How Tenzing Can Help You – A Case Study

Case Study - How Tenzing Helps You

Recently a client we’ll call David approached us to get quotes for insurance.

David had a suspicion that he was overpaying for his international insurance so he contacted Tenzing to see his options and if we could help him with cheap health insurance in Vietnam.

Here’s what we did to make sure he got the best value for his money.

He had a good hospitalisation policy from a reputable provider & wanted something with comparable benefits & terms:

  • Fully covered hospitalisation & surgery expenses

  • Chronic conditions

  • Cancer (inpatient & outpatient)

  • Emergency Evacuation

  • Freedom of treatment to select any hospital he’d like for major treatments

To be clear, there was nothing wrong with his current provider & he did not have any issues other than the price. During the consultation, it was apparent that he had been oversold. Most likely this is because he bought insurance directly from the provider, rather than an unbiased 3rd party, such as Tenzing.

Insurance buying tip: When you buy direct from an insurer you get offered what they have, not necessarily what’s best for you and at the best price. So unless you get quotes from many providers, it’s quite easy to be oversold. “You can get a comparable plan from our competitor for less money” said no insurer ever.

After being presented a side-by-side comparison of multiple plans, including his original one, David selected a new provider with comparable benefits & terms. This was, in fact, cheap health insurance in Vietnam, namely in three key areas:

1. Current Annual Premium

Item Before Tenzing After Tenzing
Annual Premium, age 59 2,529 USD 1,994 USD
Amount Saved 535 USD

So right off the bat, David saved $535 on this year’s premiums by switching providers. For a comparable plan, why is it that much cheaper you may ask? A major factor has to do with the coverage area.

Historically, most international insurers would offer Worldwide excluding the USA as the standard coverage area. There is a growing trend to offer SE Asia excluding Singapore as the standard coverage area. By doing this, you remove many expensive places for treatment such as Singapore, Hong Kong, Japan, Europe, etc.

2. Annual Deductibles

 Item Before Tenzing After Tenzing
Annual Deductible 4,250 USD 1,350 USD

An annual deductible is an amount that you’re responsible for before the insurance kicks in. You may opt to take a deductible in order to save money on your annual premium. In David’s old plan he had a $4,250 annual deductible.  With his new plan, that was lowered to $1,350.

To illustrate the potential savings, let’s see a couple of scenarios:

Scenario 1:  $5,000 hospital bill

  • Before Tenzing, this would cost David $4,250 & the insurer would cover the remaining eligible expenses

  • After Tenzing, this would cost David $1,350 & the insurer would cover the remaining eligible expenses

A $2,900 savings

Scenario 2:  $2,500 hospital bill

  • Before Tenzing David would pay $2,500 & still have $1,750 left on his annual deductible.

  • After Tenzing David would pay $1,350 & have $0 left on his annual deductible.

A $1,150 savings

Over time & as more expensive medical bills accumulate with age, there are substantial savings here.

3. Future Premiums

In addition to this year’s premium, you should also factor in future premiums from your provider. Each one increases their rates in different age bands & at different rates of increase. In this case, there was a substantial difference between the expected future premium at his renewal next year:

Existing Provider Recommended Provider
Estimated Premium Age 60 3,482 USD 2,354 USD
Estimated Savings Next Renewal 1,128 USD

 

Here’s David now:

Tenzing Insurance - Save Money

We know David is happy with his reduced price health insurance in Vietnam. Be happy with your premium too.

For more tips on how to save money, please read our article about How to Save Money on your Health Insurance.

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Johannes Heikkila

Advisor
From Finland
Expat for 1 year
Speak Finnish, English & Spanish

Speciality:
- Health Insurance
- Savings Plans

Robert Cunningham

Advisor
From the UK
Expat for 13 years in Thailand & Vietnam
5 years' insurance & financial services

Speciality:
- Health Insurance
- Life Insurance
- Savings Plans

Romain Camillo

Senior Advisor
11 Years in Insurance & Financial Services
Expat in thailand for 7 years
Joined Tenzing in 2020
Speaks French & English


Speciality:
- Health Insurance
- Life Insurance
- Savings Plans"

Nancy Dao

Advisor
From Vietnam
International Business from UK
Lived in Singapore
Speaks Vietnamese & English

Speciality:
- Personal Health Insurance
- Group Health Insurance

Hunter Deems

Advisor
10 years' experience in insurance and investments
Joined Tenzing in early 2020

Speciality:
- Investments
- Savings Plan
- Health & Life Insurance
Patrik Shore Tenzing Pacific Services

Patrik Shore

Senior Advisor
From Sweden & New Zealand
7 years' insurnace experience
Joined Tenzing in 2019
Crim Science
Speaks English and Swedish

Speciality:
- Savings Plans
- Health Insurance
- Life Insurance

Geoffrey Mann

Advisor
From the US
Employee benefits & insurance compliance background
Joined the Tenzing team in 2019
Law degree from the US

Speciality:
- Personal Health

Nhu Nguyen

Senior Advisor
From Vietnam
Joined Tenzing in 2017
Fluent in Vietnamese & English

Speciality:
- Group Health & Life Insurance
- Personal Health"

Ian Comandao

Health Insurance Manager
From Philippines
MBA from Duke University
Expat for 20 years in US, China, Hong Kong & Vietnam Worked at Tenzing since 2018
Fluent in English, Tagalog, Mandarin

Speciality:
- Personal Health Insurance
- Group Health Insurance
- Business Insurance

Craig McAvinue

Director of Wealth Management
From the UK
25 years' expereince in investments & insurance
Expat in Thailand for 5 years
Chartered Accountant by trade
Holistic approach to consulting his clients

Speciality:
- Investments
- Savings Plans
- Health & Life Insurance

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"
  • 84 35857 2629
  • 84 35857 2629
  • quinn.miller@ten-pac.com

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"