Posts

Top 10 Questions to Ask Your International Health Insurance Provider

/in /by

Important Questions to Ask Your Global Insurance Broker & Insurance Company

Choosing global health coverage can be very difficult and one of the many things you have to do if you are moving abroad or already living overseas. Obtaining excellent international health insurance is vital if you and your family are expatriates. A major illness or injury could put your health at risk if you can’t access adequate medical care, but also your finances.

Most experts will agree that it makes sense to work with an expat insurance specialist firm such as ours. To help you in your global journey, we have put together 10 questions that you should ask before purchasing international health insurance broker

Question #1: Does your company cover expats for life?

Many people are moving abroad for long time periods or when they are older, so obtaining a global health plan that will cover them for life is vital. This is especially important for those planning to retire abroad. We often get requests from senior expats who want to retire in the Caribbean or in Asia. There are many international health care plans out there which will not cover you past a certain age or restrict benefits once you reach 65. Therefore, it is important that you ask if the plan can keep you and your partner covered for life. Of course, premiums will increase with age, but no-one wants to get kicked off a plan when they need coverage the most.

Question #2: Are there doctors in my city and country that I can access?

The size and quality of an international health insurance company’s medical network for direct reimbursement is critical, so it makes sense to ask your potential insurer or broker for a list of medical providers in your new country or region. Most expats want to be able to show a card and not have to pay out of pocket for medical expenses at a hospital or if they are in the USA, most clinics, hospitals, doctors and pharmacies. Most quality insurers will be able to give you a list of doctors and hospitals that you can work with.

Question #3: Is there a free choice of hospitals and doctors in the plan?

When picking a global health plan for you and your family, it is important to get a plan that will allow you to choose whichever medical doctor or hospital that you wish to utilize. That hospital may not be in the provider network mentioned above, but you can at least get treated there, pay out of pocket and get reimbursed by the insurance company. Note that in some countries and cities, you may not be able to find a hospital in the insurers network and some facilities simply do not want to work with an international insurer.

Question #4: Can the insurer provide a guarantee of payment to the hospital if outside of the network?

For large medical expenses incurred at a hospital overseas that is not in the medical network, it makes sense to deal with an insurance company that has 24/7 claims support with the ability to give the hospital a guarantee of payment if required. This should allow you to receive medical treatment without having to pay out of pocket as the hospital can call the insurer and make sure that they will receive payment for approved medical procedures. You can also get a medical second opinion at the same time.

Question #5: Can the insurance company cover my pre-existing medical condition?

We often get this question for expats or those about to venture abroad. A previous illness or injury or ongoing pre-existing ailment has to be disclosed when you apply for international health insurance. All individual expat health plans are medically underwritten and the insurer will either decline, accept, ask for extra premium or exclude the condition. People often get angry when their condition is excluded but can ask us to advocate on their behalf and supply more information to the insurer, especially from the doctor. If the insurer still excludes the condition, we can give you a rough idea of how other insurers will view the condition. It usually makes sense to take the policy, especially if the condition will not cause to much financial harm if not covered.

Question #6: Should I add coverage for the USA and how much will it cost?

Most global health plans will give you worldwide medical treatment excluding the USA or the ability to add treatment there for an extra fee. If you are an American expat, it almost always makes sense to add this coverage option as you will probably want to return home for medical treatment where your regular doctors and family reside. Adding a US coverage option can increase your premium dramatically, but not necessarily too much for American expatriates with the Cigna plan that we offer online. If you are an expatriate living near the USA, it is often a good idea to include care in the USA as your local country may not be able to properly treat you there.

Question # 7: How much will I save if I pay annually versus monthly?

Most expat insurance partners that we work with will offer a 7 to 10% savings if you pay for your premiums on an annual basis verus monthly. For my son who recently move abroad to study, I took this option because the savings were simply too large to ignore. If you can afford it, we definitely recommend paying annually.

