Private Health Insurance in Taiwan: Is It Necessary on Top of NHI?

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One insurance I regretted taking was life insurance. Sure, my folks were covered if I met my demise too soon but otherwise…

Cancer definitely is a thing here in young folk, especially women. But 400k is a bit steep.

[Fly1]

@Quesito

All the time, but not that high. Usually a family member like the mother or a friend will sell to them. But usually smaller amount so the pressure to help a “friend” is higher. For example a 3k a year “hiking insurance”, “maybe once you got a baby insurance”, etc. Pure scam.

Yes indeed… it’s an Ayi, auntie, who she had many problems in her life and all that story. I understand, I am compassionate and everything… but all to some extent… right? A 3k hiking insurance wouldn’t have bothered me haha

[Fly1]

@Quesito

Pure scam.

Couldn’t agree more!

[Fly1]

@foc

The older generation bought insurance like crazy because there was basically no social safety net until the 1990s unless you were a member of the protected classes.

I guess some younger people still follow their example.

I will say that a cancer policy bought as a favor to friend decades ago has literally been a lifesaver to a member of my family. Many of the more recent targeted therapies and immunotherapy are still not covered by the NHI or not covered flexibly enough.

The Lai administration says it will make more funding available to cover some of that soon. I believe they intend to do it but we’ll see.

Your situation sounds like overkill. But keep in my mind that different views on finances are one of the to reasons for divorce. Proceed with caution.

Thanks for your advice foc, yes I am aware of that, so that’s why I reached out here to get some feedback and POVs of other people, which btw, thank you all for your replies!

Yes, a reasonable and decent cancer policy or life insurance it’s great to have, makes you feel a bit safer and well prepared, especially the environment here in Taiwan is not that clean, reading online, I have noticed that another point the big insurance companies make is that because of the air pollution in Taiwan the probability of cancer is much higher than in other countries

[Brianjones]

This level of premium is still absolutely crazy. I would have words with your spouse and her auntie as to what was going on.

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Look, extra health insurance is good, I’d say even necessary for us foreign residents long-term. I think we should plan ahead especially to have funding for caregivers if necessary, like a nurse when recuperating after a surgery or an aid if you were afflicted with some condition that leaves you with limited mobility, because we do not have an extended family to rely on as Taiwanese do. Many of us have friends here and that is great to keep your spirits up and run errands but special care might be required.

Moreover, we should think about what if we need someone to help us bathe, go to the restroom, maybe even eat. We can take care of our bodies but this is something that could happen not only in retirement.

[squall1]

My guess is there’s an investment component to this and something is getting lost in translation. I know some of these get set up as an annuity and usually pay out at least what you put in and you get the insurance. I would get a hold the actual policy if you haven’t already. If not, then yeah, she was scammed.

[rooftopclown]

On an unrelated note, are foreigners allowed to start insurance companies or is that a restricted industry?

[foc]

The Taiwanese insurance industry has been completely open to foreign insurers since 1994. For example, AIG used to sell life insurance in Taiwan but was bought out by Samuel Yin’s Ruentex Group during the great recession.

Many of the foreign insurers left in Taiwan are Japanese. Like Tokio Marine. But there are others.

[Brianjones]

Prudential was big for a while not sure if they exited though.

[rooftopclown]

@Brianjones

Prudential was big for a while not sure if they exited though.

Wouldn’t make sense to exit if they get the kind of premiums @Fly1 posted.