How to Save Money on International Health Insurance Plans

International health insurance, often called expat or global health insurance, provides coverage for medical expenses incurred by individuals living, working, or studying abroad for a year or more. For people going abroad for a year or less who only need emergency coverage and are retaining their domestic health coverage, they often buy travel medical insurance.

Most experts strongly advocate for expat health insurance to mitigate the significant financial impact of unforeseen accidents and illnesses. Claims for serious accidents and illnesses while living abroad can be enormous.

The good news is that international health insurance plans can be customized to fit your specific needs and cover you globally, including or excluding the USA. Some plans can limit healthcare to a particular region, such as Africa only. The medical costs associated with international medical plans can be high, depending on your citizenship, age, health status, residence country, insurer, and plan.

Let’s explore five strategies for reducing expat health insurance premiums to help you save time and lower your health insurance costs:

1. Select multiple plans

Comparing international health insurance rates is a great way to save money. Obtain a quote for two or three plans via the same expat insurance website to assess different policies and their coverage options. Look for plans that meet your needs, such as coverage limits, deductibles, and network providers. Websites like Expat Financial can provide valuable insights and comparisons to help you make informed decisions, as well as advice, support, and a preferred rate versus going directly to the insurer.

2. Choose a Higher Deductible

While it might seem counterintuitive, opting for a higher deductible can lower your monthly premiums. When you have a higher deductible, you’ll pay more out-of-pocket for your healthcare costs before you begin receiving coverage from your insurance company. This option is often suitable for healthy individuals who don’t anticipate needing extensive medical care.

3. Limit Coverage to Specific Regions

If you know you’ll primarily be in one region, consider purchasing a plan that limits coverage to that area or country. Most expat health plans will cover you globally excluding the USA as a standard quote option, but others will allow you to include the USA. An expat living close to the USA or an American citizen living abroad may want to consider including the USA in their coverage, but this will definitely increase their costs. Regional plans are generally less expensive than global coverage options. This can be a smart choice for those living in a specific country or traveling within a certain continent.

4. Identify your needs for global health coverage.

Take a close look at what you really need in an international health insurance plan. Do you require maternity coverage, mental health services, or outpatient and specialist consultations? Tailoring your policy to exclude unnecessary benefits can significantly reduce costs. Saving money while ensuring you’re protected is possible by focusing on what’s essential for you.

5. Discounts and bundles can save you money on expat health insurance

Many global insurance providers offer discounts for families, students, or groups. Whenever you are part of an organization, ask them if they offer a group plan that could offer lower rates if you are a member of the organization. Additionally, some providers offer bundled services, such as combining health insurance with travel insurance, which can result in savings.

6. Ask for a Discount

When you receive your online quote via a reputable source such as Expat Financial, make sure you ask for a discount. If you are getting a quote for their Cigna global health options plan, because they are a preferred provider, a discount should be provided shortly after you have your quote. For the other insurance providers they offer, a discounted premium may be offered. It always pays to ask and make sure you lock in the best possible prices. Note that you can apply up to 45 days prior to moving abroad or if you are already living overseas.

7. Online Purchases 

Online purchases of health insurance policies can sometimes result in cheaper premium costs. Buying health insurance policies online can often lead to lower premium rates. Insurance companies typically offer discounts for online purchases as a way to encourage digital transactions and reduce commission costs associated with traditional distribution channels.

Why Should You Buy a Global Health Insurance Plan?

It is possible that you may suffer a serious injury or illness while you are traveling abroad. It is possible that you have a travel insurance policy in place that provides medical coverage should the need arise. However, that just may not be enough. Your health is your most important asset and insuring and protecting it when living abroad with an overseas medical insurance policy is a necessity.

We should also note that many countries, such as Thailand, are requiring expats to secure global healthcare in order to qualify for a long-term visa, as they don’t want foreigners to be a financial burden on already overstretched medical systems.

Adversity can strike without warning. With international health insurance, you will have the peace of mind required, and you shouldn’t face financial hardships from an uninsured claim. Without a global healthcare policy, you will have to bear the expenses from your pocket, which will be both challenging and daunting.

A comprehensive global health policy can help you secure medical treatment at a hospital or clinic of your choice. Many of the policies will allow you to visit a facility or doctor who is in their medical network and not be required to pay for out-of-pocket costs after any deductibles and coinsurance are satisfied.

Some final thoughts for expats

Choosing the best foreign health insurance plan does not need to be expensive.  You can get a better rate on your health insurance by comparing plans, adjusting your coverage options, and taking advantage of available discounts. Remember, investing in adequate health coverage is crucial, especially when living abroad. For more detailed information and options tailored to your needs, consider visiting Expat Financial, as they offer the best policies from large and secure insurers. They also are your advocate in the event of an issue or service problem at no extra cost. It really pays to become an insured nomad.