Question #8: When can I apply?

We often get requests from people who are thinking about moving abroad in 6 to 12 months, but most insurers will not allow you to apply for coverage until you are 30 to 45 days out from leaving your country of residence. If you are already living abroad, you can usually request an effective date the very next day – assuming you are approved. Apply today for our most popular global health plan from Cigna.

Question #9: Does the plan cover maternity expenses?

If you are planning to add to your expat family or have children for the first time, it is a good idea to check if your international health plan will cover maternity and newborn expenses. Some plans will exclude maternity fully while others will include it with a fee or as part of the insurers more deluxe coverage. All individual health plans have a 9 or 12 month waiting period before maternity expenses will be reimbursed. Some group expat health plans will cover maternity expenses without a waiting period. It is critical to have your maternity coverage if you will be having a child abroad as the costs can be quite enormous.

Question  #10: How much will the premium cost for international health insurance?

Perhaps the most obvious and important question to ask your global insurance broker and insurance provider is how much a global health policy will cost. The cost of any international health plan will depend on a variety of factors, such as your age, occupation, gender, occupation, citizenship, where you reside, deductible level, the options you choose and much more. There are so many different options to choose from, such as getting outpatient care, evacuation, maternity coverage, dental and if you want access to medical care in the USA. It makes sense to talk to our expat insurance expert advisors at Expat Financial and discuss your requirements. It is very easy to examine all the options and obtain a quote online from one of our many international health insurance providers, such as IMG, Cigna and GeoBlue. Note that premiums will increase as you age an also if you add your partner or dependent children to a policy. Please contact us today to discuss your global insurance requirements and answer your international health insurance questions today. The above article primarily relates to individual policies but is also relevant to the group expat medical plans that we offer multinational employers.

Expat Tokyo – Why you need international health insurance?

/in /by

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.

How to save money on your international health insurance premiums

/in , , /by

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.

What to look for in an expat tax advisor

/in /by

The only thing that’s certain in life is death and taxes, and this applies to expats as well. For senior expats and especially expat business owners, finding an expert in the domain of international tax law is a critical step in ensuring that you are complying with tax regulations. Today, we at Expat Financial will be providing you with four key aspects to consider when choosing the right international tax advisor for expatriates living abroad:

  1. Always ensure that you hire an entire team of tax specialists, rather than a single tax professional. This will ensure that your tax filings are correct and correctly audited and edited, and will create more security, as team members can divide responsibility amongst themselves.
  2. As expats often travel to countries where the first language differs from their native tongue, it is critical that an expat’s tax team be multilingual. This is another positive benefit of having a group of tax advisors, rather than a single individual, as the subtleties of tax law can often be misinterpreted through translation.
  3. Another essential part of any successful tax team is to make sure that your team has multiple regions under their belt in which they are qualified to give tax advice in. For instance, if you’re working in Spain as an American citizen, you may need a team that is well versed in both Spanish and American tax regulations or at least the ability to find the answers that you require. Additionally, ensure that your team is up to date on the latest tax regulations in all countries that apply to your future expat assignment.
  4. You should also make sure you have a clear picture of how much your tax advisory team will be charging you before they begin working for you. Failure to do so may result in surprise charges at the end of tax season.

It is important that you hire the best expat tax advisors possible as tax mistakes can be extremely costly for people who are already living abroad or planning their next overseas assignment.

In addition to hiring the right expat tax firm, you should also think about your international health insurance requirements for you and your family. Not only will international health insurance plans provide flexible worldwide coverage and freedom of comprehensive, world-class services, but they also come with the peace of mind that expats require. It is also important that you obtain an expat health plan that will allow for medical reimbursement from the local and global medical facilities. This will help you maintain a successful international experience for you and your family.

Expat Financial offers a variety of international health insurance plans on a group or individual basis. To maximize your expat experience and avoid unforeseen risks and costs, please contact us today to discuss your international insurance needs and requirements.

