Introducing Pacific Prime’s Cost of International Health Insurance Report 2021-2022
Pacific Prime is out with the latest version of the Cost of International Health Insurance Report 2021-2022. Check out this year’s top 100 locations based on their individual and family average international private medical insurance (IPMI) premiums. The report also analyses the changing global and local medical trends in depth. We take a brief look at the Cost of International Health Insurance Report in this Pacific Prime Latin America article.
The Cost Of International Health Insurance Report explores all the different factors that influence the premiums of medical insurance across the world. This detailed report features insights of Pacific Prime’s global and regional insurance experts, case studies, illustrations, and everything you need to know about the medical insurance premiums in 2022.
For more information about international and latest insurance premiums, download your free copy of the Cost of International Health Insurance Report 2021-2022 or take a quick glance here!
What is the cost of international health insurance across different countries?
The US remains at the top of the list, yet again. In 2022, it is the most expensive country for insurance premiums followed by Hong Kong and Singapore. However, the US saw a decrease in the premium in comparison to our Cost of International Health Insurance Report 2020.
While the US saw a drop, the rest of the world saw an increase in IPMI premiums in 2022. The high cost of living and healthcare in Hong Kong and Singapore continue to keep them on the top of the list with an increase in insurance premiums of 10% and 18%, respectively. Another noteworthy country with an increased IPMI premium is Mexico, with costs 28% more when compared to the year before.
Understanding the cost of health insurance in Mexico & the rest of Latin America
Mexico saw a steep rise in the cost of international insurance premiums as opposed to the previous year. One of the main reasons for the inflation in insurance premiums in Mexico is its medical industry going back to a pre-pandemic routine. Meaning that there would be no more delays in treatments and surgeries, and outpatient services becoming normal again. The rest of Latin America witnessed some of the lowest increases in IPMI premiums. In fact, some of the regions were featured on the list of declining premiums.
Why did the cost of insurance increase across the world?
For starters, the last two years have been tough on the medical industry. The COVID-19 pandemic kept people away from medical establishments unless it was an emergency or called for urgent care. With things now going back to normal and daily lives resuming pre-pandemic routine, the requirement for healthcare has also increased.
People are actively seeking treatment for all the postponed doctor visits. Another prominent reason for the increase in premiums is the increase in demand for mental health services after the pandemic. In countries where once mental was a taboo (such as Asia Pacific, Latin America, and the Caribbean), people are now seeking help for mental health.
Get a better understanding of IPMIs by downloading Pacific Prime’s Cost of International Health Insurance Report
The best way for you to understand global medical insurance premiums in-depth is by downloading your free copy of the Cost of International Health Insurance Report. Whether you are an expat looking for insurance in Latin America, or a resident that needs medical insurance, read up on the latest medical insurance premiums to make an informed decision before investing in a plan.
Not ready to read the report but looking for insurance advice? You can also get in touch with a Pacific Prime Latin America expert to learn more about insurance plans for individuals or families in your country.