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6 Reasons Why You Should Relocate Overseas

Six Reasons Why You Should Move Abroad

The traveling bug seems to have taken the world by storm. One can also call it the “expatriation bug” as people are moving abroad in increasing numbers. While there are people who are investing their time to explore new pastures for the sake of adventure and fun, there are many who are actually looking to turn it into a way of life. In fact, the idea of departing from an old and mundane lifestyle to a new beginning seems extremely inviting.

Though the very thought of beginning from scratch might appear to be intimidating initially – if you have put your mind to it, you will soon realize the amazing benefits of relocating to a foreign location of your choice. Listed below are some of the wonderful advantages of moving overseas in 2019, six to be precise:

1. Opportunity To Explore New Culture:

Moving abroad allows you to step out of your comfort zone and embark on a new journey wherein you get to explore a new country and its culture, people, food, and language that is completely alien to yours. Besides some new and stimulating experiences, you learn to set up things for yourself independently such as doing the daily chores, making a living etc. while grappling with new challenges. This gives a strong boost to your confidence, which is extremely important to settle down in a new country.

2. Better Employment Opportunities:

Though the aspects of an expat life might appear to be difficult, yet, there are several facets that make this endeavour extremely rewarding. One of the most significant reasons why moving abroad is catching up amongst people, especially millennials are promising employment opportunities. Countries such as Canada provide a perfect destination to people looking to begin a new professional journey that is extremely fruitful and rewarding.

Tokyo City

3. Strengthening of Your CV:

Working abroad will help you develop new skills that are significant to sustain oneself in a competitive job market. The skills and expertise gained abroad can make your CV look impressive and provide you with an upper hand vis-a-vis your counterparts. Who knows your prospective employer may be simply impressed by your newly formed qualities. It has been documented that taking an overseas work assignment can really benefit your career long term.

4. Better Lifestyle:

Often, folks consider relocating overseas with a vision of starting life afresh. By getting access to new opportunities, they intend to have a luxurious lifestyle, which they might have been yearning for in their home country. Countries such as the UK, Canada etc… with their advanced infrastructure, a strong economy, and low tax rates are extremely alluring for people willing to relocate.

Tokyo Airport

5. Broadened Outlook Toward Life:

Once you migrate to a new place, you tend to broaden your horizons by stepping out of the dependable comfort zone that you relied on earlier. As you meet new people, explore a new culture, taste new food, and above all travel around, you will be able to form new attributes that will broaden your outlook toward life.

6. Appreciation for Yourself:

Living in a foreign location provides you with several opportunities for self-actualization. You will learn to understand certain traits about yourself, which you were probably unaware of earlier. While some of these might leave you introspecting and improvising, some may make you adore yourself more than ever before. After all, the most important relationship a person has in their life is with themselves.

Yet wait, another reason to move abroad is to potentially earn more money. It has been reported recently that you can earn more money if you move abroad as companies employing expats often pay a salary that is higher. Multinationals often provide better benefit plans and superior global insurance coverage. You may even benefit by paying fewer taxes while living abroad.

The aforementioned reasons are just the tip of a massive iceberg, and there are many others that can fuel your zest to resettle on distant shores. However, if you are keen to write a new success story, just take the leap of faith to realize some of the most promising benefits. We would be remiss if we did not mention the importance of obtaining global health insurance coverage before you move abroad, but it is possible to get global healthcare if you are already living abroad.

Global Business

Tips on Becoming a Global Nomad

Become a Digital Nomad Abroad – Global Nomad Tips

Being a global nomad is definitely an intriguing opportunity for many people. However, there are many factors that come into play while choosing an expat destination. Prior planning regarding the city you would want to move to, type of residence to book, and children’s education is a must to look into if you don’t want to juggle around at the eleventh hour before departure. We have created a beginner’s guide for tips on becoming a global nomad to get you on the right track for your next adventure!

Being a global nomad can be quite challenging, especially if you are moving alone in search of a fresh and better life abroad. Here are a few tips that will assist you in having an amazing experience as a global expat:

1. Manage Expectations

Having too many expectations apart from the usual ones can prove to be frustrating, especially if you are not very familiar with a particular expat destination. Have an open mind when you relocate to a foreign land. Be prepared to face issues and challenges during your initial days at your desired destination.

