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Should you retire abroad?

Learn About Retiring Abroad – Determining Your “Expatibility,” or Candidacy, for Retiring Abroad

A lot of us wanted to travel abroad while we were younger or were interested in taking time off work to explore and see more of the world. You may or may not have had the chance to see as much of the world as you wanted. But now you nearing retirement. And you always thought you’d travel once your career was complete. Now you are considering going abroad – and staying abroad permanently as a retired expat.

How do you determine if retiring abroad is right for you?

For one thing, going abroad for retirement is an adventure. Another thing is that it may make total financial sense to leave your native country, with costs of living climbing. And it’s never been easier to pull off expat living – with resources at your fingertips around the clock through the easy facilitation of information-sharing online. You can look up what others have done and read about their experiences online, and even connect with them as well.

Determining your expatibility is the most important step to deciding if you should retire abroad.

Here are two steps you can take in order to determine whether you’re a good candidate for this adventurous expat lifestyle.

Step 1. Take a good look at yourself and profile whether you have the personal disposition to retire abroad.
Retiring abroad takes a desire for adventure, yes. But it also means embracing change, difference and meeting difficulties with an open mind. Do you shy away from obstacles that may arise, like language barriers and a different way of life? You should also consider the following disadvantages of moving abroad:

  1. You will not be able to see your friends and family as much
  2. You may have to sell your house and give up health coverage back home
  3. You will have to give up some activities at home which may not be available in your new location – such as skiing if you are moving from Vancouver to Barbados.
  4. Will you have enough money to last for your life no matter how long you live?

Also, are you ready to immerse yourself in a different culture, including the food, the type of dress you’d be donning? If not, then retiring abroad may not be for you. Or you’re not just yet ready to take the leap into expat life at the moment.

Step 2. Ask yourself what you truly need – what are your necessities in life?

What are some things you absolutely can’t live without? Do you need to be able to speak the local language in your new home country or get away with speaking English? Do you have to have the ability to live with very low costs, or peace and quiet, or a car or internet? Evaluating your needs will help you decide if you’re able to live abroad, and where.

Whether or not you decide to retire abroad, and wherever you go, remember that you’re going to need international health coverage as it’s very likely that your domestic plan will NOT cover you during your retirement abroad. Medical expenses incurred abroad can be extremely expensive and as we all know, our health does not improve with age. It will make sense to lock in a global medical insurance plan when you are living abroad from a well known and respected global insurance company, such as the expat health plan we offer from Cigna.

Finding the right international medical insurer is an extremely complex issue. There are many different levels of healthcare around the world, as well as vastly changing local regulations. Therefore, it’s very important to ensure you’ve selected an international health insurance plan that fully protects you and your family. You should also consider a global health plan that will cover you for life as some plans will termiante after you reach age 70 or 75.

Contact Expat Financial for expert advice and to discuss your international insurance needs and requirements.

How Expats Can Save Money When Moving to the UK

The UK’s rich cultural heritage, vibrant history, and high standard of living have made it one of the most sought-after expat destinations in the world. London’s eminence as a global business center also means that many expat positions there will come with high wages. However, these qualities have also contributed to a high cost of living. The UK is the 12th most expensive country to live in in the world, and its capital, London, is the 5th most expensive city in the world. To help you keep costs down, we at Expat Financial will discuss five ways to save money in the UK.

1. Saving on Flights

As expats move to the United Kingdom from all over the world, they would all love to save a penny or two on their airfare. One of the easiest ways to do this is to book flights well in advance. Airlines tend to hike the price of tickets as your departure date looms closer, so booking at least several months in advance will allow you to avoid this. Additionally, if flying to the UK from your own country proves unusually expensive, you could try booking a flight to another cheaper European destination. This is a valid strategy, as due to the significant presence of low-cost airlines in Europe, once you are in Europe, flying within the continent can become as cheap as the taxi to the airport.

