Bangkok: The Office of Insurance Commission (OIC) has announced its support for the "Healthy Body, Happy Wallet" insurance initiative to address the increasing burden of healthcare expenses on consumers. The initiative, spearheaded by the Department of Internal Trade, Ministry of Commerce, aims to alleviate the financial strain caused by rising medical costs and to inspire the insurance industry to create more adaptable and cost-effective insurance products.
According to Thai News Agency, Mr. Apakorn Panlert, Deputy Secretary-General of the OIC, stated that the agency is committed to backing this project, which seeks to provide a solution to the escalating expenses associated with medical care. The OIC's analysis of health insurance data revealed that over 30% of medical expenses are tied to medications and medical supplies, with these costs rising by an average of 25% annually over the past four years. This increase has prompted policyholders to opt for plans with higher coverage amounts, leading to elevated premiums that may challenge their financial sustainability in the long term.
The initiative addresses issues where specialized medications prescribed by doctors are not available in general pharmacies, leaving patients with no option but to acquire them through hospitals. To tackle this, the OIC has engaged with the insurance industry to support the project by establishing conditions in outpatient (OPD) coverage. These conditions allow policyholders to purchase medications with a doctor's prescription from pharmacies, thereby avoiding unnecessarily high coverage plans.
For instance, insured individuals aged 31-35, who previously selected an OPD plan with coverage of 3,000 baht per visit and an annual premium of 9,365 baht, could reduce their coverage to 1,500 baht per visit, cutting the premium to 4,683 baht per year. This adjustment offers insured individuals the flexibility to choose between obtaining medications from medical facilities or purchasing them at pharmacies with a doctor's prescription, which is more cost-effective. This flexibility aids in more efficient management of their insurance coverage.
The approach is also applicable to group health insurance plans. Employers looking to manage their employees' medical expenses can do so by setting lower coverage limits on OPD plans. Additionally, opting for insurance plans with copayments or deductibles can result in premium discounts.
The OIC reiterates its commitment to supporting the "Healthy Body, Happy Wallet" project, emphasizing that it will benefit policyholders by preventing the selection of overly expensive insurance plans. This initiative aims to enhance the ability to pay premiums, increase the insurance system's flexibility and transparency, and equip individuals with tools to manage healthcare expenses effectively, thereby reducing financial burdens and fostering financial security for policyholders and their families.