Learn How You Can Renew Your International Health Insurance Policy
As has been noted numerous times on our website and blog, when you are living abroad it is important to get an international health insurance policy to protect you and your family members should an unforeseen sickness or injury strike. Most global health plans are meant to cover people who will be abroad for at least a year or more and are renewable as long as you remain an expatriate. We have written this article for current clients and future clients who are planning to move abroad or are already living as global citizens and want to know more about renewing global medical plans. Here are some important tips and questions for renewing your international health insurance:
Is Your Global Health Plan Renewable?
We have seen a few plans in the market that require that you provide medical evidence to renew your coverage, but we strongly urge global citizens to avoid these plans. It is vital that you buy a health plan that is renewable each year without medical questions or if you are claiming. Note that some global health plans will only cover you till age 70 or 75, but we offer some excellent plans that can cover you for life as long as you remain an expatriate. Of course, premiums go up with age and are also impacted by health inflation, which generally runs from 8 to 12% depending on the region you are in and the claims for the entire pool of clients with that insurer. It is advisable to get a policy that is not impacted by your claims.
How Do I Renew My International Health Insurance Policy?
Most insurance companies make renewing quite easy. The insurer will usually send you an email or postal reminder with your new annual premium and any general coverage adjustments. You can complete the renewal document or complete the renewal online via the insurer’s customer portal. Most will ask if you have changed your country of residence as this can impact your coverage and rates. Many will store your credit card information on file so renewal payment can be processed, so make sure you update your insurer if you get a new credit card as you don’t want to let your coverage lapse.
Have Your Needs Changed?
Renewal is a great time to take stock of your international medical needs and to consider if your existing international health plan is still meeting your needs and that of any dependents. Here are few potential changes that you may want to make:
- If you plan to have children, make sure that your existing policy has maternity coverage.
- Adding out-patient and wellness care
- Adding dental coverage
- Adding the option to seek treatment in the USA
- Reduce or increase your deductible to adjust your premium
Note that improving your existing global health insurance coverage will mean that the insurance provider will require medical underwriting to approve the change. You can reduce coverage or increase a deductible without any medical questions.
Are You Still Satisfied with the Global Health Insurance Provider?
A key question for many expatriates is are you still happy with your existing global health plan and provider. If you are not liking the service or coverage, many global citizens will consider moving from one insurer to another. However, switching insurers should be done with caution as any new individual health plan will require medical underwriting and may decline, rate or exclude a pre-existing condition. So don’t cancel your existing plan until the new plan that you want is in place and paid for. New global health coverage does not start until you are underwritten and the premium is paid.
Did You Return Home?
As partially noted above, if you have returned to your home country, almost all expatriate health plans in the market are not renewable as the global health plans are primarily for expatriates, but a few providers can continue coverage depending on your country of citizenship that you return to.
How Do I Buy a New International Health Policy?
If you are not satisfied with your existing insurer and you do not have any pre-existing insurance conditions that are covered by your existing policy, you can get a quote via our site for a brand new international health policy. You can also call or email us to discuss your requirements in detail.