 

 

 

 

 

Urgent medical claim problem resolved by Expat Financial

/in /by

This urgent medical claim from last night is why you should use our firm for your group expat insurance needs:

We received an email from the HR Manager for a group client of ours in the Middle East at 8 PM last night our time – an employee’s spouse in Europe was urgent need of an operation. The Global Mobility Manager informed us that the surgery was a life and death situation, but the hospital was outside of the large and well known global insurance company’s network – which is the largest in the world. The hospital was unwilling to accept a written guarantee of payment from the insurance company and their evacuation provider, ISOS – which is unheard of. The hospital wanted claim paid in advance, which is generally not possible. One option was to have employer or the employee pay the claim to hospital & get reimbursed. This is often the fastest solutions for these situations as the insurer can then reimburse the claim and if the insured’s family member does not have enough money or credit limit on hand, most employers will.

But we immediately called the expat group insurance company and got a workaround by having International SOS wire payment with insurer’s permission. It merely took a little broker advocacy. Payment was then wired by ISOS. The claim issue resolved. The employee was very much relieved and thanked all involved this morning. He mentioned in an email to us: “Really many many thanks for this!”

We asked the HR manager for permission to post this blog with no reference to the insurer, client or employee/dependent name etc… and he mentioned – “This is fine and true and I would like to thank you once again for your help.”

This is what we do as our client advocate, even after working hours and during weekends – it is what sets our firm apart. Expat Financial is a division of TFG Global Insurance Solutions Ltd. and is a global insurance brokerage firm.

To learn more about what we can do for your expat employees, contact us or visit our corporate page.

Expat Employers – Obtain a free country risk profile report

/in , /by

TFG Global and its division Expat Financial is now offering a complimentary country risk report to global HR managers who allow our firm to examine their global benefit plan and obtain quotes from the market. Such international group insurance plans can include vital health, evacuation an/or life insurance for their expatriate employee population.

If you are sending your employees abroad, it is vital that your organization live up to its duty of care as failure to do so will expose management, employees and the company to legal and financial liabilities. As we all know, it is a very chaotic and dangerous world out there, and civil unrest, crime, war, and terrorism can strike wherever your expatriates are posted, especially in high-risk countries. Our firm has extensive experience in covering expatriates in high-risk regions. We have had to work with clients who have unfortunately been impacted by terrorist attacks, kidnappings and civil unrest – our level-headed and quick action was invaluable for our clients and their employees.

We are pleased to extend this offer to companies willing to work with a specialist firm such as ours. These incredibly detailed and valuable country risk profiles will provide essential insights for your company and expats. It will also allow management to plan for more eventualities and minimize risks. For our kidnap and risk insurance clients, they will receive complimentary online access to this information that is updated continuously and highly detailed.

The country risk report and travel guide reports will provide the following information that will enable you to make more informed decisions when sending employees overseas on long and short-term assignments:

  • Destination country’s risk score – from stable to terminal threat
  • Areas of concern
  • Travel safety and pre-trip recommendations
  • Risk projections
  • Analysis of security – including crime & terrorism risks
  • Security recommendations
  • Political risk profile
  • Details on specific regions of the country where precautions are recommended
  • Medical profile
  • Kidnap & ransom profile number on a scale from 1 to 4
  • Details on recent incidents.

We can obtain a risk overview & travel safety report for up to 180 countries and 400+ cities. To receive a report and talk to us about the insurance for your expat population, please contact us today. If our company is assigned as your broker of record for your existing or new global benefit plan, the above reports will be available for any country that you are sending employees to upon request.

 

Legal Notice Regarding this Offer: The above offer can be withdrawn at any time without notice. We can only release one country report to companies or organizations who have 2 or more expatriates employees which allow us to obtain quotes from the market for their global expat insurance program after releasing the current plan contract, premiums, reports, and expat employee census information that is vital for us to obtain accurate quotes and provide our report and recommendations. The above offer is not available to expat employers based in the USA and other select countries. We reserve the right not to quote or offer this report to your company. The reports are not available to individuals.
global medical

When should you apply for international health insurance?