2. Saving on Accommodation

With the average flat price in Central London is an astonishing 1.4 million USD, and the average British citizen spending nearly 40% of their income on housing, it makes sense to share a flat with fellow expats to keep costs down. In addition to helping your pocket, sharing an apartment is also a great way to make new friends. Online platforms such as Gumtree and SpareRoom make it easy for expats to arrange a shared flat. For students in the UK, you can often obtain very inexpensive and basic rooms through your university or private student housing companies like Unite Students.

3. Saving on Food

As a melting pot of different cultures, Britain’s vast offering of diverse cuisines makes it a foodie’s paradise. Although some of this diversity amounts to £300 a head omakase bars, there is still an abundance of cheap eats to be found. Straying from the main tourist and business areas will usually lead to finding low-cost local favourites. Additionally, many restaurants lower their prices both before and after peak hours, so that late night sitting may be saving you money. It is easy to obtain ready made meals from the large food chains and department stores in London and other parts of the UK. If you avoid restaurants in your hotel, the prices can be much more reasobable. We strongly recommend trying the excellent pub food as well.

4. Saving on your Commute

The major cities of Britain are home to some of the best public transit networks in the world, and subsequently, they make owning a car very optional. In London for instance, only 33% of people drive on a daily basis. Utilizing public transit will not only save you money, but it will also save you time, as taking the tube is often faster than driving as city traffic can be agonizingly slow during rush hour. In areas that are not covered by the public transit system, using Uber is often less expensive than hailing a cab.

5. Saving on International Health Insurance in the UK

Traveling to the UK without adequate health care could leave your finances in ruin, especially if you wish to obtain medical care through the private system versus the National Health Service. Unfortunately, the NHS has had some serious problems which include very long waiting lists for treatment. You may also be traveling or want to obtain medical treatment in your home country. Therefore, it makes sense to contact an international healthcare advisor to make sure that you are fully covered. Expat Financial offers many different international health insurance plans for expats moving to the UK for long or extended durations. In addition, we offer group plans for multinational firms with great rates and enhanced coverage. If you have any questions regarding our services or the plans we can provide, please contact us or complete the quote form.

 

 

 

 

 

 

Expat Tokyo – Why you need international health insurance?

Tokyo is the capital city of Japan. It is also known as one of the most populous metropolitan areas in the world. As being the center of the Greater Tokyo area, Tokyo has many museums, festivals, fresh seafood market, fashion style costumes and cosplay. It is also Japan’s largest international center for tourism. Expatriates moving to Tokyo will find the city foreigner-friendly. The locals are very welcoming, but you should make sure that you adhere to the customs and culture of Japan. More and more expatriates work and live in Tokyo as many foreign companies have branch offices there or are hired by large Japanese based companies. In this article, we will discuss healthcare in Tokyo, the cost of medical care in Tokyo and why you need international health insurance as an expat in Tokyo.

Healthcare in Tokyo

Generally speaking, the standard of healthcare in Japan is very high. The quality of medical treatment in Japan is also competitive. Both public and private hospitals are available in Japan. As the number of expatriates working and living in Japan grows, the Japanese healthcare system has increased efforts to provide quality medical care for them. Many private clinics have English speaking, western-trained medical professionals.

Cost of Medical Care in Tokyo

According to the National Health Care of Japan, all Japanese citizens, permanent residents, and any foreigners residing in Japan are required to be enrolled in National Health Insurance. Another type of insurance, the Employee’s Health Insurance, is designed to provide health insurance for any employment-based program. However, National Health Care does not cover certain medical cases such as normal child delivery fee, abortion, preventive examinations, etc.  Medical costs can be very expensive without insurance coverage.

Why is International Health Insurance Critical For Expats in Tokyo?

Many expatriates are not aware of enrolling in a local plan cannot provide them with medical treatment at more satisfactory private clinics. Furthermore, these local medical plans do not provide medical coverage while expats are traveling out of the country or going back home. In Japan, local medical plans are aimed to cover basic medical needs that may not suitable for most expats. Therefore, you may need to create a tailored international health insurance plan that meets your requirements.

Premiums will vary depending on the coverage of the plan, your age, citizenship and several other factors. It is critical for expats to obtain international health insurance to cover any remaining costs not covered by the local insurance policies.

