{"id":2118,"date":"2022-07-27T13:33:31","date_gmt":"2022-07-27T05:33:31","guid":{"rendered":"https:\/\/www.pacificprime.lat\/blog\/?p=2118"},"modified":"2024-04-30T11:45:51","modified_gmt":"2024-04-30T03:45:51","slug":"covid-19-drives-demand-for-improved-ipmi-offerings","status":"publish","type":"post","link":"https:\/\/www.pacificprime.lat\/blog\/covid-19-drives-demand-for-improved-ipmi-offerings\/","title":{"rendered":"COVID-19 drives demand for improved IPMI offerings"},"content":{"rendered":"

The way people, especially expats living in Latin America, view their health and wellbeing has certainly changed forever. We are now living in a post-pandemic world where things will never be the same again. Even though vaccination programs<\/a> in several Latin American countries were rolled out, many expats and their families have started to think twice about how to enhance their health coverage options going into the future and looking into better international private medical insurance (IPMI) offerings.<\/p>\n

What is international private medical insurance, you ask? It essentially offers long-term international coverage to meet your needs wherever you are in the world. For a more comprehensive read on this topic, head straight to Pacific Prime\u2019s landing page to download the Cost of International Health Insurance 2021-2022 report<\/a> for free!<\/p>\n

In this article by Pacific Prime Latin America<\/a>, we look at the impact that COVID-19 has had on expats and their family members, as well as what insurers can offer to support their client\u2019s health.<\/p>\n

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\"Individual<\/a><\/p><\/div>\n\n

Expats prioritize their family\u2019s health<\/strong><\/h2>\n

The volatility of the COVID-19 pandemic has definitely struck a sensitive chord for expats living in Latin America. Unlike other diseases and health illnesses, the threat of death due to the novel coronavirus has made people a lot more aware of their lives and what must be done to protect their health.<\/p>\n

Expats with a growing, young family will undoubtedly be making the critical decisions to secure adequate health insurance cover, if they haven\u2019t done so already, or enhancing their existing coverage options for greater benefits. Family members may also be added to existing plans to ensure they are covered.<\/p>\n

Health insurance premiums to increase for the next 5 years<\/strong><\/h3>\n

It is predicted that Latin America may experience an increase in premiums for the next 5 years, according to the 2020 Global Medical Trends Survey<\/a>. This will apply to individuals and families as Latin American countries strive to improve their healthcare standards and the health of the general population. For a more comprehensive overview of the IPMI premiums in Latin America, our Cost of International Health Insurance 2021-2022 report<\/a> provides a ranking of countries based on the average cost of international health insurance for individuals and families.<\/p>\n

Health insurance providers improve IPMI offering<\/strong><\/h2>\n

The ongoing COVID-19 pandemic puts health insurers in the delicate position of balancing huge claims load with their own capital and solvency stability. Without innovative solutions and offerings, insurers can easily collapse and fail to support their clients. So to prevent such an event from happening, insurers today look for ways to improve their IPMI offerings. These can help support clients during these unprecedented times and even lower high claims moving forward, which is good for the insurer\u2019s bottom line.<\/p>\n

An upward trend in telehealth demand and usage<\/strong><\/h3>\n

One pivotal form of technology adopted by insurers and their healthcare provider in 2020 due to the pandemic, and more so now, is telehealth. As covered in our Cost of International Health Insurance 2021-2022 report<\/a>, telehealth is essentially a term used to describe the transfer and exchange of medical information. It typically appears in the form of technologically-driven services that include:<\/p>\n