International Private Medical Insurance (IPMI) is designed to provide comprehensive medical coverage for individuals and families, and even the corporates on a bespoke level. Unlike local insurance plans, IPMI offers access to a global network of healthcare providers and covers a wide range of medical services, from routine check-ups to complex treatments. The cover has a robust benefit amount for treatment in comparison to the cost of treatment in Kenya giving one a peace of mind during any medical treatment required.
The Feared Cost of IPMI
One of the primary concerns about IPMI is its perceived high cost and paying in foreign currency. Premiums for IPMI policies are generally higher than those for local health insurance plans. This difference can be attributed to several factors:
1. Global Coverage: IPMI offers coverage in multiple countries, providing access to high-quality healthcare facilities worldwide. This level of coverage naturally comes at a price.
2. Comprehensive Benefits: IPMI plans often include a broader range of benefits, such as dental and vision care, maternity services, and mental health support at more higher capping without any sublimit. These added benefits increase the overall cost but in consideration for full access to treatments such as cancer and COVID which would attract sublimit with majority local plans.
3. Flexibility and Convenience: IPMI policies are designed to offer flexibility, allowing policyholders to choose their healthcare providers and receive treatment anywhere in the world. This convenience adds to the cost. Having an evacuation benefits allows one to consider getting treatment for complicated cases at centres of excellence with superior post care facilities
Is it worth the cost?
While the cost of international private medical covers may seem high at first glance, it is essential to consider the value it provides. Having a comprehensive medical insurance can be a critical safety net. Here are a few reasons why IPMI might be worth considering:
1. Quality Healthcare: With IPMI, families can access high-quality healthcare services, both locally and internationally. This is particularly important for those with chronic conditions or those who require specialized treatments that may not be readily available in Kenya.
2. Financial Security: Medical emergencies can be financially devastating. IPMI provides financial protection by covering significant medical expenses, reducing the risk of incurring massive out-of-pocket costs.
3. Peace of Mind: In uncertain times, having comprehensive medical insurance offers peace of mind. Families can rest assured knowing they are protected against unforeseen medical expenses, regardless of where they are.
For those who find IPMI premiums challenging, there are alternatives to consider. Local health insurance plans, though less comprehensive, can still provide essential coverage at a lower cost. Additionally, some insurance providers offer regional plans that cover multiple countries within a specific area, providing a balance between cost and coverage. Better to have a safety net then none.
It is always crucial to weigh the benefits and costs of different types of medical insurance and understand the value it brings. While IPMI may be more expensive than local options, its comprehensive coverage and global footprint offer significant advantages. When looking for a reliable safety net, it is always wise to explore all available options and choose a plan that best fits your needs and budget.
Article by Aleem Akbarali
First Published on Business Daily.
