Is 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 sourced 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 more often than not the employer will have to cover.
Our firm is highly experienced in both sourcing global medical coverage for firms that employ American expatriates and covering their dependents who are located with the overseas employee or residing back in the USA. 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 of 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 being served by domestic-focused brokers with limited or no understanding of expatriate medical coverage.
Next Step for Expat Employers
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.