For expats, those retiring offshore or even those going abroad for over a year, managing expat finances is critical. For most, moving abroad and working overseas can be one of the most exciting things of your life. However, expats will want to plan ahead to preserve and grow expat finances and investments. It is very important for individuals and families to plan ahead and maximize their expat finances. In this article, we will discuss 7 great tips for managing and protecting expat finances and investment while living and working abroad.
1. Know Your Expat Tax Status
A common misunderstanding about expat tax is when expats move abroad, they are instantly exempt from their hometown tax system. This is usually not the case. For example, a British expat living abroad who is no longer a UK resident (spend fewer than 16 days in the UK), he or she may still be responsible for tax of the profits of a UK business or property situated in the UK, and UK pension income. Other countries such as Argentina, joint filling income tax is not available. For American expats, the complexity of expat tax can be quite daunting. Expat tax issues can be very complicated and it often makes sense to work with a professional firm. It is important to do research and visit your local tax office before moving overseas to make sure that you know the rules. We often recommend that expatriates talk to an expat tax expert such as Trowbridge.
2. The Cost of Living for Expats
Before accepting a job offer overseas, you should definitely do some detailed research on the cost of living in your destination country. This may include any additional costs you may face: school fees, transportation fees (driving a car and parking fees), rent an apartment or buy a house, leisure and entertainment, etc. The cost of living for expatriates can vary significantly from one place to another and will often be more expensive than what the locals pay. For example, according to Numbeo, in Mexico, rent a 3 bedroom apartment in city centre costs over $500 USD; Whereas in Singapore, a 3 bedroom apartment rent per month could almost $4,000 USD. Knowing the cost of living in your destination country will give you peace of mind and let you plan ahead.
3. Currency Management is Critical for Expats
It is common for expats to exchange currencies from their hometown bank accounts into destination country’s currency. However, banks may charge high flat rates and currency exchange rates which expats will want to avoid. This is especially important for expat families with international payments across countries. Some international banks offer fixed exchange rate for a period of time. Expats should definitely explore different methods of managing currencies as this can save quite a bit of money and time. You can obtain more information on currencies and currency issues on our Foreign Exchange page and you should talk to an exchange expert.
4. Organize your Expat Investment Portfolio
You should organize and take stock of all your current investments before your become an expatriate. You should try to make sure you will be able to manage your various stock, bank and investment properties from abroad or if you will have to sell some of those investments before you go offshore, especially for tax reasons. Many expatriates often sell their homes before living abroad, but when they return they find that they should have retained and rented the home as house values have increased dramatically – this is especially trued for many Canadian and Australian expatriates.
Your risk profile may change because you will be living abroad. Will you have the time and ability to manage your investment portfolio and will your new expat location impact your investment decisions. If you have a private or company pension plan, you should examine how living abroad will impact your retirement savings and taxes. It makes sense to talk to an investment expert before you live abroad.
5. Have You Cancelled Payments in your Hometown?
This is obvious. However, many expats may forget to cancel their orders in hometown and receive penalty charges. Remember to cancel any subscriptions such as phone, internet, magazines, etc before you move abroad.
6. Do you have Adequate Life & Disability Insurance?
One of the most overlooked parts of protecting you and your family’s financial future is making sure that you have adequate life and disability coverage. While your employer may provide some coverage, more often than not it will be inadequate to fully protect you and your family members from the financial hardships associated with a death or disability. Many expats employers only provide medical coverage and expats are expected to obtain their own life insurance or disability income cover. However, when you are living abroad you may not qualify for local coverage and such life cover may not be desirable or even available in your new home country. Also, expats needs something both global and portable. Note that most expat life and disability plans are not portable back to your country of citizenship and if you have existing coverage, its probably a great idea to see if you can retain the policies as expat plans are usually more expensive.
To learn more about your expat life and disability requirements & the policies available, contact our firm for more information.
6. The Importance of Obtaining International Health Insurance
To many expats living and working abroad, the local healthcare system is usually not the best choice. The cost of using private medical care is usually very high in many parts of the world or you may be living in a country where medical care is inadequate and you may need to see medical care regionally or globally – sometime you may have to be evacuated. Either way, a large medical bill can wipe out your investments and put your financial future in peril.
With an appropriate international medical plan in place, many individual expats and their families are covered worldwide (except in the USA unless you add it as optional benefit). International health insurance plan provides day-patient care and full hospital coverage, extensive cancer coverage, maternity and baby care (conditions may apply), dental & vision care and international medical evacuation and repatriation. This is especially important for expats going to visit rural area in some less developed countries.
Expat Financial offers independent advice, solutions and ongoing service and support to clients around much of the world and we have extensive experience in sourcing medical cover for individual expats and expat employers worldwide. We can source plans from large and secure global insurance companies with excellent global service and support.
If you have questions about international medical insurance plans we offer to individual expats or your company requires a global expatriate group insurance plan, please contact us or complete the quote form. We look forward to hearing from you soon.
5 Tips for expats to stay healthy and fit while working and living abroad
/in Expat Lifestyle, Expat Tips /by David TompkinsFor many expatriates, working and living abroad opens the doors to new adventures and challenges. However, it is very important to stay healthy and fit while experiencing your new expat assignment. There are many potential health risks that you will definitely want to avoid, especially in some third world countries. In this article, we will discuss five tips on how to stay healthy while living in a new country.
