Many readers considering moving to Ecuador have inquired about the cost of health insurance and the quality of health care. This is a major issue because the costs are skyrocketing in the U.S.
Just this week, we showed a 4-member family some properties in Cotacachi. Sean said that he is paying $1,200 per month for insurance in Oregon.
This is the first article in a series of articles to address the cost of health insurance and the quality of health care for foreigners moving to Ecuador.
Linda and I are fortunate that we have some wonderful friends from Guayaquil, Roberto and Mariana Baquerizo, who own Marseguros, one of the largest insurance sales offices in Guayaquil. We visited with them a couple of weeks ago and got the health insurance scoop.
Roberto and Mariana offer the policies indicated below, which are underwritten by Guardian Life of the Caribbean Limited, a 160-year-old insurance company rated “A Excellent” by A.M. Best Insurance rating agency.
There are two basic policies offered by Marseguros applicable to expats moving to Ecuador.
Eligibility—All persons under 69 years of age, living in Latin America or the Caribbean. Children under 18 or students up to age 23 can be covered under the policy. The first two children under age 15 are covered free if both parents have coverage.
Maximum coverage, $1.5 million per year per insured. It includes 100% coverage of most illnesses, accidents, hospital stays and doctor coverage that may occur, including $500K coverage for transplants. It also includes chiropractic treatment, up to $50 per visit, max 20 visits per year.
It covers 80% of prescriptions outside of the hospital to a limit of $20k annually.
Outside of Latin American, including the U.S., the policy covers 80% of the first $5,000 of medical expenses, and 100% of the remaining, up to the limits of the policy.
$500 deductible per person:
Age 40/44 $3,306 annually
Two children can be added for a total of $1,616.
$5,000 deductible per person:
Age 40/44 $1,784 annually
Two children can be added for a total of $870.
The policy can be purchased with up to a $10,000 deductible which will save approximately 20% in premiums over the $5,000 deductible.
Marseguros offers a separate policy from a local company that will provide coverage up to maximums of $5,000 or $10,000 for a cost of $33 -$49.50 per month for an individual or $60.50 - $88 per month for a couple.
Therefore, one could purchase the Global Care Plus policy with a $5,000/$10,000 deductible, then cover the deductible with the local policy.
This plan only offers coverage for people living in Latin American while they are in Latin America. It does not cover while visiting the U.S. or other countries. Maximum age, 69.
Maximum coverage per person per year--$100,000. As above, it covers 100% of most illnesses, accidents, hospital stays and doctor coverage including chiropractic. Maximum for prescriptions is 20% co-pay up to $3,000 per year.
Guardian Life has a network of excellent hospitals and clinics in Latin America and in foreign countries. Treatment outside of the network is subject to 20% co-pay.
Sample costs of the Global Care Latin America policy:
$500 deductible per individual:
Age 40/44 $1,148 annually
$500 deductible per family:
Age 40/44 $2,714 annually
This policy can be purchased with deductibles from $250 to $1,000. The policy rates between the $500 and $1000 deductible decrease by about 17%.
All of the above policies include free travelers’ insurance for travel outside of the country of residence with a maximum coverage of $6,000 per infirmity or accident, plus other miscellaneous coverage.
The above rates are general examples. For an accurate quote for your particular circumstances, contact us. We will refer you to Roberto and Mariana. Roberto speaks excellent English, as does most of the Marseguros staff.
Metropolitan Hospital in Quito, as well as other hospitals and clinics, offer their own insurance policies for significantly reduced rates from the above, but at lower maximum coverages. This may prove attractive for some people moving to Ecuador who are on a tight budget. These plans typically include coverage only at designated facilities and cost less than $100 per month for a family.