All individual life insurance rates from any company anywhere in the world boil down to three factors: pure cost of insurance and company expenses and investment return on assets. Pure cost of insurance is based on the mortality rates used by the company and expenses include commissions, underwriting expenses, premium taxes, re-insurance cost and profit. Nicaraguan individual life insurance is not the most competitive policy out there. It can be two to three times more expensive than policies issued by large insurers in the United States and Europe.
Nicaraguan group life insurance on the other hand is cost competitive and easy for the Nicaraguan insurance companies to offer. Rates can vary drastically and it’s best to have us quote all five local insurance companies.
Health Insurance in Nicaragua
Medical care in Nicaragua is reasonably good at the private hospitals in Managua. Metropolitan Hospital, which has received the JCI accreditation, which has only been awarded to 220 hospitals worldwide, ensures that the Metropolitan Hospital met in a sustainable way the 340 international quality standards and the 1,200 measuring items contained in the Accreditation Manual required by the JCI.
There is going to be a new state of the art Military hospital which will open in the last quarter of 2014. This hospital will be state of the art as well and open to the public. Most medical conditions can be handle quite well and one will find that many of the providers have been trained as specialist that have been trained in the US or Europe. Additionally common inpatient procedures are routinely preformed at a price that is well below that of North American medical providers.
Health Insurance is available from a few of the local Nicaraguan insurance companies. Nicaraguan health insurance policies can be either dollar or Cordoba based and provide benefits structured much like US type insurance products. Prices are generally lower that health insurance coverage from the United States and are in line with many international expatriate health insurance policies. Out-patient care is wonderful. Nicaraguan doctors, often trained in the United States, Canada, Europe and Mexico still interact with their patients on a daily basis – as apposed to medical techs and nurse practitioners in the United States.
Nicaraguan health insurance is very heavily underwritten pre-application and post claim. Most all locally issued policies require medical exams to see if an individual is healthy before a policy is issued. This practice may change in the future as the local companies gain a larger pool of insureds and premiums, but for now the applicant has to prove his or her healthy state before being accepted.
The way Nicaraguan health insurance companies deal with pre-existing conditions is…. they don’t. They are excluded, or if the pre-existing condition is seen as very serious from an underwriting standpoint the policy is not issued. Below are sample premiums from one local company for a million dollar policy that pays benefits in Nicaragua as well as the rest of the world.
|DEDUCTIBLE||PLAN A||PLAN B||PLAN C||PLAN D|
|Inside Nicaragua / Outside Nicaragua||US$ 500/ 1000||1,250/2,500||2,500/5,000||5,000/10,000|
|20 to 29||$1,053.00||$915.00||$754.00||$602.00|
|30 to 39||$1,400.00||$1,1188.00||$950.00||$785.00|
|40 to 49||$1,850.00||$1,600.00||$1,280.00||$1050.00|
|50 to 59||$2,400.00||$2,100.00||$1,750.00||$1,350.00|
|60 to 64||$3,100.00||$2,850.00||$2,300.00||$1,850.00|
|65 to 69*||$4,250.00||$3,850.00||$3,150.00||$2,500.00|
* these rate are available for renewal of existing policies only.