2. Meet People and Make Friends

Even if you are not too keen, you should mingle with as many people as possible. Staying indoors won’t help, so venture out to meet people and make friends. Meeting and talking to as many people as possible daily will help you be comfortable during your stay as an expat. Participate actively in community activities and events to boost your network. You will be missing out on a lot of fun if you feel shy and don’t have the guts to communicate with strangers.

Friends

3. Obtain International Medical Insurance before Moving Abroad

No matter how good healthcare facilities are in a particular expat destination, having an international health insurance policy can be very helpful. Unexpected health issues can turn out to be an expensive affair abroad. Visit Expat Financial and get a quote for one of the best global health plans before you decide to move. Remember that countries like Spain may not let you stay long term if you don’t have private insurance. So, it’s always better to obtain one in advance. Click here for a free quote today!

4. Go for Language Classes Immediately

If you are planning to move to a country with a different official language, you should join language classes immediately. By learning the language, you will be able to communicate with the local folks effectively. A communication gap can be a major hurdle in interacting with locals if you are clueless about the main language of your destination.

5. Consider Living Costs

Living costs can vary from country to country. Always check whether your dream destination is affordable for you before you decide to relocate. For instance, the average cost of living in Asian countries is much lower than in any North American or European country. You also need to consider the taxes you will have to pay in your chosen foreign land. You should also bring a laptop that will last and work with the local wifi. Did we mention wifi – make sure wherever you go has high-speed internet access that is both reasonable and dependable.

Living Cost

 

Prepare For an Amazing Global Nomadic Life

It is common knowledge that people in every country are different. There are marked differences in the way they eat or cook food. It is this diversity that you will learn and eventually enjoy as you continue mingling with people in every new destination you explore. Being empathetic and kind towards others can endear you to everyone you meet on your journey and take you places. Always keep an open mind and be kind-hearted while you are living a nomadic life abroad.

Couple Abroad

6 Challenges for Expatriates Living Abroad

 Six Challenges for Expatriates Living Abroad

Living on foreign soil with unknown faces around may pose many challenges to an expat, especially those who have left behind the luxury of family support and a convenient lifestyle. No matter how mentally strong you are, the challenges that you face while living abroad can make life difficult. Everyone thinks that you won’t get at least some “culture shock”, but it happens to everyone.

If you cope with the issues with utmost determination and will, living overseas can be an enjoyable experience that you can cherish forever. Here are the top 6 challenges that you may face during your overseas stay:

1. Inadequate Personal Support

Leaving behind friends and family for greener pastures can turn out to be a curse. If you are moving abroad, you need to take the initiative of sharing news, being in touch, and asking your loved ones for mental support. In today’s fast-paced world, even social networking can’t replace one-on-one interactions with people who really matter. Despite the distance, messenger services like Viber, WhatsApp, and Skype can be used to enjoy some face-to-face time with those who you really care for. Check out our Social page for more info.

2. Worries About Future Finances

Tensions regarding future finances can dampen your mood and desire to settle in a foreign land. Before you decide to start an expat life, it is important that you plan your future finances well in advance. Keeping yourself secure through adequate bank balance will assist you in living a stress-free expat life. If you are still unprepared, it would be better to revisit your plan and make the move when you have sufficient resources for those rainy days. Anxieties about future finances will lead you nowhere. If you are an expat, make sure you adequate life and disability insurance coverage.

3. Building Relationships Can be Difficult

It is a reality that living abroad without a partner can be difficult for various reasons. Being single, you may have the freedom to do whatever you desire, but you are bound to feel lonely at some point in time. We all need someone with whom we can share our deepest feelings. If you are a career woman or man who is very new to a city or country, finding the right person to build a lasting relationship may not be easy. You will have to play the waiting game and see if you are lucky enough to find the love of your life.

