Cut Your Expat Health Insurance Costs

When times are economically hard, we all look at ways to save ourselves a few pounds here and a few pennies there.  And expats are certainly no exception at the moment as the economic hard times are affecting the whole world it seems!  Therefore, no matter where in the world you’re living, chances are you would love to know how to save some money.

In this article we’ll examine ways you can cut your expat health insurance costs – because there are steps you can take to reduce the amount you pay without necessarily jeopardising your level of cover significantly.

The one thing we would say at this point however is, you should not drop your cover altogether as this can be extremely risky and leave you exposed to potentially high bills or a situation where you are not able to get the essential care you need at home or abroad.

The first thing to do is look at the policy you already have in place – determine how long it has left to run and find out if you have to give your insurer notice that you are cancelling cover with them.  This will all dictate how you proceed next.  If you have to give notice this may put the pressure on you a bit to begin researching your alternatives, otherwise, relax and let’s begin the process of cutting costs on your expat health insurance.

Many providers of health insurance simply place a whole heap of extras onto your policy which may seem to be transparent and even perhaps free, but you can guarantee that your premium includes paying for these extras.  Therefore it’s here that we need to begin.  One of the most commonly added extras is cover for chronic disease and related conditions…chronic disease in this sense usually refers to extreme conditions such as cardiovascular disease or diabetes perhaps.  Now, if you fall into a low risk category for any of the chronic diseases you’re covered for, (ask your insurer for a list if you cannot see what you’re covered for in your policy documents), you could consider cutting this cover from your policy.

The World Health Organisation, amongst others, details those who are at high risk of developing various chronic conditions – for example, those who are obese, who drink or smoke heavily and who have a family history of such illnesses.  You can use these guidelines to determine your own risk, and then be guided by your findings.  Of course, there are always exceptions to the rule, and a perfectly fit and healthy 20 something can of course develop a chronic condition…so, be guided by your own feelings and never feel pressured into dropping part of your health care cover.

Once you have identified any other elements of your policy that you feel you do not require cover for it is time to contact your current insurer and begin negotiations.  Point out from the outset that you’re thinking of cancelling your policy and going elsewhere for more affordable cover, but that you’d appreciate them taking the time to consider revising your quotation.  Talk to them openly about dropping certain elements of cover that you do not feel you require – and if the call centre operative cannot assist you, insist on a call back from a manager who has the ability to tailor products.  Often those in call centres are restricted by what their computer programme with allow them to do – so don’t get frustrated, just make sure a senior manager calls you back.

Another way you can potentially reduce your expat health insurance costs is to raise your excess particularly for the little things.  If you increase the waiver you pay each time you visit a doctor or need a prescription this can dramatically cut the cost of cover and mean that you can even keep other parts of your policy intact.  It does mean you may pay more if you have a few minor ailments, but it will also mean that should anything significantly awful happen, (God forbid), you will be completely covered and can feel safe knowing that at least you will be fully taken care of.

If you find you’re labouring a point yet getting nowhere with your current provider, it’s time to start shopping around.  Everyone is feeling the pinch, even insurance providers, so you are already in a strong position if you’re effectively offering them new business on a plate.  Start with the larger insurers as they often have the broadest range of plans available, and outline what it is you want, need and have to have from your policy.  Ask them if they can strip out all other bells and whistles and associated costs and then quote you.  If you find you’re getting no joy, start targeting the smaller, more local insurers who may be even gladder of your business.

At the end of this round of seemingly endless phone calls and emails, hopefully you should be in a better position in terms of affordable expat health care cover – and that will be one less financial burden for you to worry about.