It’s predicted by leading expatriate and international health insurance providers such as BUPA, that the number of people requiring their services and policies could rise five, six or even seven times if the correct policies are created and provided to match market demand.
As a direct result of a massive weight of industry research and product development that has gone on recently to try and attract and win this business, we can now pass on some fantastic news for expatriates requiring international health insurance.
Where once policies were inflexible and unsuitable for many, and where once policies were therefore deemed to cost more than the ‘value’ and service they could provide, two leading international insurers have completely overhauled the services they offer. As a direct result, if you’re living, working or retiring abroad, you may well be able to benefit from brand new policies from the likes of BUPA and IMG Europe – and save yourself a fortune as a result.
Taking IMG Europe’s changes on board first, they have introduced a brand new service for expatriates living in the highly popular Mediterranean nations and locations of Spain, Cyprus, Portugal, Greece, Malta and Gibraltar. The reason they have targeted these countries is quite possibly because of the volume of expatriates who choose these locations – therefore there will be a large amount of potential business to be won. What’s more, the medical requirements of such expatriates are relatively straightforward in terms of what they may require and how and where they can receive the care and treatment they need. This lack of complexity removes a certain amount of cover requirement that in turn reduces the underlying cost of the cover.
So, if you live in any of the locations specified, you may well benefit from the three levels of care and cover available from IMG Europe. Alternatively, if you’re fed up with the ‘one type of policy fits all’ approach to health insurance, you might be quietly chuffed to learn that BUPA has changed the way it offers expatriate cover, and it is now offering a modular type of cover to expats.
BUPA has just spent quarter of a million pounds researching the market and speaking to customers and potential customers. They wanted to learn how they could seriously expand their client base and have completely committed to listening to market demand in order to do this. As a result they have taken on board what many European health insurers provide on a nation by nation basis already, and expanded the concept for all expatriates living anywhere in the world. I.e., that we are not all the same, or we do not all fit into one of three categories when it comes to our health insurance needs, rather we are all unique and need a policy that can work for us as individuals.
BUPA have decided to review their 850,000 international customers’ policies and ensure that their annual premiums are assessed more fairly and their individual policies are more closely tailored to individual needs. What’s more, BUPA will now be offering all new expatriate customers the chance to pick and choose ‘add on’ modules of cover to tie on to their basic package. So, you can add on anything and everything from ‘Medicines and Equipment’ to ‘Evacuation,’ from ‘Wellbeing’ that includes dentistry, optical and screening to adding on cover for the USA for example.
This is the first overhaul of its kind to happen in 20 years at BUPA, and it truly is ground breaking in the international health insurance industry. No doubt others will be forced to follow in time, but it may well see BUPA again taking and maintaining market lead. At last, an insurance company that is listening to its customers and giving them that which they require at a cost that is fair and reasonable! We’re impressed!