4. Adjusting to Different Business Cultures Difficult

As an expat, don’t expect local businesses to adjust with your style of working. For an expatriate, understanding and learning a new business culture can be quite challenging. It is always better to be flexible and have an open mind. Instead of being judgmental, learn to make decisions that are appropriate and work best for your business. Ask the people within your network to assist you in setting up your business in a particular location. And don’t be shy to ask for references or introductions.

5. Making New Friends Abroad Can be Difficult

For any expatriate, making friends is unfortunately not easy. Expats usually lament the fact that people move to expat destinations for two or three years and then leave. So, the friendships built during these years come to a halt when they depart. This is the reason why many expats don’t even think of making new friends as they would eventually leave. Don’t get down, you will meet people if you join a club, association, religious organization or socialize with your new co-workers.

6. Language Barriers Can Make Expat Difficult

If you are moving to a place where English is not widely used, communicating with natives can be a big issue. So, learning the common language of that particular location before you leave will definitely help. There are many language learning tools online to help you out if you are not too keen about hiring a language tutor. Remember that culture shock is temporary. With time, everything will become normal for you.

Being an expat has its advantages as well as disadvantages. There is no doubt that it can be very stressful for new expats. However, don’t let anxiety and stress overwhelm you. Being mentally prepared to face various challenges at the outset will help you overcome these woes with a cool head. A positive attitude is vital for enjoying every moment as an expat. If you take the right steps, your stint as an expatriate may turn out to be very fruitful too.

Importance of International Health Insurance

Before you pack your bag and baggage for expat life, having an international health insurance policy is paramount. Being prepared for the unexpected in terms of health and well-being will help you stay relaxed and secure. Grab one of the global health plans offered by Expat Financial and lead a tension-free expat life in your chosen destination. It is not difficult to get a quote and apply online.

Challenges faced by expats

5 Common Challenges Faced by Expats

Challenges that expats often encounter while living abroad – Five Plus One.

Moving abroad is often an overwhelming experience for any expatriate. The act of moving to a country that is unfamiliar to your own, a limited social network, and new cultures and languages can often feel burdensome on many people. As an expat moving abroad, there are surely going to be some challenges and obstacles when it comes to the relocation process, as well as the adjustment period once relocated. Many people will react to the stress in different ways as challenges will vary depending on location, cultures, languages, personal mannerisms and general customs of the country. However, there are a few common challenges that most expatriates encounter when relocating. We have put together a list of the 5 most common challenges faced by expats in order to aid in your settlement into your new country and allowing you to enjoy this adventure to the best ability possible. Note that the challenges below are in no particular order of importance.

Challenge #1: Fitting in

As an expatriate moving abroad, there is a big chance that you are leaving a large social & professional network back home. This can have a huge effect on someone, especially if you are someone that places a high significance on these relationships. Don’t fear, you are definitely not the first, nor the last expatriate to have the fear of not fitting in properly in your new city.

Challenge #2: A language barrier

If you are moving to a country that has an entirely different language than your own, the process of getting accustomed to your city and the locals may seem daunting. This is something that is ultimately unavoidable if you don’t know the local language beforehand. Read all about our advice on learning a new language while living abroad in order to facilitate the process, and jump-start the learning curve for your new life abroad! We do recommend trying to learn a rudimentary level of the foreign language before you take off, as it will facilitate the entire process of moving overseas!

Challenge #3: Being lonely

Don’t let the fear or the potential of being lonely prevent you from embarking on a new adventure and impede your decision to become an expatriate in a foreign country. It is extremely common for a new expat to feel lonely when they first move abroad. A key point to target when you relocate to a foreign country is to build strong relationships with the people around you. This will surely take some time, but it is important to try your best to form some bonds with the people and the city in which you now call home.

Challenge #4: Finances & money management

Organizing your finances, taxes and money management can be extremely difficult when you are living in your home country but adding overseas travel and living abroad to the mix, and things get very complicated. As an expatriate, you will have to decide if you will become a non-resident for tax purposes by talking to an expat tax expert – do not try to do it on your own. We have a list of some great expat tax advisors at our Links page. You will also have to advise your bank that you will be living abroad and probably have to set up new banking in your new home country. Most countries will want to see your visa documents and also some proof that you will be living there. It may be useful to keep your bank account back home as well. Having a bank account in your new host country in the local currency will still be invaluable and probably save you on foreign exchange. You may also have to move your investment account as well, so talk to your investment advisor and tax accountant to see what solution works best.

