RPG Posted February 2 Report Share Posted February 2 Not sure what to do here. I have been very lucky and have had company provided health insurance for myself and my family since 1996. This all stopped 3 years ago. Made redundant in 2020, I purchased PHI at a group discount rate with VUMI. The discount is significant but there is only the one policy available under the group discount - and that is for global cover including USA and provides cover of up to US$ 5 million per insured per year. Self and wife pay a premium of US$2500 per year and daughter (age 7) gets the same cover free of charge to age 10. It is far more cover than we need as we spend 95% of our time in Malaysia where the government hospitals are free for us (but not of great quality) and the private hospitals are of excelklent quality and are 'relatively' cheap. Our PHI premiums seem to be going up at around 10% a year. A friend of ours recentl;y had complex surgery for stomach cancer in Malaysia requiring a lengthy stay in an excellent private hospital which included a week in intensive care. His total bill was US$ 50,000 which sounds a lot (it is a lot) but we were wondering about cancelling our PHI and putting the money we saved into a dedicated account and effectively becoming self insured. The math is fairly straightforward. Just 3 or 4 years without hospitalisation saves enough to fund an 'average' operation and 7 or 8 years would fund some thing way more serious. As an actuary friend of mine said 'If it takes US$ 5 million a year to keep me alive in Malaysia I think I would rather be dead!' Has anyone with PHI thought about cancelling it and doing something similar? Quote Link to comment Share on other sites More sharing options...
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