1. Eat Healthy and Drink Clean Water
Clean water is critical for staying healthy, whether it is used for food production, drinking or domestic purposes. According to a recent report retrieved from World Health Organization (WHO), contaminated drinking-water is estimated to cause hundreds of thousands of deaths each year. Expatriates living and working abroad should be aware of the potential health risks of contaminated water and should take steps to secure clean water at work and at home. This is especially the case in water-stressed areas where drinking-water without improved sanitation. Contaminated water is a major transmission source of many diseases such as diarrhea, typhoid, dysentery, cholera, etc. It is strongly recommended expatriates to boil water before drinking if you are not 100% sure that the water is safe. In the end, maintaining hydration is critical both home and abroad, especially in hot climates.
According to World Health Organization (WHO), developing a healthy diet helps protect against leading noncommunicable diseases such as diabetes, obesity, heart disease and cancer. Expatriates living and working abroad should avoid fast food or street food stands. Always go to local grocery stores or markets to find some fresh fruits and vegetables – but you should be careful eating raw vegetables in some developed countries. It is suggested to avoid unhealthy weight gain through consuming excess calories, sugar and salt.
2. Build an Exercise Routine
Physical activity has significant benefits for your health while living abroad as an expatriate. It has been reported by the WHO that physical inactivity has been identified as the fourth leading risk factor for mortality causing 3.2 million deaths globally. Expatriates should exercise regularly through cycling, walking or sports while living and working abroad. Some expatriates may find it hard to rebuild an exercising routine in their destination country due to security risks or extreme climates. One suggestion is to purchase an exercise machine at home or join a gym. A healthy exercise routine will help expatriates to stay active and energetic.
3. Obtain International Health Insurance
In many countries where local public healthcare facilities may not up to western standards, expatriates will want to use private medical care. However, these private facilities are usually very expensive, especially in emergency situations. Without appropriate international health insurance plan, expatriates could end up with receiving large medical bills and putting your financial status at risk. A global medical plan can not only cover large medical expenses, but it can also cover you for preventative health and medical tests that can help you maintain you and your family’s health. This can even include vaccinations and health monitoring.
An international health insurance plan will provide expatriates and their families worldwide coverage (except in the USA unless you add it as optional benefit). It allows you to seek medical care internationally and is critical for expatriates residing in less developed countries where medical care facilities are below standard. Expatriates living and working abroad will benefit from an international insurance plan with day-patient care and full hospital coverage, extensive cancer coverage, dental and vision care, international medical evacuation and repatriation.
4. Be Aware of the Potential Health Risks
Expatriates living and working abroad may travel frequently. There are many potential health risks such as tropical diseases, respiratory illness, open wounds, etc. These diseases may not make people feel too bad at first, however, they can get deteriorate very fast and become life threatening. If you feel sick in your destination country, seek medical help as soon as possible. Don’t postpone treatment. To stay healthy, it is often important to update routine vaccinations and avoid any potential health risks. Expatriates should always consult a medical professional about vaccination requirements before traveling.
5. Stay Socially Active and Maintain your Mental Health
Expatriates may find not as easy to socialize as they did back in their home country. However, researches have shown that staying socially active can help people maintain good emotional and physical health – especially when you are living abroad and living in a new country and experiencing culture shock. It is important for expatriates to join a group of trusted friends they can socialize with and plan some activities together in their destination country – most cities have active expat social scenes and clubs. These kinds of social interaction offer many benefits to expatriates. For example, global relocation and stresses may have negative impact and cause mental health challenges such as depression. Being socially active will minimize the stress level, monitor signs of depression and prevent other mental health issues.
Also, don’t forget to help your expat spouse and children as their new life abroad can be exciting, but also stressful and isolating. If your spouse is unable to obtain a work permit, maybe he or she can work remotely or volunteer. For expat kids who are experiencing difficulties living abroad, making friends and getting used to the new school – maybe consult a psychologist if required. Many expat health plans will cover mental health and counselling.
Expat Financial offers independent advice, solutions and excellent service and support to clients around the world and we have extensive experience in sourcing medical cover for individual expats and expat employers worldwide. For expats who may have questions about international medical insurance plans we offer to individual expats or expatriate group insurance plans, please contact us. We look forward to hearing from you soon.
6 Tips on How to Become an Expat
/in Expat Tips /by David TompkinsAn expatriate, or expat, is a person who lives outside of their native country, according to the definition of Oxford dictionary. Today, more and more people are willing to leave their home country and experience a brand new job or lifestyle abroad. To better prepare you for life overseas, we will discuss six simple tips on how to become an expatriate.
If you are interested in living abroad, the first step you would want to take is to find a job in your desired destination country. According to research, one of the reasons why people want to become expat is that expatriate employers often offer relatively higher salaries. Therefore, expat employees are more likely to experience a higher standard of living while working abroad.
In order to succeed in an international job, Expat resource centre offer excellent information on job hunting. Practical suggestions such as prepare CV and research the job market before you move, ensure that you have work permits or visa at hand, etc. to help future expats realize their dreams. To learn more, please view Expat employment – Job hunting tips.
Another option to become an expat is through studying abroad. And it is very popular among teens. According to NAFSA study, the number of American students studying abroad during 2015 grew from 304,467 to 313,415. Studying overseas can be a great way to get a global perspective and the chance to learn a new language. The cost of studying abroad can be expensive, but in some less developed countries the tuition costs can sometimes be lower. However, more and more universities and colleges offer scholarships and bursaries. It is worth the time to research online for tuition funds to support foreign students.