Challenge #5: Healthcare 

Making sure you have proper global health insurance while living abroad is one of the biggest concerns that many expatriates worry about when it comes to relocation. Local plans in your new host country may not be up to your standards and may only provide basic coverage and access to local hospitals. Most expats want to have access to private healthcare both in the host country, regionally and also for treatment back home. Having an international health insurance plan in place before leaving abroad will alleviate stress with finances, ability to obtain medical help and peace of mind for the duration of your relocation. Contact us today to discuss all your international insurance needs!

Challenge #6: Safety 

Yes, I know we said only 5 challenges, but we really needed to add expat safety to the article. As discussed in our expat safety page, personal safety is a very high priority for individual expats and expatriate employers and global mobility managers. While the world is safer now than it has been in the past, today’s security concerns and challenges range from terrorism, bombings, assaults, thefts and much more. It is vital that expats prepare for the worst when moving abroad and check out the local security in their new home country through both free and even paid information sources. Even expat destinations in first world countries can be fraught with danger – such as the terrorist attacks in Europe and mass shootings experienced in the USA. Expat safety should definitely be your priority if you are moving abroad or already living the expat life.

Thailand

Thai Expat Guide to Eating and Living Healthy

A Short Guide to Living and Eating in Thailand for Expats

People need to be independent in order to succeed when living outside of their home countries. If an expat gets ill, they may have to rely on themselves to get by when trying to recover from the medical conditions.  As such, expats need to be extra careful when caring for their health. We have created a Thai expat guide to eating and living healthy for expatriates overseas. One of the ways expats can care for their health is by ensuring that they eat healthily and lead healthy lifestyles. The list of tips to eating healthy and living healthy lifestyles for expats is extensive. Below, though, are just some of the tips expats may refer to in eating healthy and living healthy lifestyles if they are based in Thailand:

1. Monitor all caloric intakes, even the small ones 

Oftentimes, intakes of small doses of calories are the ones that add up quicker than the intake of larger doses of calories. Expats need to ensure that they only seldom eat fast foods. Eating small doses of junk foods often adds up to more than the large doses of calories taken by larger meals, without expats realizing of its effects. It’s important to also remember caloric intakes from beverages. Often these are forgotten about, but they have the potential to add up quickly in someone’s diet.

2. Host healthy physical activities with fellow expats & other colleagues

Expats can surely benefit from weekly group physical activities with fellow expats and other colleagues, examples of these activities are yoga, aerobics, and so on. Expats may initiate hosting these activities in gyms or local community centers. Once organized, expats can invite larger groups of colleagues to participate in order to create a healthy and social activity for everyone.

Physical Activity

3. Participate in other travel programs that employers may offer

While working in Thailand, Expats do not need to confine themselves to Thailand for the duration of their stay. If other opportunities to travel for work come their way, it is encouraged for expats to explore surrounding countries. Seizing the opportunities to travel to Singapore, Malaysia, or Hong Kong for work shall prevent Thai expats to have idle physical activities only. Expats will have opportunities to move out and about, and thus, be more physically active, while travelling extensively.

4. Continue eating a consistent healthy diet

It is always better for expats to continue eating in a healthy manner, ideally in the way they have always previously been accustomed to. Expats need to be resourceful in finding proper stores in Thailand that sell the healthy foods which they previously ate back in their home countries. Expats will need to invest efforts and patience in order to succeed in locating these stores in Thailand. Down the road, though, expats shall realize that the efforts they invested in doing this are well worth it in the long run.

Healthy Fruits

Our informal Thai expat guide to eating and living healthy is a rudimental approach for staying healthy while living abroad. Expats currently need not settle with the ways they are living their lives and eating the foods they love to eat. They need to always be open to any alterations which they may need to apply to their lives in order to eat and live healthy lives. Thailand offers excellent food choices for expatriates and locals alike. Don’t be afraid to indulge in local food chocies. In the long run, expats are the only people who may benefit from these choices themselves, and once they reap the fruits of eating and living healthy lifestyles.

