign Providers
In Vietnam, you have two types of local companies: the purely Vietnamese ones, and the international groups that have representative offices established here. They are all regulated by Vietnamese law, which states that these companies may do what’s necessary to be profitable. This translates to the fact that by law, they are allowed to stop coverage for an individual at any time.
In a nutshell, the Vietnamese insurance providers can simply kick you out if they don’t see you as economically viable. The international companies charge premiums up to 500% and beyond (in extreme cases) if you’re costing them too much. It is not profitable for either group to keep you on board. If you argue, the companies can use Vietnamese laws to back up their actions.
Keep in mind that health insurance companies are meant to cover risk, not regularly occurring or chronic illnesses or conditions. That means if you have a history of cancer, they are less likely to cover you since they know it might reoccur in the future.
An insurance provider are always as good as their response to your first claim. Despite this fact, we have put a list together with the most known health insurance packages for expats in Vietnam:
1. Pacific Cross
Former Blue Cross, they have over 60 years of experience in the health and travel insurance industry in Vietnam. Their broad extensive direct billing network and their guarantee for not raising your policy rate (besides the normal yearly increase) are their main competitive advantages. They also accept foreign driver’s license for accident coverage. On the down side, they don’t cover medical expenses of any kind during their 30-day waiting period.
2. Bao Viet
The largest Vietnamese insurance company. It is state-owned and has a strategic partnership with HSBC, which also holds 18% of Bao Viet’s shares. Many expats choose Bao Viet given their inexpensive policy rates for a decent coverage. You can get a very affordable plan for as cheap as 350$ a year. Disadvantages? They won’t take your foreign driver’s license (you know what comes with that), plus they don’t offer coverages for +65 years old customers.
3. Liberty
Covering all types of insurance for travel and health care; they have a range of expat health packages and travel options. Their competitive edge over others is a global medical assistance by International SOS, plus their reasonable policy pricing. On top of that, there is no waiting period for special diseases. Their customer service lacks quick responses when requesting quotes and asking general inquiries about their policies.
4. Manulife
In 2001, Manulife became 100% Vietnamese- owned company with the name, Manulife Company Ltd. Their head office is located in district 7, and they have currently expanded business to 17 office branches in 13 provinces/ cities. They offer a wide variety of packages for individuals and groups, perhaps too many as you easily get lost navigating through the many options listed on their website. The internet reviews from expats who use or have used their plans seem to be on the positive side.
What Insurance Companies Can Improve
Pascal mentions two major points that can be improved for health insurance providers in Vietnam. The first is true guaranteed renewal. This means that the provider ensures they will continue covering you when the time comes to renew the contract. Unfortunately, insurance providers do everything they can to get you off their policy if you’re costing them, like raising premiums and limiting benefits. The second point would be for hospitals not to overcharge insurances, since this is what usually makes insurances react with higher premiums.
Wrapping it Up
As Pascal puts it: “Healthcare in Vietnam is not cheap. Insurance is cheap, but doesn’t protect you much.” While not all bad, remember to read your preferred health insurance provider’s fine print and get all the facts straight before you dive in; and it always helps to know someone if you get yourself into an emergency situation.
SAIGON INSPIRATION HEALTH MEDICAL INSURANCES HEALTH INSURANCE IN VIETNAM: AN EXPERT’S PERSPECTIVE
Gary hails from Nova Scotia, Canada and spent 27 years with Manulife before moving to Vietnam 14 years ago.
He has been in the health insurance business here with Pacific Cross for 12 years. He wanted to bring international standards of healthcare to Vietnamese people and with about 80% Vietnamese to only 20% expatriate clients, he is achieving his goals. We sat down in Pacific Cross’ District 1 headquarters to discuss the ins and outs of health insurance. I was instantly struck by his professionalism and dedication to the people of Vietnam, whom he holds in high regard.
What is your opinion of Vietnamese health insurance providers? Are they reliable only for locals, or expats as well?
I think they are all fine. The insurance companies offer proper products and are providing a service to local people. But of course you get what you pay for, if someone is on a limited budget they are likely only getting a limited service.
Are there specific types of medical problems that health insurance in Vietnam has difficulty covering?
No, the service has come a long way. I have been here a long time and have seen lots of changes for the better. The companies understand the needs of their clients and cover all eventualities.
What rights do people have in Vietnam in regards to health insurance? What are the procedures in making a claim against a decision they think unfair?
They have all the same rights as international clients abroad. In the event of a disagreement, they would go to the insurance company first. If they are unsatisfied they can then go to the Ministry of Finance and then the Association of Vietnamese Insurers. Then there is the Vietnamese Arbitration Board and finally if all else fails, the courts. Of course, you have to have patience, things take time here, but if they work it through they will get a fair hearing. Sometimes people think they have a grievance when in reality they don’t; this gives rise to stories of unfair treatment.
Is health insurance taken through one’s employer the most affordable and safest option?
Employers’ policies are normally more affordable, but of course they, and not the end user, are in charge of things. Individual policies don’t get the same discounts but you can tailor your policy to truly suit your lifestyle and of course, it’s portable.
What are the difficulties faced by international travellers with health insurance from their home country if something happens to them in Vietnam?
International policies are written and managed under the rules of that country. If you come to Vietnam and have a claim you need to get all the information about your claim before you return home. Contact the hospital and any local agencies and get everything. Customers will have to pay first and claim later. For large claims however, the hospital will call your insurance company to check the details of your cover.
What are the biggest obstacles in the way of better health insurance in Vietnam?
I don’t think there are any obstacles at all, but people have a misguided idea on the level of charges. People need to understand that insurance costs. They need to match the budget to their requirements. Age of course is a factor, the older you get the more the premiums go up. In my view insurance is for catastrophes, the big things in life. Why claim on an insurance policy for a small treatment, it will only affect future policies.
Is health insurance widely advertised in Vietnam?
Not really, it is getting more popular among employers, but there are not many streams of distribution here. There are not many agents out in the field.
What is the government’s stance with regard to health insurance?
The government wants everyone to be taking out insurance, they promote it and they want it regulated and are active in that sense. They want consistent administration of the medical policies.
How does the cost of health insurance for expats compare with the equivalent in Western countries?
People think it’s expensive but one year’s cover here costs about the same as one month’s equivalent cover in the United States. It could be even cheaper but certain medical facilities are known to hike the price if an insurance company is involved.
