Vacation Insurance for Expatriates is Critical

Some expats who live abroad will be covered by their employer expat health plans or by the local government health system. Unfortunately, such plans probably will not cover medical treatment or evacuation coverage when traveling outside their new home country. Everyone knows that medical emergencies can occur when traveling and are almost always unexpected events. Any medical event when traveling can cause a great deal of stress for individuals and families traveling abroad, but also significant medical expenses that can seriously impact an expat’s finances. Evacuation costs when traveling abroad can also be quite large, especially if you are traveling to a country with limited medical assistance and facilities.

Travel Medical for Expat Vacations

If the expatriate living abroad needs emergency travel medical insurance coverage outside their new home country, we can offer a single or multi-trip travel medical insurance plan for most expats living abroad. These travel medical plans will not cover pre-existing medical conditions and are only meant for emergencies while you are outside your country of residence or country of citizenship, depending on the insurer you choose. We offer two main travel medical insurance plans for expatriates living abroad:

  • IMG Patriot Travel Medical  – a great single trip travel medical insurance plan for people traveling outside their country of citizenship. It can even be purchase if you are already traveling or living abroad. It will not generally cover you traveling back to your country of citizenship unless you purchase their Home Country Rider. This travel insurance plan can be quoted and purchased online and all the plan details can be viewed when you are getting a quote.
  • BUPA Global Travel – a more deluxe travel medical insurance policy that can provide single or multi-trip travel medical insurance coverage for many expatriates living abroad. It covers you outside your country of residence, so it can be ideal for expats who may travel back to their country of citizenship. It has a zero deductible and is a very comprehensive policy. You can also obtain a quote and purchase online. This plan does have some non-medical related vacation insurance coverage as an option. It can cover trip cancellation and interruption expenses on a single or multi-trip basis. The multi-trip plan covers annual travel for trips up to 1 month per trip as per their plan terms and conditions.

The Bottom Line

If you are an expat living abroad and going on a short or long term vacation, it is a good idea to obtain a travel medical plan to cover you when you travel for business or pleasure. There are very limited options for expats who want vacation plans that cover baggage, trip cancellation and interruption – so if you want this coverage, you will probably have to search for it locally. Some travel medical insurance plans will have some limited non-medical related coverage in their policies. Really, your main risk that can bankrupt any expat is uninsured medical and evacuation expenses. A lost bag or cancelled trip will be costly and upsetting, but shouldn’t seriously impact your finances.

Global Medical Insurance is a Better Solution for Expats who Travel

If you are living abroad, in our opinion there is a better solution than obtaining travel medical coverage for short or long trips. The best option for most expatriates is to obtain a comprehensive global medical insurance plan that will cover you and your family worldwide, which will mean you won’t require travel medical or evacuation insurance for trips as you care covered locally and globally. You should make sure that the global health plan covers you globally including your country of citizenship and also includes an evacuation rider. Some expat health plans will exclude seeking medical treatment in the USA, but will still cover a limited number of days for emergency care when in the United States.

A great policy that we offer to expatriates is the Cigna Global Health Options plan. You can obtain a quote for this international health plan via our web site.

To learn more or if you have a unique travel medical insurance requirement, please contact our firm today.

Tips on becoming an expat entrepreneur

As an entrepreneur, can you imagine living abroad as an expat while running your business successfully? Starting a business is not easy, especially if you’re running one overseas. In this article, we will share a few tips on how to run a business while living as an expat before you decide to departure.

Know the local business environment

Most of the entrepreneurs are running a business with a local focus before traveling to a new country. Promoting your services or goods to local people can be difficult if you are unfamiliar with local business environment. It is a good idea to join local business networks even if you are running an online business. This way can help you to understand the culture and the local consumer, be that in Asia, Africa or around the world.

Researching online is another good way to guide you to meet the right partners and launch at the right conferences.

Start to learn the local language

Unlike traveling, running a business overseas requires participation in cultural experience every day. Learning the local language is a key step. Although it may sound like challenging, poor language skills are still better than none. Besides, speak the local language will help you meet your partner and customer better. Language skills are important when the market is not native to you. You should also network both locally and internationally. LinkedIn is a great resource for expats.

Get tax and legal advice before and after moving abroad to start your expat business

Local and global tax rules are extremely complex and it makes sense to talk to an expat tax professional that can fully appreciate your expat business plans and it will impact your bottom line. You may want to pick a country with the right tax rules and treaties that will allow you to flourish. Many expats choose jurisdictions with low tax rates. You should also inspect the country if possible first to see if it is a business friendly nation with favorable tax rates and rules. You should also talk to a legal adviser to make sure you are fully compliant with the local laws.

Manage your expat based business online

As an expat entrepreneur running an online business, you will need to mange your team, leads and make sales completely through smart phones or laptops. There are many great communication tools such as Skype, Slack and more to mange team and make sales online. Developing a balanced work and life style is important. Sometimes due to different time zones, you will need to adjust schedules to the clients’ time zone. One of the best things about the internet is that it has enabled the expat entrepreneur lifestyle.

Don’t forget international health insurance considerations for expats 

It is important to choose a quality expat health insurer when you live abroad for your global medical needs. Expat entrepreneurs have a diverse set of roles and can’t rely upon a group expat health plan provided by an employer. Expat Financial offers several different international health insurance plans for expatriates across most parts of the globe, even if you are working on your own or with a few other expat employees. If you have several other expat employees, we may be able to source a group plan that can offer better coverage, terms and premiums. If you have questions about our international medical insurance plans or you want to discuss your needs and produce a customized quote, please contact us or complete the quote form. Also don’t forget to obtain individual life and disability coverage.