For extra protection, ensure that you have an international health plan in place that will provide you with extra security in case you fall ill. Knowing that you have proper medical care will allow you to live a more comfortable and stress-free life. For your international health care needs, contact Expat Financial to discuss all your personal needs today!

Healthy Living

What to consider when you are relocating abroad

Relocating abroad will almost always involve finding somewhere to live, looking for a new job, and finding schools for your children. With so many things to consider, it is often easy to overlook something as important as international health insurance. In this article, we explain what to consider when you are relocating abroad, and we will explore the international health insurance that you will want to take with you when relocating abroad.

The Importance of International Healthcare

The most important factor in your plan to relocate is to acquire an appropriate international healthcare plan. The most common misconception regarding this topic is that you can take your domestic healthcare plans with you when you relocate. In fact, when you leave your native country, most domestic health insurance plans are voided. From an insurance company’s point of view, an expat is no longer a resident in their home country when living abroad and therefore no longer entitled to domestic coverage.

Another misconception is that as soon as you move to a new country, you will be entitled to local healthcare coverage from the state; however, this is not always the case. In addition, healthcare standards in many destinations are often inconsistent and lesser than the standards of your home country. It is also critical that you seek out expert advice when seeking international health insurance, especially if you have any pre-existing conditions which require coverage.

Relocation considerations aren’t only measured in terms of financial costs of living, such as moving expenses and cost of living, but one must also keep in mind the adaptations of language requirements and cultural differences. It is critical that you prepare appropriately for your various needs; however, without international medical insurance, an unexpected injury could cripple your financial situation.

Heart Rate

Find what’s best for you

Finding the right international medical insurer is an extremely complex issue. There are many different levels of healthcare around the world, as well as vastly changing local regulations. It is subsequently very important to ensure you’ve selected an international health insurance plan that fully protects you and your family.

Expat Financial offers a variety of international insurance health insurance plans on a group or individual basis. To maximize your expat experience and avoid unforeseen risks and costs, please contact us today to discuss your international insurance needs and requirements. Our toll-free number: 1-800-232-9415 or email us at info@tfgglobal.com.

Health Insurance

What to consider when moving abroad as an expat

Deciding what to consider when moving abroad as an expat can be an overwhelming experience. Relocating abroad will almost always involve finding somewhere to live, looking for a new job, and finding schools for your children to attend. With so much to consider, it is often easy to forget to look into an essential ingredient to having a successful and happy period abroad: international health insurance.

International Health Insurance 

International health insurance is an absolute necessity when relocating abroad. What do you need to consider? Let’s explore what you will want to take with you in an insurance plan.

The most important part of relocating abroad is to acquire an appropriate international healthcare plan. Your domestic health insurance will not cover you, contrary to popular belief. This is a very common misconception – that your domestic plans will cover you abroad but the truth is that when you leave your native country, a lot of the time, most domestic health insurance plans become void. From an insurance company’s perspective, an expat is no longer a resident in their home country when living abroad.

Another misconception is that as soon as you move to another country, you will be entitled to healthcare coverage from the state. While this is sometimes the case in some European countries, more often than not you will not be eligible for local healthcare through the government or a local insurer. In addition, healthcare standards in other countries (which may include your destination) are often inconsistent and have lesser standards than that of your home country.

International Health Insurance

Expert Advice

Because of all these misconceptions, you need to seek out expert advice. Receiving this advice will seeking international health insurance, especially if you have any pre-existing conditions which require coverage, is essential.

When relocating for your expat assignment, you also need to consider the following: moving expenses, cost of living, location, language requirements, and cultural differences. It is critical that you budget appropriately for your various needs; however, without international medical insurance, an unexpected injury could cripple your financial situation. This is what makes international health insurance to critical for you to obtain BEFORE you depart.

Finding the right international medical insurer is an extremely complex issue. There are many different levels of healthcare around the world, as well as vastly changing local regulations. Therefore, it’s very important to ensure you’ve selected an international health insurance plan that fully protects you and your family.

