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8 Things Global Nomads Need to Know about Expat Insurance

We understand that moving abroad is a big decision for global nomads. There will be lots involved in your move and many things that you will need to plan for becoming an expat. One of the most important items on your planning list should be your expat insurance needs.

Things to know about Expat Insurance

To help you find out more, we’ll share in this article 7 things that global nomads need to know about private expat health insurance & much more.

1- What is expat health insurance?

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Expat health insurance is meant for those who are living and/or working abroad for a prolonged period of time. Most people when they become expats will decide to have some form of private health insurance, to give themselves suitable coverage for their new life abroad.

Think of it like this, if you become sick or seriously ill in a foreign country, it will be far worse dealing with it abroad, compared with back home. The good news is that having expat health insurance can give you protection and coverage for times such as this.

If you don’t get a private expat insurance plan, it can be risky. You may be left paying for your medical bills out of your own pocket and these costs can quickly become very high.

But having an international health insurance plan can help. You will receive coverage in your policy for medical bills and your health insurer will pay this for you, so you don’t have to. This will all be covered as part of your plan.

One of the biggest benefits of having a private expat insurance plan is that you will receive access to healthcare facilities as a private patient. You will receive access through your health insurer’s medical network.

2- What does it cover?

There are a lot of things involved in an expat health insurance plan and it is very important to understand what you will be covered for. Full details of your plan will be provided by your health insurer in advance of your purchase.

Typically, your expat health insurance plan will include:

3- Research what plan is right for you

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No health insurance policies are the same and there are many factors that go into deciding which policy to choose. These can range from premium price to length of the policy. But the question is, how do you choose which plan to go for?

Our advice would be don’t rush your decision and buy the first policy you see. Take your time and always do your research in advance.

For global nomads, this can be very helpful. By speaking with someone before you buy your plan, you can ask the questions you want to. This will help you to buy a plan that suits your needs.

4- Be sure to check what type of coverage is available

An expat health insurance plan can cover you in a lot of different places. If you are someone who likes to travel back to your home country frequently, then you may want to consider an international policy that will cover you for this. Some plans will cover you in the country you are living in and also in the country you are from.

It is very important to check to see what region or area of coverage will be included in your plan. So if you travel back and forth a lot, be sure to check this in your plan.

5- Carefully consider if you need additional benefits

This is another important factor to keep in mind when you are choosing your expat international health insurance plan. Be sure to keep these needs in mind and discuss them with the health insurer that you choose.

You can pick out a plan that specifically suits your needs. Or, if you have a family, the needs of you and your family.

Most major health insurers will also be able to offer you extra benefits. These are extra benefits that you can add to your core plan.

The options that are usually available are:

Dental care
• Vision care
Repatriation plan
Maternity plan

Consider if these options would have any impact on you. Your next step will be selecting which areas of coverage you will need. It is worth bearing in mind that the cost of coverage will change depending on which region of cover you choose.

6- Check what the rules are in your new country

It is very important to do your research before you move to your new expat country. You may be legally required to buy a health insurance plan, it all depends on which country you are moving to.

Remember this when you are preparing for your expat move. This can be helpful for you and can cut out any unnecessary costs in your new country.

Nowadays, more and more countries require proof of some form of expat health insurance in order for you to secure a visa. It may be a question of need, not wanting, insurance to step foot into one of your planned destinations.

Examples of these countries include healthcare system in France, Thailand, and Russia.

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7- Receive peace of mind for your move abroad

Finally, it is important to remember that having expat health insurance can help to give you peace of mind. When starting your expat journey in a new country, you will be faced with many new things and many new challenges. You don’t need to have any extra worries.

There will be plenty of other things to consider ticking off your list for your expat move. Examples include visas, cost of living, and sorting your accommodation.

Having expat health insurance will give you one less item to worry about.

8- Also think about expat life and disability coverage

When you are living abroad as a global nomad, your domestic life and disability insurance that you own privately or through your employer may stop because you are no longer a resident. If you can keep the existing life and disability coverage, you should definitely do so. However, if you don’t have adequate life or income coverage when living abroad, most financial advisors will strongly recommend that you buy enough coverage to support your family if you die or yourself and your family if you are disabled.

A general rule of thumb is 10 times annual earnings for expat life coverage, but we recommend a life needs analysis and there are lots of great calculators online or we can do one for you after some discussions. Note that expat life insurance will usually be more expensive than domestic coverage that you can buy back in your home country and there are limited options in the market. Note that these plans can’t be purchased until you move abroad and may have restrictions on coverage continuing if you move back home. Also, like expat life insurance, they are medically underwritten so you may or may not be approved depending on your medical history and country location.

Expat Financial – Experts in providing international health insurance for expats like you

Expat Financial offers several different international health insurance plans for global nomads across the world.

We can guide you in choosing the best international health insurance that will fit your budget and needs. We offer international health insurance plans for individual expats as well as those who would like to cover their entire family while living overseas as ex-pats!

You can choose between health plans from leading expat health insurance providers, such as Allianz and Cigna. We have further advice and articles with information for expats in our blog.

Please get in touch to discuss your global health insurance needs. You can get a quote online today.

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