Moving overseas is a major and exciting life change. If you are thinking of becoming an expatriate, there are questions to ask several things to look into before moving abroad:
When you are an expatriate living abroad, you are initially faced with the question of local versus international health plan? Which is better for my expatriate assignment, long-term travel or overseas retirement? Some countries can offer local health coverage to expatriates after an initial waiting period. However, the truth is, the local medical plans are not designed for expatriates. An international health insurance plan can provide superior coverage for you and your family that will cover you both locally and globally.
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It is an unfortunate reality that living abroad today can be just as risky as ever. Recent events have shown that many parts of the world are becoming increasingly volatile. Whether your move is for business or pleasure, understanding and predicting future medical needs can be very difficult.
Recent studies have shown that medical inflation trends continue to rise unabated for both individual and employee sponsored global health insurance plans. The average global annual inflation trend for medical costs may be 10% overall, but the percentage is higher in select countries such as the USA and Canada, where many expatriates are covered and may seek treatment. Companies such as Aetna Global and Cigna International often report medical inflation trends of 12 to 13%. This trend rate is also shared by many expat insurance providers.
Why Expat Health Insurance is Essential for Expatriates
At Expat Financial, we like to give expatriates the tools and information to personalize their requirement for expatriate health insurance. Easy access to superior healthcare is a necessity for anyone living or working abroad. As you may know, in the developing world and even in some developed countries, the local medical institutions can be inadequate, costly or unattainable depending. Everyone experiences sickness and accidents in their lifetime and superb expatriate health insurance coverage is a critical step in one’s recovery and also maintaining one’s health.
Check the Fine Print When Shopping for Expat Health Insurance
Comparing the different expatriate health insurance plans can be very time consuming and confusing. There are many different plans offered by a variety of expatriate insurance providers. Many expatriates have the following questions: Do you have questions about shopping for expat health insurance? Do you wonder why some plans seem the same in quality and price? Or why others have a much larger price and what the difference is? It’s easy to miss the finer details in the small print of some plans.