Expat Financial offers a variety of international insurance health insurance plans on a group or individual basis. To maximize your expat experience and avoid unforeseen risks and costs, please contact us today to discuss your international insurance needs and requirements.

Expat Careers

Top 10 Expatriate Careers in 2019

Learn About the Top Ten Expatriate Careers in 2019

The decision to move abroad has been made, and the process of organizing your checklist of tasks to accomplish before taking off has begun. There will surely be lots of things to consider while planning your move abroad; however, one task that should be high on your list will be your search for a job. Securing a job will facilitate your move by securing funds, increasing your local network, facilitate your ability to rent an apartment and so on.  We have created a list of the top 10 industries for expats working abroad to help you discover where you’ll prosper! It is important to remember which opportunities are best for you and where you believe will allow you to call a new city home.

1. Hospitality

The hospitality industry is known for its social and high energy environment. If you are looking for a career that allows you to explore new cultures and to fully immerse yourself in the day to day life of local natives, hospitality is the job for you. With the advantage of being diverse and flexible, jobs within the hospitality industry – such as working in a restaurant or a hotel – are a wonderful way to join the community and understand local traditions, cultures, and way of life.

2. Resort Staff

Living in a resort is a dream for many people, however few can experience the opportunity due to high costs. If this sounds familiar to you, or you simply are looking for a new adventure, then working in a resort may be your best option! Working abroad in a local resort has an amplitude of benefits, such as wonderful accommodation, food service and the beautiful sceneries. There is no limit to where your resort stays may bring you – whether that be the beautiful African Sahara or the stunning beaches in Greece.

3. Tourism

The tourism industry is the perfect balance for people who are continuous adventure seekers but also want the stability of a career. If travelling is one of your biggest passions, a wonderful benefit of getting involved in the tourism field is that it allows you to help others fulfil their biggest dreams and desires to travel the world. The flexibility of working in tourism is another important benefit to consider. If you prefer an office position while on your downtime for travelling, you can easily obtain a job for a local travel agency; however, if you prefer to maintain an active lifestyle you can find jobs as a flight attendant or a tour guide.

Tourism

4. Education

Joining the education field is always a satisfying and enjoyable opportunity. There are many options that one can take as an expatriate that is wanting to get into education. Whether you decide that private tutoring is the way for you, or take the more traditional approach and teach a full classroom, both options will surely satisfy your teaching desires. Teaching abroad is a wonderful opportunity to expand your skills as it allows you to work with a diverse group of people, as well as allows you to expand your experiences and connections with those in your new community.

5. Au pair

An au pair is someone who moves in with a family and takes care of the children and some basic household needs. It is a fantastic opportunity for young adults to experience a new city while helping a family. Typically, a host au pair family will pay all the expenses for the worker (lodging, food, weekly allowance etc.) in return for the help of au pair. It is particularly popular for families looking to incorporate a new language into the family, as they will often bring in an au pair from a foreign country that can teach a new language. An important aspect of being an au pair is to ensure that you have discussed expectations of hours to work, time off etc. in order to avoid any complications down the road!

6. Nursing

Working abroad as a nurse is an amazing opportunity to gain new knowledge and expand your experiences in the field. Working in a new country will allow you to treat patients from different backgrounds and new techniques in the medical field. As rewarding as a nursing job abroad is, it is important to note that you will need to be a registered nurse in your home town in order to transfer to a nursing job overseas. Transferring to a new country may require an entrance exam for the country, so make sure to do all the proper research before making the move.

7. Photography

What better way to expand a photography portfolio than to jump into a career in photography while living abroad. The opportunity to gain new insights and designs from a new environment will surely bring new creative designs and looks for anyone’s portfolio. Another advantage of starting a job in photography is that you often have the ability to work as a freelancer – meaning you are less likely to be tied down to a standard 9-5 career.

Photography

8. Marketing & Public Relations

If you see yourself as a more creative person, a job in marketing or public relations could be the best option! In a field that thrives in a dynamic and continuously changing environment, marketing allows someone to fully integrate their own personality and values into their jobs. With the field of marketing vastly growing, the number of international jobs that are readily available for expatriates moving abroad is on the rise and have proven to be extremely successful and enjoyable for new workers.