 

Get Insurance From Expat Financial for Tokyo Expats

An international health insurance plan provides flexible and worldwide service. It will not only let you select the hospital, medical providers and doctors but also provide you with direct payment so that you do not need to worry about any out-of-pocket medical expenses.

Expat Financial offers several different international health insurance plans for expatriates across most parts of the globe. We also offer excellent service before and after you purchase your international health insurance plan. If you have questions about our international medical insurance plans or you want to discuss your needs and produce a customized quote, please contact us or complete the quote form.

Why is expat health insurance so important?

Many expats traveling worldwide do not realize that the cost of medical treatment overseas can be extremely expensive. Expat health insurance is a great solution not only to protect you and your family’s well being but also to avoid an impact on your finances. In this article, we will discuss why expat health insurance is important and how to acquire proper coverage.

Global Multiple Countries Coverage

Many international health insurance plans can cover expats in multiple countries. And the plans usually have many benefits and offer customization that can influence the premium you pay. This is very important for travelers and expatriates living and working overseas. As a foreign national, you and your family members are generally not covered for medical treatment abroad. No matter where you are, or you wish to travel elsewhere for medical treatment, most global medical plans will offer medical coverage all over the world either including or excluding the USA.

Financial Security 

In most of the countries around the world, expats are required to prepay the cost before receiving medical treatment, and some of the medical procedures can be extremely costly. With an adequate expat international health insurance plan, you will be protected from any short and long-term medical expenses including emergency evacuation and repatriation. It will help you avoid the financial risk of uninsured medical costs while living and working overseas. Besides, most of the insurance providers have developed trustworthy medical network centres and medical staff worldwide. This will be able to keep pace with you and your family as your medical needs change. If you wish to be able to seek medical treatment in the United States, you should get the USA coverage option, but this will increase your premium.

Flexible Plan Design

International health insurance is usually easy to adjust to challenges with a variety of individual and family health insurance needs such as life insurance, disability, and more. If you are an employer sending your employee overseas, an international group health benefits plan and insurance solutions will help retain talented employees. Please also read our blog post “The Benefits Of An International Group Insurance Plan.” 

Aid Workers, Missionaries and NGO Organizations

Whether you are traveling overseas for a short missionary assignment, volunteer position or a long-term aid worker assignment, it is vital that you obtain a global travel insurance or expat health plan that will adequately cover your stay overseas.

How To Acquire International Health Insurance 

Expat Financial offers several international health insurance plans for expatriates across much of the world. Our insurers will help provide you with peace of mind during your stay overseas. We are also able to source international health insurance for Non-Governmental Organizations around the world sending aid workers overseas.  The insurance companies that we work with also offer excellent service before and after you purchase your international health insurance plan – our firm can also assist as your independent advocate. If you have special questions about our international medical insurance plans or if you want to discuss your needs and produce a customized quote, please contact us or complete the quote form. The Cigna Global Health Options plan is our most popular international health plan for expatriates.

How to save money on your international health insurance premiums

Living overseas is often an expensive endeavour for individuals and families who plan to work, retire or travel abroad for over one year. Perhaps the most important decision before you live abroad or even if you are already an expat is what global health insurance you should obtain, the insurer you will choose and the plan coverage options. There are lots of expat health insurance companies and providers to choose from and endless insurance options that can be very confusing for expatriates. As an international insurance brokerage firm with extensive experience and knowledge in this domain, we have put together six ways expatriates can save on their international health insurance premiums & coverage. It should be noted that these tips apply equally to both group and individual global health insurance premiums.

#1. Choose a Larger Deductible

A deductible is what you pay before the insurance company pays a claim. Generally, the deductible is per policy year, or you may have a small co-pay for each claim. For expatriates wanting to save on their global health costs, the easiest and most effective way to save on global health premiums is to select a larger deductible. The larger the deductible the lower the premium and vice versa. Some expats that we work with will select a $5K or $10K deductible as they do not think they will ever claim or live in a country with low medical costs.

