COVID-19 drives demand for improved IPMI offerings
The way people, especially expats living in Latin America, view their health and wellbeing has certainly changed forever. We are now living in a post-pandemic world where things will never be the same again. Even though vaccination programs in several Latin American countries were rolled out, many expats and their families have started to think twice about how to enhance their health coverage options going into the future and looking into better international private medical insurance (IPMI) offerings.
What is international private medical insurance, you ask? It essentially offers long-term international coverage to meet your needs wherever you are in the world. For a more comprehensive read on this topic, head straight to Pacific Prime’s landing page to download the Cost of International Health Insurance 2021-2022 report for free!
In this article by Pacific Prime Latin America, we look at the impact that COVID-19 has had on expats and their family members, as well as what insurers can offer to support their client’s health.
Expats prioritize their family’s health
The volatility of the COVID-19 pandemic has definitely struck a sensitive chord for expats living in Latin America. Unlike other diseases and health illnesses, the threat of death due to the novel coronavirus has made people a lot more aware of their lives and what must be done to protect their health.
Expats with a growing, young family will undoubtedly be making the critical decisions to secure adequate health insurance cover, if they haven’t done so already, or enhancing their existing coverage options for greater benefits. Family members may also be added to existing plans to ensure they are covered.
Health insurance premiums to increase for the next 5 years
It is predicted that Latin America may experience an increase in premiums for the next 5 years, according to the 2020 Global Medical Trends Survey. This will apply to individuals and families as Latin American countries strive to improve their healthcare standards and the health of the general population. For a more comprehensive overview of the IPMI premiums in Latin America, our Cost of International Health Insurance 2021-2022 report provides a ranking of countries based on the average cost of international health insurance for individuals and families.
Health insurance providers improve IPMI offering
The ongoing COVID-19 pandemic puts health insurers in the delicate position of balancing huge claims load with their own capital and solvency stability. Without innovative solutions and offerings, insurers can easily collapse and fail to support their clients. So to prevent such an event from happening, insurers today look for ways to improve their IPMI offerings. These can help support clients during these unprecedented times and even lower high claims moving forward, which is good for the insurer’s bottom line.
An upward trend in telehealth demand and usage
One pivotal form of technology adopted by insurers and their healthcare provider in 2020 due to the pandemic, and more so now, is telehealth. As covered in our Cost of International Health Insurance 2021-2022 report, telehealth is essentially a term used to describe the transfer and exchange of medical information. It typically appears in the form of technologically-driven services that include:
- Health monitoring devices
- Testing kits
- Online therapy services
- Telepharmacy services and networks
- And more
These alone can give expats and their family members access to a whole host of medical services regardless of location or limitations. For expats new to Latin America or their country of residence, telehealth may be a more appropriate solution for them if they are not familiar with the local healthcare system.
Health and wellness have become a priority
The COVID-19 pandemic has transformed the work-life culture of millions across Latin America. So much so that their health and wellbeing have become a priority in their lives. When COVID-19 first arrived on Latin American soil, locals and expats turned to teleworking, working from home, or remote working due to the various measures adopted by governments and employers to curb COVID-19 infections.
The impact this has had on people’s health and wellness has been huge, and health insurers can offer ways to keep clients physically and mentally healthy. Health insurers can help improve physical and mental health by offering wellbeing resources and support, such as mental health apps, online workout classes, and even virtual counseling therapy.
Learn more from Pacific Prime Latin America
If you’re wondering when you should have international private medical insurance, the answer is now. Many expats are searching for plans that help offer the right level of cover, including benefits such as telehealth services or online mental health counseling. However, without the help of a broker like Pacific Prime Latin America, the process can be confusing and daunting. After all, health insurance providers, premiums, and plans will certainly vary.
At Pacific Prime Latin America, our goal is to support expats and their families wherever they are in the region with comprehensive health insurance coverage and offer insurance support during the ongoing pandemic and beyond.
To learn more about individual health insurance in Mexico, international health insurance, retiree health insurance, and/or family health insurance, you can easily contact us today to receive impartial advice and free plan comparisons.
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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