9. Business

With the movement of today’s global industries, the international approach for many companies is becoming very predominant. As these companies continue to expand, the opportunity to interact with international clients is rising in popularity. A wonderful way to strengthen your professional profile is to jump into the business field and learn how to communicate and interact with a largely diverse population. Business opportunities can take you anywhere in the world – whether it is getting into the finance industry in Denmark or the fashion industry in France, you have the chances to travel the world while advancing your career.

Business

10. Teaching a language

Last but not least, one of the amazing jobs you can do while working abroad is teaching English. In today’s day in age, English has become one of the leading languages to learn, and many foreign parents and young adults are on the hunt for professional English tutors. The opportunity to choose just about anywhere in the world, the ability to travel, and work digitally are just a few of the benefits of this amazing job field.

Don’t Forget Global Health Insurance When You Work Abroad

Before you take on any career abroad, it is important to obtain global health insurance coverage through your employer’s global benefit plan or an individual expat healthcare policy that will fully cover your medical expenses and those of your partner and family members. Medical expenses can be extremely expensive overseas or medical care and health coverage may be substandard locally. Your work abroad may also take you to different locations where a domestic policy won’t cover you or you may move from one expat destination to another. Contact our firm to learn more about the excellent international health coverage that we can source for you today.

International Health Insurance

Choosing between a local or global health insurance plan as an expat

Why you should purchase a global over a local health plan if you are an expatriate

Expatriates who are moving overseas will often opt into purchasing a local health plan from the government or a private insurer. Some countries, regardless of your own coverage, may require you to purchase the local coverage care, even if inadequate for your needs. Most local plans will be inexpensive and some can potentially be quite good. However, if you are moving overseas there are five reasons why we recommend expats to purchase a global health policy:

Portability

As an expatriate living abroad, opting into a local health plan may limit your portability and your access to medical care in cases of relocation. If there is a possibility of you moving to a new destination, or if you are not consistently in one primary country, you will want to have access to a health care plan that provides you with the portability that you require. Another benefit of obtaining a global health insurance plan is that it may also include coverage for business travel and travelling for pleasure. Global health insurance plans are especially important for expat employers that employ mobile employees globally.

Moving Abroad

Local health plans may be deficient

Many expatriates find that local health care plans are not sufficient for their standards. One benefit that has proven to be important for expats is the ability to get medical care with a large network of hospitals and clinics. Many local plans will have a small network, in which you have to receive your care. Global health care plans tend to have a much larger network, as well as the ability to access medical care from outside network hospitals with approval from the insurer.

Local health facilities may be substandard and not up to western standards

The quality of medical care and facility capabilities vary greatly from one country to another, and in some countries, the standards of medical facilities may be much lower than those in Western countries. If you are an expat located in a second or third world country, the medical standards set in place may not be up to the standards in which you are accustomed to. Medical care that is not up to your usual standards may be passable for check-ups and basic care, but will not be adequate for any procedures that require a specialist or any form of intensive care. However, it is not only in third world countries that you will want to consider a global health plan. Even in developed countries, having a global health plan in place will help in a time of emergency, and explain how to deal with medical emergency coverage when times of need require it. It will also have the added benefit of providing you and your family with an accurate direction and alleviate panic at all times.

Health Insurance

Local plans won’t cover you for treatment outside of that country

The difficulty with local plans is that once you have left the country, your local plan may be cancelled out. While being an expat often encompasses a certain amount of international travel, you will want to ensure that you are covered upon leaving your main destination. Another difficulty that comes along with local health care coverage is if you do decide to relocate, there may be a lapse in coverage or necessary waiting periods for coverage between the two regions. This may become detrimental in your protection if you are travelling in high-risk zones.

You may need or want to seek treatment back home or regionally

Although local health plans may be tempting for expatriates, local health plans are not designed for expats, but in reality, are designed for local natives. If you are wanting to obtain medical coverage back in your home country, you will no longer be covered under your local health care plan. You may also require medical evacuation coverage in cases that local hospitals are not able to treat you adequately. Evacuation coverage is a crucial feature of any expatriate insurance plan.

