International Health Insurance for Expatriates
More than 70% of Americans surveyed said their greatest worry when traveling is suffering a medical emergency
Thinking of moving or working in a foreign country?
Read this.
One of the essential parts of your financial security when you move to a foreign country is your international health insurance plan. Quite a few multinational insurance companies offer international health insurance plans to meet the needs of expatriates. Better plans may comprise outpatient visits as primary consultations and primary care, and also some treatments such as acupuncture, osteopathy, physiotherapy, and homeopathy, in addition to various prescribed drugs.
According to a national study funded by the Chubb Group of Insurance Companies, more than 70% of Americans surveyed said their greatest worry when traveling is suffering a medical emergency. More than half the respondents are most concerned about sustaining a severe injury while traveling. An overwhelming 92.4% of those surveyed said that if they experienced a medical emergency while traveling overseas, they would want the option of transferring to a US or other advanced medical facility.
Travelers’ problems are widespread from a health point of view, and are mainly attributable to accidents or communicable diseases. The most frequent sources of infection are food and drink, for example diarrhea, cholera, dysentery and parasitic diseases such as viral hepatitis and typhus. Insects also transmit various illnesses, such as malaria, yellow fever, African sleeping sickness, river blindness and meningitis.
Because of these concerns, the international/expatriate health insurance market is growing in size and globally. Individual and group international health is becoming a more important market as travel and working overseas become more common. International health insurance pays for medical treatment in the country of temporary residence, home country or another country with appropriate medical facilities.
Advantages of International Health Insurance:
- You can go to the doctor for emergency and non-emergency procedures.
- Includes surgery, prescription drugs, mental health, maternity and other benefits.
- Wellness benefit, dental and life insurance options can also be added.
Disadvantages:
- More costly than travel medical plans that offer emergency benefits only.
- Requires completion of a medical questionnaire before policy can be issued.
Coverage begins as soon as you leave the United States. This type of policy usually lasts anywhere from one week to one year and can be renewed. It can be made even cheaper by purchasing with a group of people. Check to see if your family will qualify for group rates. The prices of policies vary depending on factors such as age, health, length of stay, how much coverage is desired, and more.
When choosing a health insurance carrier, it is important to know that legitimate assumptions made when selecting domestic benefits simply are not relevant in the international realm and can lead to expensive mistakes. For example, co-payments and deductibles are generally accepted in the US, but they can be tricky when exported overseas. International health professionals aren’t used to accepting a combination of cash from patients and payment guarantees from insurance companies, and they may find the necessary procedures burdensome.
Many companies offer overseas packages that include all of the insurance you could ever need and then some. Make sure your package includes:
- Emergency medical and dental
- Emergency medical evacuation
- Repatriation of remains
- Accidental death and dismemberment
- Baggage loss or damage
- Rental car protection
- Visitor to bedside and return of dependent children
- Pre-existing condition waiver
Moving to or working in a foreign country can be the experience of a lifetime. But if your employer isn’t providing you with ample insurance be sure to check out your options before you leave for that adventure.
You’ll be glad you did.
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