When moving overseas, one of the most unexpected events would be culture shock. And sometimes it can be quite frustrating depending on where you are moving to. For example, tipping in restaurants is common and considered normal in the U.S. and Canada. You are expected to add a 15% – 20% mark up to the bill in any restaurant; while in China or Japan, tipping in local restaurants is not required and can be considered insulting. There might be exceptions for some high-end western style cafes. However, even in these cafes, tipping is already included in the bill. It is suggested that future expats should do some research about your destination’s culture to avoid any embarrassment. The more research you can do on the customs and practices in your destination country the more successful your expat experience will become.
It is always suggested if you travel to your destination country before relocating for a short trip. Through traveling, you will get to know its culture, food, people, etc. You will have a general idea whether the country that you are moving to will be suitable or not.
If you are traveling abroad for a short term trip up to one year, it is critical to obtain medical coverage for your entire trip that will cover emergency illnesses or injuries abroad. Our firm offers several travel medical plans from various insurers and providers. With IMG Patriot travel insurance coverage, you are covered with trip cancellation, lost baggage, emergency evacuation & repatriation, covering from as short as 15 days to 24 months. To learn more, please view the brochure below.
Retiring overseas is becoming more and more popular for citizens around the world and is a great way to become an expat. Generally speaking, South America, Asia and Europe are among the most popular expat retirement destinations. This is not only because of its favourable weather and beaches, but also its relatively low cost of living. For example, if retiring in Thailand, the cost of living is much lower than in the western countries. It’s possible to buy a one-bedroom home in Chiang Mai for around $50,000, according to several sources. Expats can pay around $500 per month to rent a home in Chiang Mai. According to International Living Magazine, Thailand is a very inexpensive country for expatriates. You will want to obtain tax and legal advice before retiring abroad as this can greatly impact your finances.
If you want to become an expatriate, it is critical for you to obtain an international health insurance plan that will not only cover medical treatment in your destination country, but also globally. Medical expenses while living abroad can be extremely expensive and local medical care in your new country may not be up to Western standards, especially if you are moving to a developing country. In some Asian countries such as China and Singapore, the cost of medical assistance can be surprisingly expensive for expats living there.
If you are an American citizen, you will want to include cover for the United States as most Americans will want to obtain treatment back home. Expats should make sure that their plan includes medical evacuation and repatriation coverage. Please contact us today for a quote and to discuss your expatriate insurance requirements. We would be delighted to be of assistance as we are expat insurance specialists.
The impact of noncommunicable chronic diseases for expats
/in Expat Lifestyle, Expat Tips /by Crystal GuoHow the Global Impact of Chronic Conditions is Impacting Expatriates
Recently, Cigna has released a study on the global epidemic of noncommunicable chronic diseases and held a seminar for their brokers and clients. The study examined the situation of noncommunicable chronic diseases around the world and provided excellent suggestions for prevention. According to World Health Organization (WHO), a noncommunicable chronic disease is characterized by long duration and generally slow progression – these conditions are becoming more commonplace for local nationals and even expats. The wide spread of chronic diseases are putting expatriates’ health at risk. In this article, we will discuss the main types of chronic diseases based on Cigna’s research and advice for expatriate communities from expatriate health insurance professional perspective.
The Global Epidemic of Chronic Disease is Increasing
As stated by Cigna’s study, noncommunicable diseases account for six in ten deaths worldwide. Major noncommunicable chronic diseases usually refer to diabetes, cardiovascular diseases and cancer. According to Cigna’s report, approximately 19% of the American have diabetes, the figure rises up to 30% in Middle East; Just over 30% of Chinese have some form of diabetes. This is the leading cause of kidney failure, blindness, heart diseases, stroke and death.
The rates of obesity in adults and children are increasing globally. And in some parts of the world, the situation is getting worse. Obesity is another cause of cardiovascular diseases due to the force of the heart to push around a greater volume of blood, which easily causes high blood pressure. Scientists predict by 2025, one in five of the population will suffer from obesity; 36.5% of adults are considered obese, according to Cigna’s report.
How to Prevent from Noncommunicable Chronic Diseases as an Expat?
According to the World Health Organization (WHO), most chronic diseases are caused by three major risk factors: an unhealthy diet, lack of exercise and tobacco. Many expats working abroad often do not have the time to eat healthy foods or exercise and may be surrounded by fast food restaurants, vending machines and food trucks. However, building a healthy diet is crucial for your health when living and working abroad. When shopping at grocery stores, make sure to cut the high-sugar and high-carbohydrate food from your shopping list. Replace them with vegetables, fruits, fish, eggs and other healthy choices based on your eating schedule.
Regular exercise is good for your body, both physically and mentally. However, expats may find hard to rebuild an exercise routing when working and living abroad. Many expat may live in cities with few exercise options or in very extreme climates or in areas with bad security. Often the easiest way to start exercising is practicing yoga at home or purchase an exercise machine. Expats should develop a personal exercise routine and live an active lifestyle.
International Health Insurance is Critical for Expats Worldwide
Most expat employers may not aware of the cost of the treatment of chronic diseases for expatriate employees overseas can be very high. It usually requires a specific plan to cover ongoing health needs. If an expat develops an illness later on it may be recognized as a pre-existing condition when trying to obtain health coverage. A global benefit plan can offer full coverage for pre-existing medical conditions to avoid claims being denied or coverage being restricted for expat employees.
Expat Financial is able to offer flexible international expat group insurance plans in most regions around the globe: Africa, Europe, Asia, Middle East, North America, South America, Caribbean, Oceania, Central America, and all major cities in the world. Expat Financial can also offer international health insurance plans for individual expatriates that may be able to cover some existing chronic conditions depending on their severity and subject to underwriter approval. International health insurance plan provides day-patient care and full hospital coverage, extensive cancer coverage, maternity and baby care (conditions may apply), dental & vision care and international medical evacuation and repatriation. This is especially important for expats going to visit rural area in some less developed countries.