#2. Exclude Coverage in the USA

Plans that include full medical care in the USA are almost always more expensive than plans that exclude the USA. Most American expatriates will want a plan to include care in the United States as they will want to receive care there for any serious medical claims. However, excluding care in the USA can save an expat somewhere between 40% or 50% in their medical premiums for some expats. If you do not wish to be able to seek medical care in the States, it makes sense not to choose the USA coverage option. If you are living in a country close to the USA, it may be wise to add the option as you may want to see medical care there, especially in the case of an evacuation.

#3. Pay your Premium Annually

We find that most expatriates like to pay their premiums monthly as annual premiums can be quite large, but if you can afford to pay annually, you can often save between 5% to 10% per year on your global health premiums. You can also pay semi-annually for additional savings over paying monthly.

#4. Self-insure Out-patient Care

Most global health plans will include a base policy that covers claims related to hospital care. You will have the option to choose to add out-patient care for an additional fee. Out-patient medical will cover medical claims that are incurred outside a hospital admission – such as doctors visits & consults, medicine, physiotherapy, psychology, wellness, medical tests and scans, dental accidents, vaccinations and more. However, many expatriates live in countries and regions where medical care is quite inexpensive, especially for out-patient claims like doctors’ visits. Excluding out-patient modules can save an expatriate many hundreds of dollars in premiums per month and is certainly something to consider.

#5. Add Coinsurance to your Plan

In addition to having a larger deductible, some plans will allow you to add coinsurance to your plan. Coinsurance is the percentage that you as the insured member pays in the event of a claim. The higher the coinsurance level, the less risk you are taking and the higher the premium. For example, if you have a coinsurance level of 80%, you would be responsible for paying 20% of claims – usually up to a maximum out of pocket amount. A 90% coinsurance level would be more expensive, and if you are covered at 100%, you don’t have to pay a portion of the approved claim. The coinsurance is active after the deductible has been satisfied.

#6. Choose a Lower Level of Coverage from the Insurer

Most expat health plans will have 3 or 5 different levels of coverage with varying degrees of care maximums and services covered. For example, the Cigna Global Health Options plan that we offer have three levels: Silver, Gold or Platinum. As you would guess, the least expensive plan would be the Silver plan, which will have much lower levels of care without maternity coverage.

Things to Consider When Choosing Your plan?

Are there more ways to save money on your international health insurance? Yes, but these generally involve you taking on a lot more risk with minimal premium savings. We recommend that you purchase the best possible global health insurance plan that you can afford. In the end, you generally get what you pay for. To learn more about the global health plans that we can offer individual expatriates, please contact us or get a quote online today. We would love to discuss your international health insurance needs and the ways that you can save on your health insurance costs.

Insurance options for companies with only one expat employee

Our firm has worked with many companies and organizations with hundreds and even thousands of employees that have only one or two expatriate employees posted abroad. These firms are not able to adequately cover their expat employee and his or her dependents under their domestic plan and should not try for a variety of reasons. The human resource manager is often faced with a dilemma of where to find adequate insurance for the lone expat employee and may have limited experience or understanding of expat insurance, not to mention no expat insurance contacts. So what is a company or non-profit with only one or two expat employees to do? Let’s learn more.

What to do when you have only one or two expat employees?

Attracting and retaining expat talent for your firm’s global operations is not easy. Finding the right person to help grow your sales or run operations abroad is both challenging and rewarding. If you want to attract the best person for your expat position, it is vital that you offer him or her the best global insurance coverage possible. It may not be easy to match your existing domestic benefit plan coverage for an expat position, but it is possible to gather coverage that will meet your duty of care obligations and adequately cover that employee and any dependents who will also live abroad. There are many insurance coverage requirements if you are hiring an expat employee, but we will deal with the three most important ones: Life, Disability & Global Medical Insurance. Note that all individual policies are medically underwritten, unlike most international group insurance plans, so keep this in mind if you are sending an individual expat abroad. Also, there are significant pitfalls in covering your expat employees on domestic plans in the new country location that we have described in a separate article.

