Expatriates Warned to Keep Up Health Insurance Payments

A stark warning has been issued to all expatriates around the world by a leading international health insurance provider – namely to keep health insurance premiums paid up at all times.

The warning comes at a time when we’re hearing stories of expatriates facing rising living costs abroad.  It may well be that one of the first things to fall by the wayside when cost cutting is an expensive insurance product, but according to MediCare International, anyone who drops their cover now could be storing up massive financial problems in the future.

Meanwhile, the warning that has been published in the Telegraph comes alongside reports that despite the fact living in the Eurozone is now far more expensive than it once was for Britons for example, Brits are keener than ever to escape overseas, claiming that they can cope with living on less as long as they are living in a warmer climate!  For would-be expats, the warning from MediCare International is clear, get cover in place before you go.

The insurance provider has seen cases of expatriates failing to keep up with their premium payments as the cost of living abroad effectively rises.  In Europe we’re already aware that the value ratio of pound to euro has fallen in favour of the euro, and that this is costing those on a fixed pension income considerably for example.  But elsewhere in the world where the effects of the global credit crunch are becoming apparent and affecting normal people’s every day lives, people are having to look at where they can cut costs.

One area they should not take a risk is with the level of health care cover in place according to MediCare International – and at Shelter Offshore we really do have to agree.  In certain nations in the world compulsory expatriate health insurance is already the norm, and in locations such as Bahrain and the UAE the consideration is one being actively contemplated.  Elsewhere in countries such as Germany, an individual without medical insurance may find that they simply cannot find treatment should they need it.  In addition to this, Britons need to be particularly aware that once they expatriate to live abroad permanently and no longer pay taxation in the UK, they are no longer eligible for treatment under the National Health Service.

So, not only is health insurance essential if you want to stay safe, protected and covered, it is also essential to ensure that you have the right level of cover in place.  The report in the Telegraph looks specifically at the cost of cancer treatment – from an initial diagnosis to ongoing radiotherapy and top up drugs as well as hospital care – the costs are prohibitive to most people without health insurance, and because the instances of certain types of cancer in the west are increasing, so is the cost of health insurance.

This is not a cost one can cut back on however.  But there is sufficient competition in the market so that expats can shop around to ensure they get the best level of cover for their money.  Our advice would be to ensure you’re comparing like for like when you look at a policy, to make sure you’re comfortable with any exclusions and exceptions, and to always pay for the best level of cover you can afford.