Learn Why Expatriates Need to Buy International Major Medical Insurance When Living Abroad
It is not an understatement to note that we live in interesting and turbulent times. Life can’t stop and people who want to live, work and retire abroad will do so when they are able to. Living abroad as an expat is never without risk, but you can help reduce and mitigate this risk by buying international major medical insurance.
Here are 5 reasons why expats should buy international major medical insurance when living abroad:
1- Access to quality healthcare wherever you are
When you buy international major medical insurance, you will be securing access to a high-quality level of healthcare. This is very important as it gives you the freedom to select where in the world you receive your healthcare treatment.
So regardless of which country in the world you will be living in, having international major medical insurance will allow you to have access to first class hospitals as a private patient.
Having this level of access to quality care will be a huge boost and it is one of the most important reasons why expats should buy international major medical insurance.
2- Coverage in case of visa requirements
Many countries around the world are enforcing stricter rules that require expats to have international life insurance. This means that you may not be allowed to enter a country without having it.
Be sure to check what the rules are in the country you are preparing to move to before you go. Remember to keep in mind that the quality of healthcare systems can vary widely around the world, and the standard of care in your new country might not be as good as what you are used to receiving in your home country.
So having major medical insurance coverage can make all the difference if you are living in a country where the healthcare system is not high quality.
3- Keep financial costs down
If you do not have international major medical insurance, it puts you at risk of paying for your medical bills out of your own pocket. As many expats will know, or may soon find out, the cost of medical treatment can be very high, very quickly.
But having international major medical insurance means that your health insurer will cover the cost of your bills as part of your policy. A medical emergency is exactly that, an emergency, so you cannot prepare for it or anticipate the timing of it.
That is why it is so vital that you are covered in case of an emergency, so if you ever need to deal with an unexpected illness, you can rely on your health insurer to cover the financial costs involved. Finally, yes good global health insurance costs money, but we have provided some great ways to save money on global health insurance.
4- Flexibility to choose insurance to suit your needs
Another reason why expats and global nomads should buy international major medical insurance is the flexibility that it offers. Many major health companies will give you flexibility on which policy you buy, allowing you to buy international major medical insurance that you can tailor to suit your individual needs.
This means that you can tailor your insurance to suit your expat lifestyle. For example, if you need to add additional modules to your core health plan, you can do so as many major insurers include options such as vision and dental cover.
Having this extra flexibility can be very beneficial, especially if you need these extra modules.
5. Allow for medical treatment back home
Most global medical plans will allow for medical treatment back home if you travel back under your own power. Also, a lot of expatriates and global nomads like to be able to seek medical treatment around friends and family in their country of citizenship and via their doctor. Global medical plans will usually allow up to 180 days of medical treatment in your home country, but note that for Americans, they should think about getting a plan that includes medical treatment in the USA as the 180 days limit won’t apply if they don’t get a worldwide including the USA policy.
6. Access medical evacuation if you live in a less developed country
We find that expatriates living in “third world” or developing nations will find that the medical care in many of those places will be quite substandard and may not be able to treat serious injuries and illnesses. If you have bought a global medical plan that includes medical evacuation insurance, the insurer may allow you to be evacuated to a nearby country that will provide adequate treatment. Note that medical evacuations have to be approved and coordinated by the insurer.
7- Peace of mind for your move abroad
Finally, buying major medical insurance can give you added peace of mind. When you start your new life abroad as an expat, you don’t need to have any extra worries.
There will be plenty of things to consider ticking off your list for your expat move, such as accommodation, visas and cost of living. So securing major medical insurance will be very helpful for you, giving you one less thing to worry about.
Consider it a small price to pay for something you cannot put a price on, your health and well-being.
Expat Financial offers international health insurance plans for individual expats as well as those who would like cover for their entire family.
Note that expat health plans for individuals are subject to medical evidence and your premium and coverage is also subject to the insurance company’s underwriting approvals. Get a global health plan you can afford BEFORE you need it – that’s how insurance works.
Please get in touch to discuss your global health insurance needs or get a quote online. You should also consider downloading our international health insurance consumer guide!