As with any insurance, a health insurance policy is a contract. You make set payments, and if you need medical coverage, the insurance company will pay the costs. Although this sounds simple enough, health insurance has many versions and options. Richard Cayne of Meyer International wants to make sure that you understand the various options that you should consider when selecting coverage.

What you will have to pay for a health insurance policy:

The following are costs that you as the policyholder will be responsible for.  When selecting coverage, it is important to consider all these and keep in mind that the more you pay, the more coverage you may be able to purchase.

Premium: This is the amount you pay for the policy. It is usually monthly and depends on the type of coverage.

Co-payment: If your policy has this option, you will be responsible for paying this amount, normally for doctor visits and sometimes for filling a prescription.

Deductible: A way to lower premium costs is to have a higher deductible. This is the amount that you are willing to pay yourself before the insurance company starts paying your medical bills. Co-payments are often not counted towards this amount.

Richard Cayne says: “Consider not only how much you can budget a month for coverage, but also how you can or are willing to spend if you need a doctor’s care. For example, you may want to think about a higher deductible if you are reasonably healthy. Your premiums will be lower, and you can sometimes negotiate higher levels of care.” To continue this discussion, contact Richard at Meyer International.

What you can and cannot get with your healthcare policy

Out of pocket maximums: This is when an upper limit is set for how much you have to pay for certain services. Once it is reached, the insurance company will start paying.

Exclusions: In many cases, the insurance company will not cover certain treatments, and you will be responsible for paying for them.

Pre-existing condition: If you have a medical condition before you purchase the policy, the insurance company often will either not cover any expenses related to it or raise your premium.

Prior authorization: For certain treatments or procedures, you will need to get it approved first, but once obtained, the insurance company is obligated to pay for them.

Coverage limits: Some policies will only pay up to a specific amount for specific types of care. After this ceiling is reached, you will have to pay for all subsequent bills.

Richard Cayne: “Insurance companies are obviously going to try to get as much from you for as little as possible. You need to be very careful and make sure you understand all the exclusions and loopholes so that you don’t end up paying for insurance that won’t pay for most of your medical needs.” To continue this discussion, please contact Richard at Meyer International.

About Richard Cayne
Richard Cayne is originally from Montreal, Canada, and currently resides in Bangkok Thailand with his wife Akiko Cayne and their two young children. He runs the Meyer Group of Companies (  Previously, he resided in Tokyo, Japan, for over 15 years, advising high-net worth Japanese families.

Richard has over 19 years of experience creating innovative international tax and wealth management solutions.

He is also currently the CEO of Asia Wealth Group Holdings Limited ( ), an ISDX (ICAP Securities & Derivatives Exchange, a London-based stock exchange) listed Financial Holdings Company.

For more information, contact Richard Cayne at Meyer International.