According to a Telegraph report, brokers are letting expatriates down when it comes to finding them the best international health insurance for their needs and their budget – so we’re on hand to help
It’s certainly a fact that the international health insurance marketplace is a complex one – almost as complex as the rules and regulations relating to having insurance in all the different nations around the world. However, that is certainly no excuse for poor or incorrect advice…yet it seems, some brokers really do let expatriates down on international health insurance.
If you’re going abroad and need to know about the level of insurance you will need, or if you’re already living overseas and you want to cut your premiums, at Shelter Offshore we’re going to give you an overview of the market. We’re going to assist you when it comes to identifying your insurance needs, and show you how you can go about getting the right, most affordable yet comprehensive cover to ensure your wellbeing is well protected.
A recent report in the Telegraph highlighted the concerns voiced by the Association of International Medical Insurance Providers. It showed that the recent deeply significant changes made to policy structures by Bupa International for example, had gone allegedly unnoticed by some brokers. The report also alleged that certain insurance salespersons were even failing to suggest to their clients that they can consider increasing their excess on existing policies if they were finding premiums less than affordable.
These allegations are certainly concerning if you’re an expatriate and you entrust a broker to assist you in finding the best policy. We must admit that we are forever suggesting those who are confused about which insurer will best meet their needs should perhaps speak to an adviser to lead them forward – however, it seems that the onus really is on the individual to understand their own requirements, obligations and to research what’s available. Therefore, please allow us to assist: -
Determining The Level of Health Insurance You Will Need as an Expatriate
In certain nations in the world having medical insurance is compulsory – this is now the case in Germany for example, Holland and certain Gulf States such as Abu Dhabi – it is also being seriously considered in Dubai. This means that you have to have a policy in place to at least cover you in an emergency situation. Therefore, your absolute first requirement as an expatriate is determining whether the country or state you’re moving to has a compulsory requirement for you to source insurance. You can do this by speaking to the embassy or consulate in your home nation or your country’s embassy in the nation you’re moving to. If you want to double check, consider speaking to the personnel department in the firm you’re going to be working for, or just simply going online to a forum and asking expats who are already in-country.
Once you know whether you have to have insurance or not, this makes things easier. If you have to have insurance, there may well be certain providers you are asked to consider. These will be local firms – which often offer cheaper levels of cover than international firms such as Bupa, AXA PPP and so on. However, before you decide to go right ahead and just purchase local cover, there are good reasons for some expats not to do so!
Is Local Cover Health Insurance Enough?
Local cover is generally not portable – this means that it will not cover you if you travel to another nation, relocate to another country or even just return home for a visit. At this point Britons may well say, well never mind, if I go home I have the NHS…but that is not necessarily the case. If you become non-resident in the UK, relocate abroad and then repatriate to Britain, you will get emergency cover on the NHS, but you are likely to have to wait 6 whole months before you can get any other level of free cover on the NHS again.
What’s more, if you’re living overseas, have a local policy in place, fall ill, get treatment and then relocate elsewhere abroad, you will find you have to get another insurance policy in place at that point, and you will have to tell them of the pre-existing condition you had covered in the old nation. This may mean you’re not now insurable for that condition, or if you are, your premium will be very expensive.
Having said that, local cover can be perfect for those who relocate permanently abroad to one given country. You can then supplement this if you travel with straightforward travel insurance…
What Are the Healthcare Standards Like in Your Country?
Another factor governing not only the level of cover you choose but the provider as well, is the quality of the healthcare standards in the nation you’re in. For example, in certain countries in the world the medical facilities are rudimentary to say the least – this can lead to expats wanting a more international policy in place that they can use to afford them care in another country should they so require it. So, you have to look at a) the requirement of you to have any obligatory level of cover in your new nation b) the level of healthcare you can access in your new nation c) whether you’re going to want to have portability from a policy and only then can you work out who might be the right insurance provider for you.
How to Pick a Health Insurance Provider
Picking a provider will be dependent on a number of factors – from cost to reputation, level of cover and care offered and suitability of policies available to you. If you have to have a base level of cover in a country like Germany where healthcare standards are reputed to be incredibly high but where costs are also exceptionally expensive, it can make sense to look at local providers. You can compare what they specifically offer for how much money, and compare this with an international provider’s policies that cover Germany. You see, a local insurer at this point may come out cheaper, because they are not offering you care in any other nation.
However, again think about whether you will need portability of cover at this point…if not, then maybe a local insurer is right for you. You can get advice about local insurers from other expats, perhaps from your embassy, from researching on the internet, by speaking to your new company which may also contribute to a company based insurance policy for you, or by being in-country for a while and getting to know the lay of the land!
If you feel you may need a more international approach to your medical insurance needs because you’re likely to travel, relocate, perhaps repatriate, want access to the best care no matter where in the world that is, or you’d rather trust an international brand, it’s time to shop around. All of the leading insurers are fighting hard to get your business at the moment as they are clearly aware of how pressed everyone is for cash! This means whilst you can’t necessarily haggle, you can ask them to price match, consider offering you a higher excess to reduce your premium, adding on an extra month’s cover, or any other inventive ways you can come up with to get your preferred insurer to offer you just a bit more to secure your business.
Bupa has changed the way it offers insurance for sale and we’re fairly confident others will now follow in their footsteps because what they have done is create a far more customer friendly product. You can now insure with Bupa by picking the modules and therefore levels of cover you want. There is a base level of insurance, and then you add-on whatever else you want insuring. Conditions and eventualities are all lumped together in modules – so you can pick a module that will give you maternity cover for example, or offer you greater optical and dental care.
In part this now makes it harder to compare what you can get for your money! But it is certainly still worth shopping round for quotes and trying as best you can to compare like for like. Remember also that you should look closely at what’s included as well as exempt within one quote, see if there is anything in there you can strip out to make it cheaper, and think about increasing your excess if you also want to reduce your overall premium each month or annually.
In Conclusion
It’s no longer just us telling expatriates that they have to think about their health when they move abroad – nations are backing us (!) and making medical care for international citizens compulsory. You have to ensure your health and the wellbeing of your family is protected wherever you are in the world – you also have to make sure getting insurance doesn’t break the bank though. So we hope the above will help you think out and research your options, and find the best level of cover for you at the most affordable premium.
