Life Insurance in Nicaragua
All individual life insurance rates 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 reserve cost, commissions, underwriting expenses, premium taxes, reinsurance cost, operations, and profit. Nicaraguan individual life insurance is not the most competitive policy available due to high mortality and reinsurance cost. A life insurance policy 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 ask for quotes from 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. This 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.
The new state of the art Military hospital which has recently opened is well regarded also. Most chronic medical conditions can be handle quite well in Nicaragua, and one will find that many of the providers have been trained as specialist in the U.S. or Europe.
Outpatient care can be very personal and “bedside manner” is still regarded as a virtue. Nicaraguan doctors, often trained in the United States, Canada, and Mexico still interact with their patients on a daily basis – as opposed to being handled by medical techs and nurse practitioners in the United States.
While cost of inpatient and outpatient procedures have risen rapidly in Nicaragua in recent years, the cost are priced well below that of North American medical hospitals and providers.
Health Insurance is available from three 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 much lower than health insurance coverage from the United States and are in line with many international expatriate health insurance policies.
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.
|Nicaragua Health Insurance 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|
|Kids 0-19||$ 641.00||$ 557.00||$ 459.00||$ 366.00|
|20 to 29||$ 1,477.00||$ 1,284.00||$ 1,058.00||$ 845.00|
|30 to 39||$ 1,965.00||$ 1,667.00||$ 1,333.00||$ 1,101.00|
|40 to 49||$ 2,596.00||$ 2,245.00||$ 1,796.00||$ 1,473.00|
|50 to 59||$ 3,368.00||$ 2,947.00||$ 2,456.00||$ 1,894.00|
|60 to 64||$ 4,351.00||$ 4,000.00||$ 3,227.00||$ 2,596.00|
|65 to 69*||$ 5,965.00||$ 5,403.00||$ 4,421.00||$ 3,509.00|
|70 to 75*||$ 7,747.00||$ 7,158.00||$ 5,965.00||$ 4,772.00|
* these rate are available for renewal of existing policies only.