Have you noticed that there seem to be enough providers offering expatriate health insurance plans for each expat in the world to have their very own personal provider?
Or does it just seem that way because the choice of plans available that confronts us when we start doing our research is so daunting and the cost of getting the decision wrong really quite costly?
There are no two ways about it - international health insurance is an expensive business - the providers tell us it’s because the rise in the cost of the provision of medical services worldwide is up to three times faster than inflation. But that doesn’t detract from the fact that so many insurers are keen to get in on the act and offer more and more complex and pricey plans does it?!
Expat health insurance provision must be a very profitable business!
But - bitterness aside (!) - as an expatriate we have to ensure our health and welfare requirements are met and that we and our families have the level of protection we need.
So, what’s the best way to find the right plan?
Here are 10 steps to take towards swiftly and easily finding the best health insurance provider to match your personal requirements…
1) Speak to fellow expats about their provider and ask for recommendations. If someone can recommend a provider quiz them about whether they have ever had to make a claim and if so how quickly and easily that was handled.
2) At the same time think carefully about the base level of cover you need. The more add-ons and funky features a policy has the most expensive it will be. If you’re in a sophisticated first world county for example, it’s unlikely that you’ll need medical evacuation cover. Or, if you’re in a country that has only the most rudimentary medical facilities will it be worth you adding in dental and ophthalmic cover when you can’t get to a dentist or an optician? Detail what you want so that when you approach a provider you can be clear about the services you want and don’t let them up-sell more expensive add-ons to you.
3) If you have any pre-existing conditions will you need them covered or can you afford to pay for associated costs? Either way you must make them known to a potential provider because if you don’t and they find out later your cover can be cancelled immediately. If you don’t need the condition covering that should reduce your premium.
4) Remember that you will have an excess - think about what you can comfortably afford and remember that it usually applies per claim so in the event you are unlucky enough to have a series of claims in a year you will have to be comfortable paying out the excess every time. At the same time the higher the excess you’re prepared to pay the lower the premium.
5) Think big…you need a big name behind the provider to reduce the risk the company will fold up under you in the event that they have too many claims made against them in one year. American Express has recently teamed up with GoodHealth who are world leaders in the provision of health insurance specifically for expatriates. With the Amex backing this company seem to be going from strength to strength - maybe they can offer you a good level of cover for a fair premium for example? Click here if you want an online quote
6) Family plans can be far cheaper than individual cover per family member.
7) If you stop smoking, lose weight and exercise more and are generally a healthy person who takes an active approach to remaining fit and well you will be rewarded by your provider with lower premiums.
8) If your employer offers health insurance as a benefit in kind seriously consider taking it. You must examine carefully all the costs and any taxation implications of course - but know that group cover can be a far cheaper alternative as the insurers offer discounts for more members and your employer will likely pass these savings on to you.
9) The provider offering the lowest premium doesn’t necessarily mean you’ve found the best expatriate health insurance plan! Nor does it mean you’ve necessarily found the cheapest plan! The low premium may suggest less cover, higher excesses and fewer conditions covered. Be careful, be astute and try and ensure you’re comparing like for like.
10) Finally, think long term…are your requirements likely to change, are you planning on relocating or repatriating, will you still require health insurance and if so will a provider you’re considering be able to continue to cover you? The longer you remain with a provider they may reward you with lower annual renewal costs, discounts on additional travel insurance for example and so it pays to find out whether your provider will be able to offer you all you need for as long as you need it.
