5 Risks of Living Abroad Without Global Health Insurance -Expat Financial

There are risks for expats living abroad without Global health Insurance

Many things can go wrong while you are living an expatriate life in a foreign land. Some of these issues, especially the ones related to health, may be out of your control. This is where health insurance can come to your aid. Living abroad without health insurance will prove to be a hassle, especially during a medical emergency. It is not worth risking your health and finance when you are far away from home. Adequate global health insurance designed for global nomads can keep you and your family covered. Thus giving you the much-needed peace of mind.

Relocating overseas on a job assignment or retired life needs extensive research and preparation to ensure that your stay is fruitful and safe. Not having health insurance would mean that you are at risk of unforeseen health or medical expenses. The top 5 risks of living abroad without health insurance are listed below:

Unexpected Medical Costs

Despite all the preparation and meticulous planning, many things can go awry while leading an expatriate life. They can make you feel quite vulnerable, especially if you are a first-time expat or your employer is not providing coverage. Expenses related to a medical emergency that you didn’t budget can be financially stressful as medical treatment be substandard in your region.

This can make your initial transition experience a nightmare. Additionally, healthcare costs in various countries differ, and they can be very expensive in Western countries. If you end up paying a hefty amount from your pocket to cover medical costs, your monthly budget will go for a toss. This is where a robust health insurance coverage comes to your rescue.

Inadequate Support in an Unfamiliar Place

Not having an international health insurance policy abroad means that you will be missing support and coverage. The customer support offered by top international health insurance companies will bridge the language barriers, too. If you are not familiar with your host country’s primary language. There will be a dedicated team to support you whenever you face any medical emergency or need medical evacuation.

Long Waiting Times for Medical Treatments

If you are living in a foreign country where public healthcare is free. The waiting times for some treatments can be very irritating and can even lead to worse health outcomes. If you don’t have global health insurance coverage, you will have to wait for your turn for even weeks. You may have to wait for a simple appointment with a medical specialist.

A health insurance policy lets you obtain quick treatments in a private facility and avoid long waiting times. Expat health plans will provide access to both private or public health facilities, doctors and specialists. You can even search the medical network for your health insurance provider and have the claims paid directly by your global insurance company. That is why is key to choose an international health insurer that has a large and comprehensive medical network.

Lack of Access to Quality Healthcare

If you don’t have international health insurance and you fall ill in a foreign location, getting quality healthcare can be very difficult. The situation can be more stressful if you are unfamiliar with the local social security or healthcare system. Remember, not every expat destination has high-quality healthcare facilities. Thus, the lack of international health insurance would mean that you are risking your health and wellbeing in a foreign location. A health insurance policy ensures quality care in the best private facilities.

Global Health Insurance Can Help Your Maintain Your Health

When you are properly insured by a global health insurance plan with both in-patient care, you can then have access to excellent emergency care – including surgery, transplants and cancer care. But out-patient coverage and wellness can also help you maintain you and your expat family member’s health by providing access to preventative and maintenance medical care that can lead to better health outcomes long term. In fact, it was concluded by the National Institutes of Health that uninsured adults receive poorer medical care those received by insured patients and as a result have poorer clinical outcomes and poorer overall health.

Difficulty in Managing Day-to-Day Medical Costs

A health insurance policy is not just about getting covered for medical emergencies; it can help you in managing some of the day-to-day medical costs too. Routine expenses like visits to a general medical practitioner can be easily covered through an international health insurance policy. Your insurance plan may also assist you in in-patient as well as out-patient medical treatments during pregnancy.

Importance of International Health Insurance for Expats

If you are living or working in a foreign country for an extended period. Opting for robust international health insurance is a must, especially in a world filled with medical risks. COVID-19 has shown us this. This will save you precious time and money apart from making your life less stressful during emergencies. However, the investment is worth it, because there is no guarantee about medical emergencies. Having an insurance plan in place would mean that you have the option to choose a medical facility whenever the need arises. Taking undue risks by not obtaining health insurance abroad is not worth it.