/in /by

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.

6 Tips on How to Become an Expat

/in /by

An expatriate, or expat, is a person who lives outside of their native country. Today, more and more people are willing to leave their home country and experience a brand new job or lifestyle abroad. To better prepare you for your life overseas, we will discuss six simple tips on how to become an expatriate.

  • Finding a job abroad

If you are interested in living abroad, the first step you want to take is to find a job in your desired destination country. According to research, one of the main reasons why people want to become an expat is that expatriate employers often offer relatively higher salaries. Therefore, expat employees are more likely to experience a higher standard of living while working abroad.

To succeed in an international job, Expat resource centre offers excellent information on job hunting. Practical suggestions such as preparing a CV and researching the job market before you move ensures that you have work permits at hand before leaving. To learn more, please view Expat employment – Job hunting tips.

  • Study abroad

Another option to become an expat is through studying abroad, which is very popular among teens. According to NAFSA study, the number of American students studying abroad during 2015 grew from 304,467 to 313,415. Studying overseas can be a great way to get a global perspective and the chance to learn a new language. The cost of studying abroad can be expensive, but in some less developed countries, the tuition costs can sometimes be lower. However, more and more universities and colleges offer scholarships and bursaries. It is worth the time to research online for scholarship funds to support international students.

  • Understand your destination’s culture

When moving overseas, you will most likely experience culture shock, which can be frustrating depending on where you are moving . For example, tipping in restaurants is common and considered normal in the U.S. and Canada, while in China or Japan, tipping in local restaurants is not required and can be considered insulting. It is suggested that future expats should do some research on your destination’s culture to avoid any embarrassment. The more research you can do on the customs and practices in your destination country, the more successful your expat experience will be.

  • Visiting Foreign Destinations

It is always suggested that you visit your destination country before relocating as an expat. Through your short visit, you will get to know its culture, food, and people. You will have a general idea whether the country that you are moving to will be suitable or not.

If you are traveling abroad for a short-term trip of up to one year, it is critical to obtain medical coverage for your entire trip that will cover emergency illnesses or injuries abroad. Our firm offers several travel medical plans from various insurers and providers. With IMG Patriot travel insurance coverage, you are covered with trip cancellation, lost baggage, emergency evacuation & repatriation, covering for as short as 15 days to 24 months. To learn more, please view the brochure below.

  • Retiring Abroad

Retiring overseas is becoming more and more popular for citizens around the world and is a great way to become an expat. Generally speaking, South America, Asia and Europe are among the most popular expat retirement destinations. This is not only because of its favourable weather and beaches, but also its relatively low cost of living. For example, if retiring in Thailand, the cost of living is much lower than in Western nations. It’s possible to buy a one-bedroom home in Chiang Mai for around $50,000, according to several sources. You will want to obtain tax and legal advice before retiring abroad as this can significantly impact your finances.

  • Bring International Health Insurance with You

If you want to become an expatriate, it is critical for you to obtain an international health insurance plan that will provide medical coverage wherever your chose to reside. Medical expenses while living abroad can be extremely expensive and local medical care in your new country may not be up to Western standards, especially if you are moving to a developing country. In some Asian countries such as China and Singapore, the cost of medical assistance can be surprisingly expensive for expats.

If you are an American citizen, you will want to include coverage for the United States as most Americans will want to obtain serious treatment back home. Expats should make sure that their plan includes medical evacuation and repatriation coverage. Please contact us today for a quote and to discuss your expatriate insurance requirements. We would be delighted to be of assistance as we are expat insurance specialists.

7 Tips for managing expat finances

/in /by

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.

Is your company employing American expats?

/in /by

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.

international health insurance for chronic conditions

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.