Summary: If you and your family relocate overseas, one of your first priorities from a financial planning point of view may very well be establishing health care cover and the getting the essential insurances in place to provide peace of mind. It is essential to make sure that you are fully covered - find out which insurances are necessary and which aren't!

If you and your family relocate overseas, one of your first priorities from a financial planning point of view may very well be establishing health care cover.

Costs and services abroad can differ greatly to what you are accustomed to ‘back home’.  Therefore it is essential to make sure that you are fully covered.

From straight health insurance for you and your family you may need to consider both critical illness insurance and income protection.  Making sure that you have the important insurances in place will afford you greater peace of mind coupled with greater security as a family. 

Personal peace of mind will enable you to get on with enjoying your time abroad and allow you to concentrate on establishing long term financial freedom.

Health insurance

In terms of health insurance, it is essential to make sure that you and your family are covered in your new country of residence and also when travelling.

Always make sure that you are comfortable with any restrictions or limitations of policies recommended to you, and any excess you may be liable for in the event of a claim.

Medical costs differ greatly around the world, as do the standards of treatment available.  Find out what services are available in your country of residence, what your expat insurance covers you for, and always make sure that you have the option to repatriate in the event of an emergency.

There are so very many companies offering health insurance to expatriates in the market place today and all come with features, benefits, exclusions and exceptions. 

I would recommend that you speak to a financial adviser to find out what your best options are depending on your personal needs and those of your family.

With something as precious and essential as your health are you prepared to accept second best?

Know what’s available and be a smart expat insurance buyer!

Critical illness insurance

Critical illness insurance can take away stress and financial strain if ever you are incapacitated through serious illness. 

Financial expenditure and outgoings will not cease if you are taken ill: your ability to provide for your family will however cease.  Critical illness insurance is designed to payout in the event that you are unable to work due to serious and ongoing illness.

Income protection insurance

Income protection insurance may also be available to you and of interest.  This insurance is used to replace a percentage of your income if you are unable to work through injury or illness.

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