If you have questions about international medical insurance plans we offer to individual expats or your company requires a global expatriate group insurance plan, please contact us or complete the quote form. We look forward to hearing from you soon.
The benefits of taking an expat mining job in Africa
/in Expat Lifestyle, Expat Tips /by David TompkinsExpat Mining Assignments in Africa – A Great Opportunity
In the past 10 or 20 years, there has been a mining boom in Africa as more and more global mining firms have been searching for minerals and setting up producing mines, most in very remote regions of the continent. As companies have increased exploration, especially in Central Africa, they have had to recruit expatriate talent from around the world to fill vital management and executive functions at mine exploration and development sites.
According to several reports, in 2015, almost 65% of international mining companies claimed to increase investment on explosives as the market environment continue to improve. This means a shortage in local mining job market, especially for expat mining professionals.
With the recent improvements in metal prices, especially for gold, we are confident that the mining industry will continue to grow in Africa. There will be benefits for both local nationals and expatriates. In this article, we will discuss the benefits of expat mining jobs in Africa.
Excellent Career Opportunities for Expats in Africa Mining Industry
According to 2016 Ernst & Young Africa Attractiveness Survey, the long term outlook for economic growth & investment in Africa remains positive. Many major and minor mining firms are actively looking experienced and talented people from around the world. Positions such as mine engineering, electrical technicians, structural engineering, geologists are required for various mine operations. Other skilled expat positions in mining are available. Working overseas, especially in remote mine sites, can be quite challenging, but can also boost your mining industry career.
Explore Africa’s Culture
There are 54 countries in Africa today. Each country has a diverse culture, unique art and music representing regions. For example, Ghana, the second biggest producer of gold in Africa, has over 100 ethnic groups residents inside the country. In history, Ghana is the place of the great Ashanti empire during the late 17th century. Kumasi, served as capital of the empire, is one of the most advanced cities in Africa. The Ghanaian people are friendly to expat community. For expatriates working in Africa, Ghana has much to offer. There are also many other countries in Africa that can offer expatriates excellent cultural activities, resorts and tourist spots to explore.
Attractive Expatriate Salaries Available in Africa
Expatriates looking for mining jobs in Africa will find that the remuneration package is usually quite competitive. Many major mining firms will offer excellent accommodations with laundry services, expatriate community facilities such as basketball courts, fitness centre, satellite TV, etc. Mining companies are often willing to provide lucrative expatriate salary to attract and retain mining professionals. This can include schooling for your children posted abroad with families. Expatriates who are proficient in English and a second language are often highly preferred employees. If you have experience in working in Africa, this can be a great asset.
Working in Africa Can be an Adventure
Africa is a land full of adventures and wonders: safaris, camping, diving, etc. Working in Africa is a way to get a completely different adventurous experience. You are working with local people during day time and spend weekend with them together. You will not only experience adventure travel and outdoor exploration, but also a chance to learn local language and lead an intercultural lifestyle. It is worth noting that some parts of Africa can be unsafe, so you should make sure that you and your employer will be taking steps to insure your safety.
Future expatriates need to keep in mind that working & living in Africa will have challenges. For example, the water supply and electricity in some countries is unreliable and there are often danger roads and more exotic illnesses in the region. South Africa, one of the richest country in Africa, has very good medical facilities and many expats working in the region will travel or be evacuated there to receive treatment. However, in some other poor African countries, the healthcare facilities is often far below standard. It is vital that expatriate mining professionals obtain excellent expat insurance coverage from their employer or on their own.
Many mining companies will offer health insurance plans for expat mining staff that they employ. It is crucial for expat employers and employees to obtain international health insurance with global life and accident coverage, dental and long term disability coverage. Some mining executives working in Africa will have to source their own coverage, especially if they are working as consultants – luckily our firm has a wide range of individual plans available. Evacuation coverage is obviously critical for mining employees residing in most Africa countries as more serious illnesses and injuries will often require medical care in another country or even in another continent, such as Europe. Another concern is civil strife, war and terrorism – which can be quite common in certain African nations. Thus, it is critical that your corporate policy for your expats in Africa have full war and terrorism coverage.
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. We have extensive experience in sourcing global mining insurance coverage. For more information, please view our Global Mining Brochure. A quality expat benefit plan is critical if your resource company wants to protect & cover its employees, cover its risks and help retain and and attract the top mining employee talent to operations in Africa.
7 Tips for managing expat finances
/in Expat Tips /by David TompkinsFor expats, those retiring offshore or even those going abroad for over a year, managing expat finances is critical. For most, moving abroad and working overseas can be one of the most exciting things of your life. However, expats will want to plan ahead to preserve and grow expat finances and investments. It is very important for individuals and families to plan ahead and maximize their expat finances. In this article, we will discuss 7 great tips for managing and protecting expat finances and investment while living and working abroad.
1. Know Your Expat Tax Status
A common misunderstanding about expat tax is when expats move abroad, they are instantly exempt from their hometown tax system. This is usually not the case. For example, a British expat living abroad who is no longer a UK resident (spend fewer than 16 days in the UK), he or she may still be responsible for tax of the profits of a UK business or property situated in the UK, and UK pension income. Other countries such as Argentina, joint filling income tax is not available. For American expats, the complexity of expat tax can be quite daunting. Expat tax issues can be very complicated and it often makes sense to work with a professional firm. It is important to do research and visit your local tax office before moving overseas to make sure that you know the rules. We often recommend that expatriates talk to an expat tax expert such as Trowbridge.