Global Life Insurance for Individual Expat Employees

Your company’s existing domestic benefit plan will most likely offer a multiple of annual income in the local currency, but most expatriates will be paid in USD or Euro and will expect to be covered for 1 or 2 times annual income if he/she should die from an accident or illness. There are not a lot of global life insurance options for individual expats, but our firm does have access to some excellent life insurance plans that can cover most expats around the world. The premiums will, of course, depend on the age, occupation, and location of the employee. An employee being posted to a high-risk country such as Afghanistan will most likely have to obtain Accidental Death & Dismemberment (AD&D) coverage, which may also be an adjunct to the life insurance for some expats in more “safe” countries. The typical plans will exclude war and terrorism, but it may be possible to quote AD&D cover including war risk depending on the location of the policy and employer. Final premiums will depend on the health, age, location, occupation of the employee. Unlike a group plan that we can offer, it is possible that the employee won’t qualify for coverage.

Finally, in regards to that “consultant” that you are hiring or who is only working for you, it may be tempting to have him or her secure insurance coverage on their own, but many companies who employ consultants abroad are taking a risk. That consultant may be viewed as an employee should they only work for your firm and should they become sick, injured, or deseased while being posted abroad, your company may be held responsible regardless.

Expat Disability Insurance for Individual Expat Employees

One of the most important parts of your expat employee responsibilities is securing adequate disability coverage should he or she become sick or have an accident that will make it impossible for him or her to work. However, global disability coverage is often not secured by expat employers, and domestic workers compensation plans will generally not extend beyond the national borders. Unfortunately, the risk of a disability is extremely high for most persons under age 65, and this represents a huge liability and risk for both the employer and employee. Part of your duty of care is to help the employee secure global disability coverage. Expat Financial offers an excellent individual expat disability insurance plan from William Russell that can provide income protection after 3 or 6 months waiting period. The longer the waiting period, the lower the premium. We can secure individual short-term disability, but this can easily be self-insured by most employers. A long-term disability can not.

Individual International Health Insurance Options for Expat Employers

Many expat employers will have their domestic employees covered by private or public health insurance schemes or a combination of the two. However, most human resource professionals and their advisors will have limited, or no experience in the unique challenges associated with covering expat employees posted abroad with or without their family members. Some will keep the employee on the domestic health plan which almost certainly will not adequately cover the employee overseas to save costs or merely a lack of understanding of the domestic policy and requirements for healthcare while living abroad.

That is why it is vital for HR professionals to provide a comprehensive international health insurance coverage that will meet your duty of care and other employment responsibilities. We have seen too many expat employers ask the employee to obtain his or her health coverage on his or her own, but you as the employer will be responsible should that coverage not be adequate. This can lead to a failed expat assignment, large unfunded medical claim or your prospective expat employee seeks a job with another employer. If the expat employer has more than 2 or 3 employees, Expat Financial can probably source a group plan, but under three most expat employers will want to secure an individual plan for that expat employee.

Most global medical insurance plans will cover hospital, out-patient care, wellness and evacuation & repatriation. Some expat employers will also want to secure dental and vision coverage. If the employee has a spouse who may become pregnant, it is vital that you include full maternity coverage – however individual plans will have a 9 or 12 month waiting period. While it may be tempting to obtain the least expensive plan, you do get what you pay for, and we recommend that expat employers secure the best possible coverage with or without a deductible to help lower the premiums. As noted above, the employee or their dependent’s health may impact the approval or coverage that is secured. Rates will depend on the ages, citizenships, health statuses, plan options, deductibles and country location of the expat employee and any dependents. Most American expats will want a plan that adequately covers treatment in the USA, but this will mean a higher premium. If you have an expat employee posted in the USA or a nearby region, you will want to make sure it covers treatment in the United States. We have an excellent global health plan from Cigna where you or your employee can get a quote and even apply or expat health insurance.