Health Treatment

Expats are often portable, so it is vital that you have a global health policy that will cover you if you move from one country to another. It is important to note that most expat health providers are not able to renew their coverage should you move back to your home country or spend more than 6 months in your country of citizenship. It is important that you check your requirements and fine print when you apply online for a global health plan.

Expat Financial offers a variety of international insurance health insurance plans on a group or individual basis. To maximize your expat experience and avoid unforeseen risks and costs, please contact us today to discuss your international insurance needs and requirements. Toll-free number: 1-800-232-9415 or email info@tfgglobal.com

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Five most costly cities for expatriates living abroad

When talking about cost-of-living overseas for expatriate employees, it is not just exchange rates of currency, cost of food or groceries, but also housing costs. According to a recent Forbes’ survey result, the five most expensive real estate markets are Hong Kong, Mumbai, Beijing, Shanghai and London. In this article, we will discuss the five most costly cities for expatriates living abroad.

  1. Hong Kong, CHN

HongKong Expat Insurance

Hong Kong is considered one of the most successful financial centres around the world. It owns advanced medical care system,  promotes an active lifestyle and provides an excellent educational system. According to the Demographia International Housing Affordability Survey of 2016, Hong Kong‘s property market is the world’s most unaffordable. As stated in Mercer‘s Cost of Living Survey, Hong Kong is the most expensive in the Asian Pacific region. According to a local real estate site HongKongHomes.com, you should expect to pay around HK$ 55,000 per month (equivalent to ~ USD $7086.4 monthly) in order to rent a two bedroom, two bathrooms apartment with a saleable area of 953 sq.ft. If you would like to own the apartment, the price increases to HK$ 24,000,000 (~ USD $3,092,245.44).

2. Mumbai, IN

Mumbai Expat Insurance

Surrounded by sea on three sides, Mumbai is the most populous city on the west coast of the Indian peninsula. Mumbai is listed among the most costly cities to buy real estate in. As being one of the most international cities of India, Mumbai has pleasant weather and advanced health care facilities. With job opportunities offered, increased expatriate migration and investment buyers that are willing to reside in the city has consequentially driven up the demand for property in Mumbai.

3.Beijing, CHN

Beijing Expat Insurance

The second Chinese city that is considered to be one of the most expensive cities in the world to live in as an expatriate is Beijing. Beijing is China’s capital, as well as its political and cultural centre. Known for its influential culture, Beijing has been known to be an extremely popular destination for expatriates moving overseas. According to the National Bureau of Statistics of China, Beijing is in continuous demand for real-estate investments, resulting in increasing high costs of living. Apart from real-estate costs, Beijing also has one of the most expensive healthcare systems, especially for non-native residents.

4. Shanghai, CHN

Shanghai Expat Insurance

The third Chinese city that has made its way to be one of the leading most expensive cities in the world to live in is Shanghai. Located on the central coast of the country, Shanghai has become one of the leading financial hubs of the world. The importance and ability to conduct business in Shanghai have transformed the city to be an expatriate hot spot. With continuous growth and demand, the cost of living has skyrocketed in the last few decades. Don’t be surprised to see an average, furnished one-bedroom apartment costing $3,000 CAD/month.

5. London, UK

London Expat Insurance

London has long been one of the most popular, and therefore most expensive cities to relocate as an expatriate. London is known for its rich history and remarkable agriculture, as well as being a city that can please all needs. Whether you are interested in art, culture, food or adventure, the city has it all. As a leading destination for expatriates, the significant increase in population has caused a substantial surge in living expenses, such as accommodation, transportation and food & entertainment.

 

If deciding to relocate to one of the above cities, it will be very important to ensure that you have proper medical coverage while abroad. Living in one of these cities will cost you a substantial amount of money, you’ll want to ensure that you don’t have to worry about any unforeseen medical expenses. At Expat Financial, we can offer a wide range of expatriate health insurance plans designed specifically for expatriates of any nationality around much of the world. For additional information, contact us at info@tfgglobal.com or click here for a quote today!