2. The Cost of Living for Expats
Before accepting a job offer overseas, you should definitely do some detailed research on the cost of living in your destination country. This may include any additional costs you may face: school fees, transportation fees (driving a car and parking fees), rent an apartment or buy a house, leisure and entertainment, etc. The cost of living for expatriates can vary significantly from one place to another and will often be more expensive than what the locals pay. For example, according to Numbeo, in Mexico, rent a 3 bedroom apartment in city centre costs over $500 USD; Whereas in Singapore, a 3 bedroom apartment rent per month could almost $4,000 USD. Knowing the cost of living in your destination country will give you peace of mind and let you plan ahead.
3. Currency Management is Critical for Expats
It is common for expats to exchange currencies from their hometown bank accounts into destination country’s currency. However, banks may charge high flat rates and currency exchange rates which expats will want to avoid. This is especially important for expat families with international payments across countries. Some international banks offer fixed exchange rate for a period of time. Expats should definitely explore different methods of managing currencies as this can save quite a bit of money and time. You can obtain more information on currencies and currency issues on our Foreign Exchange page and you should talk to an exchange expert.
4. Organize your Expat Investment Portfolio
You should organize and take stock of all your current investments before your become an expatriate. You should try to make sure you will be able to manage your various stock, bank and investment properties from abroad or if you will have to sell some of those investments before you go offshore, especially for tax reasons. Many expatriates often sell their homes before living abroad, but when they return they find that they should have retained and rented the home as house values have increased dramatically – this is especially trued for many Canadian and Australian expatriates.
Your risk profile may change because you will be living abroad. Will you have the time and ability to manage your investment portfolio and will your new expat location impact your investment decisions. If you have a private or company pension plan, you should examine how living abroad will impact your retirement savings and taxes. It makes sense to talk to an investment expert before you live abroad.
5. Have You Cancelled Payments in your Hometown?
This is obvious. However, many expats may forget to cancel their orders in hometown and receive penalty charges. Remember to cancel any subscriptions such as phone, internet, magazines, etc before you move abroad.
6. Do you have Adequate Life & Disability Insurance?
One of the most overlooked parts of protecting you and your family’s financial future is making sure that you have adequate life and disability coverage. While your employer may provide some coverage, more often than not it will be inadequate to fully protect you and your family members from the financial hardships associated with a death or disability. Many expats employers only provide medical coverage and expats are expected to obtain their own life insurance or disability income cover. However, when you are living abroad you may not qualify for local coverage and such life cover may not be desirable or even available in your new home country. Also, expats needs something both global and portable. Note that most expat life and disability plans are not portable back to your country of citizenship and if you have existing coverage, its probably a great idea to see if you can retain the policies as expat plans are usually more expensive.
To learn more about your expat life and disability requirements & the policies available, contact our firm for more information.
6. The Importance of Obtaining International Health Insurance
To many expats living and working abroad, the local healthcare system is usually not the best choice. The cost of using private medical care is usually very high in many parts of the world or you may be living in a country where medical care is inadequate and you may need to see medical care regionally or globally – sometime you may have to be evacuated. Either way, a large medical bill can wipe out your investments and put your financial future in peril.
With an appropriate international medical plan in place, many individual expats and their families are covered worldwide (except in the USA unless you add it as optional benefit). International health insurance plan provides day-patient care and full hospital coverage, extensive cancer coverage, maternity and baby care (conditions may apply), dental & vision care and international medical evacuation and repatriation. This is especially important for expats going to visit rural area in some less developed countries.
Expat Financial offers independent advice, solutions and ongoing service and support to clients around much of the world and we have extensive experience in sourcing medical cover for individual expats and expat employers worldwide. We can source plans from large and secure global insurance companies with excellent global service and support.
If you have questions about international medical insurance plans we offer to individual expats or your company requires a global expatriate group insurance plan, please contact us or complete the quote form. We look forward to hearing from you soon.
Is your company employing American expats?
/in Group Plans /by David TompkinsIs Your Company Aware of the Risks for American Expats?
Is your organization or multinational company employing American expats? Are you aware that most American expatriates will want to seek medical treatment in the USA if possible, especially for serious conditions? If so, are you aware of the significant costs associated with medical care in the USA?
We have sources some excellent risk prediction guidelines for expatriate claims in the USA or for American expats who more often than not wish to obtain medical care back in their home country. These medical costs can easily run into the hundreds of thousands of dollars and if not covered, more often than not the employer will have to cover.
Our firm is extremely experienced in sourcing global medical coverage for firms that employ American expatriates and also covering their dependents who are located with the overseas employee or residing back in the USA – otherwise known as trailing dependents. Unfortunately, we often see extremely inadequate medical plans provided for American employees that will often restrict medical care in the States or not cover the USA at all. Even worse, some expat employers will have group insurance plans that don’t cover pre-existing medical conditions for these American expats.