Obtaining Individual Expat Insurance for that Lone Expat Employee

While you may want to turn to your domestic consulting firm or broker for the above coverage, it is very likely his or her firm will have insufficient experience in global life, disability, and health insurance – this is even the case with the large insurance consulting houses. Like most things in life, it pays to talk to an expat specialist firm, and that is where Expat Financial and its parent company TFG Global can be of assistance in understanding your organization’s international insurance requirements. Additionally, we do not charge a consulting fee as we are compensated by the insurer with the same rates regardless. We also have long established insurance provider relationships and excellent service and support. We may be able to assist on other insurance matters related to your expat employees, such as kidnap & ransom and even business travel insurance for domestic employees who travel abroad. To learn more, contact us today if you are sending one, two or a hundred expat employees overseas to expand your global fortunes. We look forward to being part of your international relocation efforts.

global medical

When should you apply for international health insurance?

Moving abroad is one of the most important and exciting decisions you will ever make. Living abroad, either permanently or temporarily, can be a challenging and rewarding experience. To stay healthy and fit while living and working abroad, there are many health risks that you will want to avoid. In fact, to better plan and prepare a safe journey before departure, one of the most important considerations would be applying for an appropriate international health insurance plan. In this article, we will discuss steps that should be taken to apply for international health insurance before or after you have moved abroad.

Start Looking Early

Generally speaking, most insurance companies require a health insurance application at least 30 to 45 days before departure. You should allow for a week or two for the health insurance underwriters to process your request, but also they need to check whether there are geographical exclusions that may apply depending on the level of cover or due to a pre-existing medical condition. It is suggested for future expatriates to start researching your destination’s health care situation and contact your employer to find out whether you are covered under your employee benefits package.

Yes You Can Apply After You Move Abroad

Note that you can apply if you have already moved abroad – some people will purchase emergency travel medical insurance and then transition to a global health plan. Sometime you may simply want to move to another insurance company. Or you may be striking out on your own and have to leave your employer’s group expat benefit plan.

What to Look For in Global Medical Coverage?

International health insurance provides essential coverage for inpatient, day patient care, accommodation costs, cancer care, mental health care, and many more. The Cigna Gold and Platinum plans can also provide inpatient maternity care after a waiting period. The earlier you apply, the earlier that waiting period will be removed – which is key if you plan to have children while living abroad. Some employee health insurance plans are focused on basic local coverage, and this is not applicable to expats who are internationally mobile. It is important for expatriates to obtain an appropriate international health insurance plan with flexible and comprehensive cover.

What if You Have a Pre-existing Medical Condition?

There are many chronic medical conditions or pre-existing conditions that expats and their families may suffer from. The top 5 most well-known chronic conditions are heart disease, arthritis, HIV, diabetes, and depression. If expats with pre-existing medical conditions are travelling in a location where the healthcare facilities are substandard, it is all the more important to have full coverage. An untreated medical problem can quickly become more serious. If you have a pre-existing medical condition, it is even more important that you apply as soon as possible. It will often take time to gather previous medical history and tests, and the underwriters may have to write to your doctor to obtain additional information. This can all take a lot of time, and you may not get a decision from the underwriter before you leave.

In many cases, pre-existing medical conditions should be placed on the group benefit plan before the effective date. Individual expatriate health insurance plans will either exclude previous medical conditions, decline the application or raise the premium. However, we work with global medical insurance companies who can provide full coverage for pre-existing medical conditions on the medical coverage for both the employees and dependents if the employer has more than 25 or 30 global employees – including both expats and local nationals. To learn more, please read our blog article “Expat Benefit Plans – Make sure pre-existing conditions are covered!

Talk to Expat Financial to Discuss Your Global Medical Insurance Needs

It makes sense to obtain a quote and apply as early as possible. It also is critical that you talk to an expatriate insurance expert that can discuss your requirements and provide quotes from a variety of global medical insurance providers based on your unique needs. We offer a range of excellent global medical plans that can meet almost any need and budget. For more information and to review the plans that we offer, contact our office or visit our international health insurance page. If your organization has a group of two or more expatriate employees, our firm can source international group insurance plans.

7 Tips for managing expat finances

For expats, those retiring offshore or even those going abroad for over a year, managing expat finances is critical. For most, moving abroad and working overseas can be one of the most exciting moments of your life. However, expats will want to plan ahead to preserve and grow expat finances and investments. It is very important for individuals and families to plan ahead and maximize their expat finances. In this article, we will discuss 7 great tips for managing and protecting expat finances and investment while living and working abroad.

