Benefits of international group insurance
As a manager or even HR manager of a company or a branch abroad, you are often faced with insurance questions for your company and your employees. It’s difficult to understand when you do not know the world of insurance, it is nevertheless essential to look into it. This is a guide to teach you how to cover well your expatriate colleagues, as well as the benefits of international group insurance.
Do not hesitate to visit our dedicated page, which will allow you to have all the necessary information, in the meantime this guide will provide you the benefits of group medical insurance for your business.
How to cover your expatriate employees
In most countries, expatriates rarely have access to local social security, or this access does not offer the ideal treatment conditions for an expatriate. Sending an employee to another country it’s also finding a solution allowing them to be covered as well as possible and to be able to live and work in their new country with a clear mind and therefore more efficiently. What are the different methods of insuring your employee and what are the benefits of international group insurance ?
Give an allowance
Surely the simplest method, the allowance is often used by companies that do not meet employee quotas to be qualify for international group health insurance. It also leaves the choice to your employees of the coverage they want.
Be careful to ask for an invoice, so that there is no premium paid unnecessarily. For find the best individual solution, you can contact us.
Local group health insurance
It is often the most used solution, it allows often complete coverage at a very reasonable price. However, it is necessary to fulfill an employee quota in the targeted country, otherwise it will not be possible to set up this type of insurance. In addition, it will be almost impossible to register base employees in another country.
This solution is often favored by companies with a local HR department, however it favors the accumulation of contracts and inequalities between teams from different countries, because each insurer offers very different products.
International group health insurance
Often more expensive than the local one, international group insurance offers many advantages. Indeed, only one contract will be enough to cover all of your expatriate employees with a coverage homogeneity. All employees will have the same coverage worldwide as well as in their home countries.
Simplified coverage and better benefits, and will only have benefits for your employees.
Why cover your expatriate employees?
- HR benefits
One of the main advantages of international group insurance is the HR contribution. Indeed, this benefit allows your expatriate employees, moreover when they have just arrived in their new place of residence, to not be worry about medical costs. Which can also be quite significant in some countries.
They will indeed be more quickly at ease to work and therefore to produce resources for your company, without the chore of finding insurance themselves.
Another important point concerning production, international group insurance most of the time allows you to have access to the best hospitals, and thus to avoid queues which can be endless. Difficult to wait 3 or 4 hours in Hong Kong for a simple flu or other seasonal virus.
Significant time savings and comfort. But also an economic gain in the case of a serious illness or an accident which could call into question the expatriation.
Lately, it is also an interesting HR added value for all potential recruits. Among expatriates, health insurance issues are extremely important, and can tip the scales for high-potential candidates.
- The economic advantages
Group insurance allows considerable savings, compared to several individual insurances. Thanks to group rates, savings of up to 50% are possible.
The CFE for companies
To be classified in the field of international group insurance, the CFE is indeed open to companies wishing to cover their expatriate employees anywhere in the world.
As explained in one of our previous articles, the CFE is now open to all Europeans and members of the EEA, it also allows in the case of a group plan to cover your colleagues who are not part of these areas.
However, it should not be forgotten that the CFE is not a complete hedging tool, it is necessary to combine it with a complementary one. The most important choice will therefore be which complementary to choose. There are many of them and comparing them is not always easy.
Beware then of supplementary insurance that does not have a common counter with the CFE to facilitate the registration of new insured persons as well as reimbursements. The availability and the tools put in place are also to be monitored.
Combined with the complementary insurance that will accompany your teams all over the world, the CFE represents a very good alternative to traditional international group insurance. Indeed, this solution is by far the most stable and economical solution. The CFE is only very little subject, less than 1% in 5 years, to the annual inflation operated by traditional insurers which is between 3 and 10% sometimes more.
Only the complementary is, and represents only 1/3 of the total price, the gain is therefore enormous over the years, on very comparable covers.
There are still many advantages of international group insurance with the CFE to discover by contacting us
To go further: Cléma Risk Solutions
As we have seen, international health insurance is essential for the well-being of your company’s HR. But did you know that there are many other insurances available to cover the risks of your business?
Indeed, there are as many insurances as possible risks such as employer liability, product risks or cyberattacks. To best meet your expectations on this subject, we have created a partnership with Cléma Risk Solutions, they will be able to help you review the risks of your business. With more than 20 years of experience, their sharp expertise on the subject can help you in your search. To contact them, go here.
It is always difficult when you do not know the world of insurance to find yourself in all the possibilities that exist. In addition, comparing prices and coverage is often a long, delicate but above all time-consuming job.
The Expatmedicare teams can offer you the plans best suited to the needs of your company, and thus negotiate with insurers to help you to find the best coverage for your employees at the best price. Contact us to check the benefits of international group insurance for your company.