Annual Medical Costs in the USA
Our firm has gathered a detailed “Risk Prediction Guideline for Expat Claims in the USA” that we are able to share to corporate clients that employ expatriates in the USA or have American expat employees working overseas. Note that the costs can vary widely depending on the state, city, medical provider and of course the nature and severity of the claim. Here are some sample annual medical costs from the report:
Rheumatoid Arthritis: $40,000 to $60,000
Bone Cancer: $100,000 to $250,000
Lymphoma: $80,000 to $150,000
Diabetes: $30,000 to $40,000
Valve Replacement: $60,000 or more
Transplants: Over $200,000 in most circumstances
Back Disorders: Over $50,000
Complicated Pregnancy & Birth: Easily over $500,000
So, as you can see from the sample medical costs in US dollars, the annual medical treatment costs in the United States can often run in the hundreds of thousands and for many clients one claim can easily exceed the entire medical premium that they would be paying for a group of American expatriates. Many expats or their family members will often suffer from one of these conditions or may in the future. Many expat employers are not aware of the fine print on their global medical coverage are are being served by domestic focused brokers with limited or no understanding of expatriate medical coverage.
Next Step for Expat Employers
Thus, it makes sense to cover these risks with a global benefit plan that will provide superior coverage for your entire expat population, especially American expats or foreign employees located in the USA. To learn more, contact our firm to discuss your global expatriate insurance needs as it pays to work with a specialist firm. You can also visit our corporate expat insurance page for additional details. If our firm is engaged as your expat insurance broker, we would be pleased to share our valuable risk report.
How to obtain health insurance when teaching abroad
/in Expat Lifestyle, Expat Tips, international health insurance /by David TompkinsTeaching overseas is an exiting and rewarding journey for expat teachers around the world. There are many opportunities to teach English and other subjects in both public and private schools abroad. Many younger teachers will gain valuable work experience that will help their career when they come back to their home country. More experienced teachers may choose to work abroad to experience life abroad, especially in a more exotic country.
If you are teaching overseas for a year or more, it is important to consider adequate health insurance to cover both you and any dependents that may come with you. In this article, we will discuss health insurance options for expatriate teachers and introduce the differences between domestic health insurance and international medical coverage.
Why Should I get health insurance while teaching abroad?
Before teaching overseas, it is strongly recommended to do some research about your current health insurance plan and the healthcare situation in particular country where you are moving. Most local health insurance coverage in your destination country is designed to cover you locally it will not allow you to seek medical care overseas. Depending on which country you are going, in some less developed countries, the local medical facilities may not be up to the standard that you are used to. Therefore, obtaining appropriate medical coverage is very important.
Group or Personal Plans for Teachers
Many teachers will be offered to join a group plan offered by the school if one exists or is available. Expat Financial can source excellent group medical plans for schools and universities that provide both local and global medical coverage for the teaching and administration staff. Most teachers will naturally join the group plan that is offered. If your school is not offering a plan that you can join, then teachers should obtain an individual health plan to cover their emergency and out-patient medical needs.
Domestic Health Insurance V.S. International Medical Coverage
In most countries, the healthcare system is divided into two options: public medical care and private healthcare. If you are employed by an institution or an organization overseas, you are probably covered by adequate local healthcare system provided by your employer. However, to many expats living and working abroad, the local healthcare system is not the best choice. In Hong Kong, for example, health insurance is considered as part of expats’ benefit package. This is often referred to the public clinics and hospitals. Though the overall standard of public healthcare system is high in Hong Kong, the system is more focused on emergency care, not preventive healthcare. Also, the public medical system does not provide dental care. The private healthcare system is often chosen by many wealthy Hong Kong nationals and expatriates. This is not only because of its excellence in service and medical treatment, but also the flexibility of surgery bookings to many busy expatriates.
The cost of using private medical care is usually very high. Expat teachers living and working overseas who choose to opt for the private healthcare option should obtain international health insurance to cover emergency and/or out-patient medical costs. With an appropriate international medical plan, individual expats and their families are covered worldwide (except in the USA unless you add it as optional benefit). International health insurance plan provides day-patient care and full hospital coverage, extensive cancer coverage, maternity and baby care (conditions may apply), dental & vision care and international medical evacuation and repatriation. This is especially important for expats going to visit rural area in some less developed countries.
How do teachers lower your global medical premiums?
If expatriate teachers want to lower their health premiums, one can include a larger deductible or obtain a plan that will only cover in-patient expenses that are incurred in a hospital. Most global medical plans will offer three levels of coverage, such as Silver, Gold and Platinum with each plan offering a higher level of coverage and policy maximum. Some medical plans will include maternity care after a 12 month waiting period.
How to Obtain International Teacher Health Insurance?
Expat Financial can source global medical insurance plans for expatriate teachers that can provide excellent coverage and premiums. We have been offering teachers international health insurance coverage on an individual basis for many years. For more information, please check out our International Teacher Health Insurance page.
If you are an international education institution and employing expatriates teachers, we can provide group medical plan quote for your teachers. Please click here for International School Insurance Solutions brochure. Contact us for plan details.
Future Expat Employee Trends for Expatriate Employers
/in Group Plans /by David TompkinsCigna has recently released a detailed study on expatriate trends for global employers with the National Foreign Trade Council. Cigna Global Benefits surveyed employees on how they felt about the benefits offered by expat employees – such as housing, income, taxation, education and of course insurance. This is very valuable for global mobility managers because Cigna set up anonymous feedback from the employees for candid feedback from over 100 countries. We wanted to summarize the findings from an expat insurance specialist perspective and provide our insights and opinions for our expat clients and prospective clients around the world.
Global Mobility Changes
Global mobility has been changing over the past 10 years, including how female expats are being supported by expat employers. Many female expats are not feeling well served by their employers. Cigna also noted how the internet has really changed the communication between expats and employers over the past decade. What’s remained consistent is that the number of US expatriates is going down, probably because American expats are considered expensive employees. They are definitely more expensive to insure as they require global coverage including the United States.