1. Know Your Expat Tax Status 

A common misunderstanding about expat tax is when expats move abroad, they believe they are instantly exempt from their home nation’s tax system; however, this is usually not the case. For example, a British expat living abroad who is no longer a UK resident, he or she may still be responsible for the tax of the profits of a UK business or property situated in the UK, and UK pension income. With other countries such as Argentina, joint filling income tax is not available. For American expats, the complexity of expat tax can be quite daunting. Expat tax issues can be very complicated and it often makes sense to work with a professional firm. It is important to research and visit your local tax office before moving overseas to make sure that you know the rules. We often recommend that expatriates talk to an expat tax expert such as Trowbridge.

2. The Cost of Living for Expats

Before accepting a job offer overseas, you should definitely do some detailed research on the cost of living in your destination country. This may include any additional costs you may face. The cost of living for expatriates can vary significantly from one place to another and will often be more expensive than what the locals pay. For example, according to Numbeo, in Mexico, renting a 3 bedroom apartment in city centre costs over $500 USD; Whereas in Singapore, a 3 bedroom apartment rent per month could almost $4,000 USD. Knowing the cost of living in your destination country will give you peace of mind and let you plan ahead.

3. Currency Management is Critical for Expats

It is common for expats to exchange currencies from their hometown bank accounts into destination country’s currency. However, banks may charge high flat rates and currency exchange rates which expats will want to avoid. This is especially important for expat families with international payments across countries. Some international banks offer a fixed exchange rate for a specific period of time. Expats should explore different methods of managing currencies as this can save quite a bit of money and time. You can obtain more information on currencies and currency issues on our Foreign Exchange page.

4. Organize your Expat Investment Portfolio

You should organize and take stock of all your current investments before you become an expatriate. You should try to make sure you will be able to manage your various stock, bank and investment properties from abroad or if you will have to sell some of those investments before you go offshore, especially for tax reasons. Many expatriates often sell their homes before living abroad, but when they return they find that they should have retained and rented the home as housing values have increased dramatically – this is especially trued for many Canadian and Australian expatriates.

Your risk profile may change because you will be living abroad. Will you have the time and ability to manage your investment portfolio and will your new expat location impact your investment decisions. If you have a private or company pension plan, you should examine how living abroad will impact your retirement savings and taxes. It makes sense to talk to an investment expert before you live abroad.

5. Have You Cancelled Payments in your Hometown?

This is obvious, however, many expats may forget to cancel their orders in hometown and receive penalty charges. Remember to cancel any subscriptions such as phone, internet, magazines, etc. before you move abroad.

6. Do you have Adequate Life & Disability Insurance? 

One of the most overlooked parts of protecting you and your family’s financial future is making sure that you have adequate life and disability coverage. While your employer may provide some coverage, more often than not it will be inadequate to fully protect you and your family members from the financial hardships associated with a death or disability. Many expats employers only provide medical coverage and expats are expected to obtain their own life insurance or disability income cover. However, when you are living abroad, you may not qualify for local coverage and such life coverage may not be desirable or even available in your new home country. Also, expats need something both global and portable. Note that most expat life and disability plans are not portable back to your country of citizenship and if you have existing coverage, it’s probably a great idea to see if you can retain the policies as expat plans are usually more expensive.

To learn more about your expat life and disability requirements & the policies available, contact our firm for more information.

6. The Importance of Obtaining International Health Insurance

To many expats living and working abroad, the local healthcare system is usually not the best choice. The cost of using private medical care is usually very high in many parts of the world or you may be living in a country where medical care is inadequate and you may need to see medical care regionally or globally – sometime you may have to be evacuated. Either way, a large medical bill can wipe out your investments and put your financial future in peril.

