Can I afford Bali?
Many of us wonder, can I afford to relocate to a remote island for a few years? The last thing you want is to move your family around the world only to be unable afford the lifestyle you were hoping for. This article will help you to understand the real cost to live in Bali, Indonesia in 2023 for a family of 4 who expect various comforts.
Your big expenses are going towards (i) housing; (ii) school fees; and (iii) health insurance. In another article we will run through other expenses that you should be considering such as transportation, utilities, food, staff (cleaner, cook, dog care). These other expenses can quickly add up as well.
Housing
Finding a place to live in Bali can be challenging as there are more and more people visiting and living in Bali. In the past year, prices have skyrocketed. As of April 2023, you should expect to pay USD$70,000 a year for a 200-300 sq meter home in Pereranan or Canggu within 1 km to the beach. These are prices that you can expect to pay for a rental in any major city. If you are willing to be further from the beach you can find places for less.
When renting a villa in Bali, it is customary to pay the entire amount upfront, with 1-2 month security deposit. If you have a pet, add a few thousand dollars more to the pile.
Other areas such as Ubud and Sanur are a little less expensive and present a different vibe. In Ubud you can expect to pay USD$50,000 a year for a home which will be slightly larger than what you can find in Canggu.
If you want something larger, prices just go up.
School Fees
As a foreigner moving to Bali with kids, you are already thinking about school options. There are about 5 international school options which range from USD$12,000 to USD$18,000 per year per child. Some of the popular international schools are Green School, Canggu Community School, Australian Independent School, Bali Island School and Lycee Francais. Depending upon how many kids you have, get your calculator and wallet out.
Health Insurance
If you need to purchase health insurance while you are living abroad, you have some decisions to make regarding the scope of coverage and deductibles. Most insurance companies will have an insurance coverage zone where you can receive reimbursable medical care. Expect to pay more if you are looking to receive coverage in Singapore, Europe and the United States. Note that if you exclude coverage in the United States you can reduce your premium by 30-40%.
There are no lack of coverages and insurance companies will sell you as much coverage as you wish to carry. Some of the big names offering health insurance include Allianz, William Russell, Axa, and Chubb (acquire Cigna). Most insurance companies will review your pre-existing conditions and depending upon the coverage and deductibles this will impact your cost. You should expect to spend USD$6,000-$15,000 for health insurance for a family of 4. Keep in mind that for pre-existing conditions and treatment that might not be covered, you should do your diligence on what medication or other treatments you will need on Bali.
Health insurance companies have various payment options, including payment in full for the year, quarterly payments and sometimes monthly. They will typically provide a small discount for payment in full, and may provide additional discounts for the first year of coverage. As health insurance is highly personalized, you will want to speak with a couple providers before making your selection.
Conclusion
A family of 4 moving to Bali will spend at least USD$75,000 in the first year to pay for these 3 essential items and upwards of USD$150,000. There are loads of other expenses, but hopefully this helps you take the first steps in planning one of the greatest adventures of your life.
