Planning to move abroad is an exciting time, but it can also be a bit intimidating as you prepare for your expat move. There will be plenty of things you will need to do to prepare for the global nomad experience. There will be paperwork to be completed and lots of planning involved before you go.
Sadly, you can’t simply pack your bags and off you go as one of the most important things to consider for future insured nomads is, well of course, what will you do should you experience a medical emergency or accident while living outisde your home country for a year or more. The good news is that having international health insurance can be a big help as you prepare to move abroad.
Why do people decide to move abroad?
There are many different reasons for moving abroad. Perhaps the reason is related to your career and you have decided to move abroad for a new job or for work relocation in your current role. Working abroad for a period of time has been found to be very beneficial for career development.
Some young people want to move abroad for their studies or older people may decide to retire abroad. There are also family reasons such as joining a loved one abroad – anything can be a motivation for moving abroad.
What is a nomad?
If you are looking to broaden your horizons and experience new things, life as a nomad could be just perfect for what you are looking for. A nomad is someone who decides to live abroad for a certain period of time.
A global health insurance plan is meant for those who live abroad from their home country for a certain amount of time. With that in mind, here are 5 reasons you should become an insured nomad.
Here are 5 reasons to consider becoming an insured nomad:
1- Ensure you have good health coverage
All nomads will need to consider their health insurance needs. No matter why you decide to become a nomad, for retirement, studying abroad or anything else, it is crucial that you carefully consider your expat health insurance cover.
When you decide to move abroad, it can be difficult to understand the healthcare system of the new country you are moving to. This is where having international health insurance can be a big help for you.
Most major health insurers will be able to assist you with your move and help you get used to the new healthcare system of the country you are in. Remember as well that with high quality coverage, generally you have to pay a little more, but if there is one thing not to spend to little on, it’s global medical coverage as you more often than not get what you paid for.
2- Certain visa requirements make it mandatory
Many countries around the world are now enforcing very strict rules for expat health insurance. This means that you may not be able to secure an expat or global nomad visa in some countries without having proof of a global health insurance plan, otherwise known as nomad insurance.
For example, in countries such as France, Qatar, and Turkey, you will need to show proof of your expat health insurance cover in order to secure a visa. You should check what the rules are in the country you are moving to before you go, otherwise, you might be left without a visa.
3- Overseas Medical Costs Can be Expensive
When living abroad, even in places that you think health costs will be cheap, it is a good idea to get an international health insurance plan. This will help to keep you covered for any unforeseen expenses for any medical emergencies. You may or may not realise it, but the cost of paying for medical treatment abroad can be very expensive.
Of course, it will depend on what country you are moving to, but it may be a lot more expensive than what you are used to paying in your home country. For example, in popular countries for expats such as Germany and Switzerland, the costs can be extremely high.
Having a health insurance plan will be helpful for you as you won’t need to pay out-of-pocket for any medical treatments that you require.
4- Local plans may not cover you or have comprehensive global coverage
If you are doing your research into the best health insurance plans to consider as a nomad, you will quickly realise the differences between a local plan and an international health insurance plan. Most local plans won’t have comprehensive coverage and if you decide to rely only on a local health plan in your new country, it can be a very risky move.
Some people will be attracted to having a basic plan as these policies are usually cheaper. But you must remember that these plans are nowhere near as comprehensive as having a global health insurance plan. If you decide to risk it and don’t get health insurance, you may regret it when a medical emergency situation occurs and the medical bill arrives.
5- Added flexibility on your health cover treatments
A lot of expats will look for a health insurance plan that will offer them flexibility to choose which treatment plan they want to receive. Most health insurers will give you a choice for what plan you can choose. For example, Cigna Global has a number of plans on offer, including Silver, Gold and Platinum. They also offer optional modules that can be added to the plan as an additional benefit.
You may find that the healthcare system in the new country that you are moving to might be a lower standard than the one you were used to in your home country. You might also be moving to a place where you don’t speak the local language and this can be a challenge.
The good news is that by having an expat health insurance plan, you will receive added flexibility as you will be treated as a private patient in your new country. You’ll also receive more flexible treatment options than you would if you were to only rely on local insurance.
Expat Financial has become a leader in global insurrance for insured nomads around the globe. It is a division of TFG Global Insurance Solutions Ltd., which is a Canadian insurance brokerage that specializes in providing global insurance plans for people who live abroad.
We provide a wide range of global health plans for digital nomads and can offer excellent service before and after you purchase your international health insurance plan.
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 you can get a quote online using our specialized quote form.