With an appropriate international medical plan in place, many individual expats and their families are covered worldwide (except in the USA unless you add it as optional benefit). International health insurance plan provides day-patient care and full hospital coverage, extensive cancer coverage, maternity and baby care (conditions may apply), dental & vision care and international medical evacuation and repatriation. This is especially important for expats going to visit rural area in some less developed countries.

Expat Financial offers independent advice, solutions and ongoing service and support to clients around much of the world and we have extensive experience in sourcing medical cover for individual expats and expat employers worldwide. We can source plans from large and secure global insurance companies with excellent global service and support.

If you have questions about international medical insurance plans we offer to individual expats or your company requires a global expatriate group insurance plan, please contact us or complete the quote form. We look forward to hearing from you soon.

How to obtain health insurance when teaching abroad

Teaching overseas is an exciting and rewarding journey for expat teachers around the world. There are many opportunities to teach English and other subjects in both public and private schools abroad. Many younger teachers will gain valuable work experience that will help their career when they come back to their home country. More experienced teachers may choose to work abroad to experience life elsewhere, especially in a more exotic country.

If you are teaching overseas for a year or more, it is important to consider adequate health insurance to cover both you and any dependents that may come with you. In this article, we will discuss health insurance options for expatriate teachers and introduce the differences between domestic health insurance and international medical coverage.

Why Should I get Health Insurance while Teaching Abroad?

Before teaching overseas, it is strongly recommended to do some research about your current health insurance plan and the healthcare situation in a particular country where you are moving. Most local health insurance coverage in your destination country is designed to cover you locally it will not allow you to seek medical care overseas. Depending on which country you are going, in some less developed countries, the local medical facilities may not be up to the standard that you are used to. Therefore, obtaining appropriate medical coverage is very important.

 

Group or Personal Plans for Teachers

Many teachers will be offered to join a group plan provided by the school if one exists or is available. Expat Financial can source excellent group medical plans for schools and universities that provide both local and global medical coverage for the teaching and administration staff. Most teachers will naturally join the group plan that is offered. If your school is not offering a plan that you can join, then teachers should obtain an individual health plan to cover their emergency and out-patient medical needs.

Domestic Health Insurance V.S. International Medical Coverage

In most countries, the healthcare system is divided into two options: public medical care and private healthcare. If an institution or an organization overseas employ you, you are probably covered by adequate local healthcare system provided by your employer. However, for many expats living and working abroad, the local health care system is not the best choice. In Hong Kong, for example, health insurance is considered as part of expats’ benefits package. This is often referred to the public clinics and hospitals. Though the overall standard of a public healthcare system is high in Hong Kong, the system is more focused on emergency care, not preventive health care. Also, the public medical system does not provide dental care. The private healthcare system is often chosen by many wealthy Hong Kong nationals and expatriates. This is not only because of its excellence in service and medical treatment, but also the flexibility of surgery bookings to many busy expatriates.

The cost of using private medical care is usually very high. Expat teachers living and working overseas who choose to opt for the private health care option should obtain international health insurance to cover emergency and/or out-patient medical costs. With an appropriate international medical plan, individual expats and their families are covered worldwide (except in the USA unless you add it as an optional benefit). International health insurance plan provides day-patient care and full hospital coverage, extensive cancer coverage, maternity and baby care (conditions may apply), dental & vision care and international medical evacuation and repatriation. This is especially important for expats going to visit a rural area in some less developed countries.

How do teachers lower your global medical premiums?

If expatriate teachers want to lower their health premiums, one can include a larger deductible or obtain a plan that will only cover in-patient expenses that are incurred in a hospital. Most global medical plans will offer three levels of coverage, such as Silver, Gold and Platinum with each plan offering a higher level of coverage and policy maximum. Some medical plans will include maternity care after a 12 month waiting period.

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How to Obtain International Teacher Health Insurance?

Expat Financial can source global medical insurance plans for expatriate teachers that can provide excellent coverage and premiums. We have been offering teachers international health insurance coverage on an individual basis for many years. For more information, please check out our International Teacher Health Insurance page.

If you are an international education institution and employing expatriates teachers, we can provide group medical plan quote for your teachers. Please click here for International School Insurance Solutions brochure. Contact us for plan details.