How to choose your international health insurance plan
Traveling abroad for the long-term? Then, international health insurance is a must! This article will tell you what to consider when you choose your international health and medical insurance plan.
There are various things you need to think about before you decide on an expat health insurance policy. You may have wondered about various possible scenarios:
– If something like Swine Flu broke out in your country of residence, and a pandemic occurred, would you and your loved ones get the appropriate level of medical assistance?
– Would you need repatriation?
– Are you planning for a baby in the near future?
– Do you need maternity coverage?
– Do you travel frequently to the U.S.?
– Do you need coverage to include medical advice and treatments in the U.S.?
– Do you have any children? Do you need coverage for them, and what kind?
– Do you need dental to be included in your policy?
– How is the standard of medical service and treatment facility in your country of residence?
There is a multitude of questions to ask yourself before you start looking at what’s available in the market. You need to have a clear picture in your mind to avoid confusing yourself. Here are the top 5 points to consider when you choose your international health and medical insurance plan.
- The level of cover required
Analyze what is available to you in your country of residence. Not all expatriates need full coverage. Research medical treatment costs so as to know how much cover you need. In countries where medical facilities are well developed, you may not need medical evacuation or repatriation to be included in your package but you may need your insurer to pay for your every visit to the doctor, hospital or dentist.
On the other hand, if the level of medical facilities is substandard, you want to ensure that your insurer pays for medical evacuation and repatriation. This is in case you require medical assistance back home, or at the nearest medical facility.
- Your future plans
For expatriates planning to retire abroad, it is important that your insurance package includes access to a nursing home or home care. For young couples planning a family, you may want to include maternity coverage.
- Your state of health
Benefits differ greatly from one insurer to another. Some absolutely do not cover any pre-existing conditions or chronic conditions and some do. Do you foresee any special requirements such as hormone replacement therapy, braces, etc.? Most insurers impose a waiting period for certain treatments.
- Your area of coverage
Most international health insurers provide 2 categories of coverage: worldwide and worldwide excluding the USA. Some have a more specific geographical breakdown. Premium increases with a wider area of coverage.
- Your required duration of cover
Are you looking for a short or long-term solution? If you are looking for a short-term solution, you probably just need a very basic plan that will cover your in-patient treatments. For a long-term solution, having an insurer who is able to provide you with guaranteed lifetime renewal despite the change in the state of your health may be an important factor.
Having a clear understanding of your personal circumstances and requirements is a good starting point in your search for the most appropriate health insurance. After you have worked that out, it is important that you work with a professional. Someone who is knowledgeable and trustworthy as there are many variations to even the same kind of products. Someone who is professional enough to understand your specific requirement and enumerate all the things to consider before buying international health insurance.
At Expatmedicare, we do our best to help you choose your international health and medical insurance plan to suit your requirements. If you have any questions regarding the same, please contact us or visit our website.