Should I get a local or international expat health plan?
Sometimes the country you are residing in can affect your expat health insurance coverage. Your two options are either local or international expat health plans. Most people opt for an international plan over a local one for the subsequent reasons:
- Local insurance can seem cheap initially but they can be insufficient in their coverage compared to global medical coverage.
- Expat employees often expect to be on a global benefit plan. A properly designed global benefit plan can help you attract and retain talent.
- Local plans only cover the country you have designated. If you have a medical emergency you may need to return to your home country or another country for superior medical attention.
- A global plan covers you wherever you go whereas a local plan needs to be cancelled and a new one composed whenever you relocate. By that time you may have developed a condition that may be counted as pre-existing. Waiting periods can also be a big hassle.
- Global coverage allows you to freely choose your hospital and surgeon. Local coverage has a limited network of hospitals in the country you are staying in.
- Insurers have limitations on their plans but global coverage has far fewer.
- Global medical insurance policy tends to be community-rated rather than being based on last year’s claims like local insurance. Premiums remain manageable when renewed thanks to the policy rates of policyholders globally no matter how ill you have been or how long you have been in the hospital.
Expat Financial only offers international health plans that cover globally with the option to exclude certain regions such as North America or countries such as Hong Kong and the United States. The region of coverage has a direct impact on the premiums you are quoted by the insurance provider. A plan that covers you globally including the USA for example, will be much more than a plan that excludes the United States.
You can get a quote for one of our global medical insurance plans and even apply online.
IF your organization is sending employees abroad, contact us to discuss a global benefit plan that can provide superior coverage, administration and rates for your expat workforce.