Also, more and more expats being sent abroad to developing and third world destinations and less to well developed markets such as Europe. Asia and Africa are key destinations for expats in 2017. This creates more complexity for expat employers when sending people to third world locations such as Lagos or Cambodia.
What do Expat Value?
In the study, expats noted that before they took on an expat assignment, what they valued the most was:
When expatriates were going to a location, expats found that overall assignment preparedness was crucial, especially since the cost of a failed assignment can be up to 4 times their salary.
Expat Communication is Critical
The study also found that expat employees had some insights on communications. Many expats felt that employers did not communicate often enough with them before going overseas. Obviously income was a key part of communications, but also moving arrangements and medical benefits when living abroad. Expats wanted to know more about how to live in new location, restaurants, exercise, safety and of course where they can obtain medical assistance. Providing a list of hospitals that the expat medical plan has a direct relationship is something our firm sees as an easy communication to provide as top flight medical providers such as Cigna have this all online for free.
Added Value for Expats is Important
Another suggestion that we find helpful for expats is cross culture training, language courses and even tax assistance. Our firm has many contacts with providers in all these areas. In fact, we work with some excellent expat tax specialists who can assist your expat population. Mentoring from other expats in the new country location is really important for many expatriates. As an expat employer, you want to make your employees as comfortable and settled in their new location so they can hit the road running.
Medical Care
The study also found several items related to medical care that are quite interesting. This includes
The above observations and trends are often experienced by our expat group clients. The study did not talk about other insurance benefits that are critical for expat employees and employers – such as global life and accident coverage, dental, employee assistance and long term disability insurance. More often than not employers only address the medical insurance component with these other vital services as an after thought. We also find that medical coverage for their partners and children is also a critical concern for most expats, so this should be a factor for employers. Some firms will only provide coverage for the employees and leave the employee to obtain more expensive coverage for his or her dependents, which we feel is an ineffective expat employment strategy.
Our firm believes that if you want to have a higher chance of a successful expat assignment, you need to have a comprehensive and effective global benefit platform that is sourced by an independent expat specialist firm. Claims issues and complaints from expat employees half way around the world can quickly bog down an HR department and lead to failed assignments.
Balancing Expat Assignment Costs
Expatriates realize that their HR Managers are very concerned about the costs associated with expat assignments, perhaps 3 or 4 times the annual salary when all benefits are worked in, but companies also have to have a benefit plan and compensation package that will both attract and retain valuable global expat talent. We find that global medical premiums often rise approximately 9 to 15% per year assuming normal claiming patterns to keep up with health inflation trends. At renewal the insurers will often present higher deductible and coinsurance options, but these are very difficult to implement in the expat sector as these employees expect global medical plans that are attractive, easy to use and at little or no cost to their pocket books.
Repatriation
Another concern for expats is repatriation, which generally means moving expats back to their home country, next opportunity or another expat country assignment. Most employers have little or no repatriation program for their employees. Reverse culture shock can even be an issue for many employees coming home from countries with radically different cultures.
If your company has expatriates located abroad and would like a second opinion on your global benefit plan, it pays to work with an expatriate insurance specialist firm such as Expat Financial, which is a division of TFG Global Insurance Solutions Ltd.. Contact us today to discuss your expatriate insurance program, provide a detailed analysis and obtain quotes from the market.
The Cigna study can be found Cigna global expat trends study.
TFG Global is a valued broker for both individual and group plans from Cigna and our contacts at the company are both extensive and high level. We have worked with Cigna for many years and know their capabilities and plans inside out. For more information on the corporate Cigna plan we offer expats, click HERE. We also offer their individual global health plan.
You can listen to the interview at:
https://www.cignaglobalhealth.com/resources/podcasts/episode-1-globally-vocal.html?__prclt=5A7VZBzf
Or listen below:
Why international health insurance is critical in Beijing for expats
/in Country Information, international health insurance /by David TompkinsBeijing is the capital of China and is located in the northern China. It is a city that is well known for its cultural heritage sites such as the Forbidden City, Temple of Heaven, Summer Palace, Ming Tombs and of course the Great Wall. Besides being the economic center in China, this fascinating city is home to many multinationals from abroad and local Chinese companies headquarters. Many firms are willing to bring in new expats from abroad with western education and experience. In this article, we will discuss healthcare in Beijing, why international health insurance is critical for expats and expatriate group insurance plans for international employers if wishing to open a market in Beijing.
Healthcare in Beijing
Generally speaking, the standard of healthcare system in Beijing is higher than in most cities within China. Since Beijing is the capital city of China with a large population, many well-known doctors and medical experts reside there. Many patients travel to Beijing just to see a well-known doctor in one of the many hospitals that are located there. Public hospitals in Beijing are not only serving local residents, but also patients come from all over the places in China. As a result, most public hospitals in Beijing are often overcrowded, with long waiting period and long line-ups. One should also note that the air pollution is a significant concern for both locals and expatriates in China. The health impacts of that pollution will impact the health of expatriates in Beijing and having medical coverage and preventative healthcare is critical.
Private hospitals and clinics are also available in Beijing. These private medical facilities usually have English speaking doctors and medical staff. Some of them are even expatriates from western countries. High end private international clinics such as Beijing United Family Hospital are one of the options for many foreigners. Such private medical firms are able to provide faster medical appointments and urgent medical treatment. Many private international clinics offer direct billing with global insurance companies, which is very convenient for expatriates living and working in Beijing. Therefore, most expats in Beijing would want to choose the city’s private medical centers.
The High Cost of Medical Care in Beijing & the Rest of China
Like most of China, private health treatment has become extremely expensive in Beijing, even rivaling the United States. Even at public hospitals with special foreign or VIP departments, medical costs are rising, according to recent reports. For example, an uncomplicated birthing procedure at private international clinics Beijing United Family Hospital costs between over $13,000 USD. The cost of one standard private hospital room can be thousands US dollar per night. In case of medical emergency, the costs are estimated to double or triple. Without an appropriate medical coverage plan, expatriates could end up with paying tens of thousands of US dollars or even more.
Why International Health Insurance Is Critical For Expats In Beijing?
Many expats working in Beijing may qualify for the local public health insurance system. However, the public health insurance plans does not meet most expat needs, especially if you want to get treated at a private facility or outside of China. As noted above, medical treatment fees in Beijing are relatively high and expats may find that they still need to pay a certain amount of co-payment when go to public hospitals.
For expats who prefer private hospitals and clinics, it is critical to obtain an international health insurance plan. A typical international health insurance plan will provide coverage options such as hospital coverage, outpatient treatment, medical emergency evacuation, routine health check-ups, dental & vision care and US coverage options. It will help you maintain your health and avoid financial risks while working and living in Beijing. It is also very important to have an international health insurance plan that provides international emergency evacuation and repatriation coverage.
International Group Insurance Plans For Expatriate Employees in Beijing
While we can source individual medical plans for expats in Beijing and the rest of China, Expatriate group insurance plans are critical for international employers who wish to open an office in Beijing or already have expat employees there. An international group insurance plan for expats in Asia will usually include life insurance, health insurance, dental, evacuation and disability insurance to expatriate employees and even some key local nationals. It will not only protect expatriate employees in Beijing, but also will protect employer’s business as providing medical coverage is a key fiduciary responsibility. The international expat group insurance plans can be tailored to meet the needs of your employees working in Beijing so that your business objectives can be achieved. It is critical that that a global benefit plan cover pre-existing medical conditions and provide easy access and direct payment to the hospitals in the city and the rest of China.
Get Insurance From Expat Financial for Beijing Expats
Expat Financial offers independent advice, solutions and ongoing service and support to clients around much of the world and we have extensive experience in sourcing medical cover for individual expats and expat employers in Beijing and the rest of China. We can source plans from large and secure global insurance companies with excellent global service and support. Our firm can offer a wide array of individual expat health insurance plans for expats China and even Chinese expatriates living overseas. If you have questions about our international medical insurance plans and expatriates group insurance plans or you want to discuss your needs and produce a customized quote, please contact us or complete the quote form. We look forward to hearing from you soon.
Medical Insurance for trips to the USA is critical
/in Expat Tips, international health insurance /by David TompkinsWhether you are planning a short trip to the USA, an international student going for a summer course, or you are moving to the United States, it is vital to obtain medical insurance before departure. Medical costs in America are widely known to be the most expensive in the world. However, many visitors are to the USA will take the chance and not obtain travel medical coverage or simply forget. In this article, we will discuss the importance of visitor insurance and ways to obtain appropriate medical insurance when traveling to America.
The Importance of Visitor Health Insurance When in the USA
There is basically no universal or free healthcare in the United States. In March 2010, President Obama passed the Affordable Care Act (ACA), commonly referred to as “Obamacare”, intended to expand healthcare coverage in the USA. However, medical expenses are still about twice as much as many other developed countries. There are a variety of reasons, but is at least partially because of the high administrative costs, drug prices, mix of medical treatments, etc…
We have all heard stories of people who have traveled to the United States for a short trip and after suffering a major accident or illness been faced with a extremely large medical bill that is in the hundreds of thousands or even over a million. In fact, recently a Canadian couple were in California and were both hit by a car. Unfortunately the husband died at the scene and the wife suffered catastrophic injuries that exceeded her $500,000 travel medical insurance policy. Another reason to check if your policy has a large policy limit.
It is also important for international visitors and new immigrants to obtain health insurance before going to the USA for short or long trips.
Short Term Visitors to the USA
Travel medical insurance plans are often suitable for international visitors staying 5 days to 12 months in the USA and we do offer some excellent plans with a variety of policy maximums and several deductible choices. A typical travel medical plan for trips to the USA will often include medical benefits such as hospital room stays, x-rays, ICU care, emergency drug cover, accidental dental,emergency evacuation & repatriation. Policy details and the web application are available online. If you want, you can obtain a quote and purchase coverage online. We recommend that you purchase a comprehensive travel medical plan with as high a policy maximum as you can obtain. More details on the policies we offer at our travel insurance page. For companies sending employees abroad for business, it is their duty to make sure that their business travel medical plan fully covers their employees globally, especially when going to the USA.
Long Term Stays in the USA
If you are a non-US citizen and you plan to reside in the United States, you will need to obtain an international health insurance plan that will provide comprehensive medical treatment including hospitals in-patient and out-patient coverage, international medical evacuation, vision and dental coverage in the USA. If you are an expatriate living or traveling to the USA, you should obtain adequate international health insurance coverage. If you become eligible for a local health plan in the United States, you should apply for it. Note that the local plans will most likely not cover treatment outside of the USA or when you travel abroad. If you are an American living overseas and you plan to go back to the USA for a short trip, make sure your expat health plan fully covers you for treatment and/or short trips in the United States. If you are an American who plans to permanently move back to the United States, you will have to obtain a local health plan in the USA.
Do You Have Questions?
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 as you may want to make sure that you are indeed fully covered when visiting the USA for short or long term stays.