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Expat Employers – Obtain a free country risk profile report

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.

Is your company employing American expats?

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.

Future Expat Employee Trends for Expatriate Employers

expat employees

Cigna has recently released a detailed study on expatriate trends for global employers with the National Foreign Trade CouncilCigna Global Benefits surveyed employees on how they felt about the benefits offered by expat employees – such as housing, income, taxation, education and of course insurance. This is very valuable for global mobility managers because Cigna set up anonymous feedback from the employees for candid feedback from over 100 countries. We wanted to summarize the findings from an expat insurance specialist perspective and provide our insights and opinions for our expat clients and prospective clients around the world.

Global Mobility Changes

Global mobility has been changing over the past ten years, including how expat employers are supporting female expats. Many female expats are not feeling well served by their employers. Cigna also noted how the internet has really changed the communication between expats and employers over the past decade. However, what’s remained consistent is that the number of US expatriates is going down, probably because American expats are considered expensive employees. They are definitely more expensive to insure as they require global coverage including in the United States.

Additionally, more and more expats being sent abroad to developing and third world destinations and less to well-developed markets such as Europe. Asia and Africa have also been key destinations for expats in 2017. This creates more complexity for expat employers when sending people to third world locations such as Lagos or Cambodia.

What do Expats Value? 

In the study, expats noted that before they took on an expat assignment, what they valued the most was:

  • Relocation Services
  • Settlement Services
  • Medical preparedness

When expatriates were going to a location, they found that overall assignment preparedness was crucial, mainly since the cost of a failed assignment can be up to 4 times their salary.

Expat Communication is Critical

The study also found that expat employees had some insights on communications. Many expats felt that employers did not communicate often enough with them before going overseas. Incomee was a key part of communications, but also moving arrangements and medical benefits when living abroad. Expats wanted to know more about how to live in a new location, restaurants, exercise, safety and of course where they can obtain medical assistance. Providing a list of hospitals that the expat medical plan has a direct relationship to is something our firm sees as a secure communication to provide as top-flight medical providers such as Cigna have this all online for free.

Added Value for Expats is Important

Another suggestion that we find helpful for expats is cross-culture training, language courses and even tax assistance. Our firm has many contacts with providers in all these areas. In fact, we work with some excellent expat tax specialists who can assist your expat population. Mentoring from other expats in the new country location is important for many expatriates. As an expat employer, you want to make your employees as comfortable and settled as possible in their new location so they can hit the road running.

Medical Care

The study also found several items related to medical care that are quite interesting. This includes:

  • Over 70% of expat employees use medical care while living abroad regardless of age
  • More expats are becoming comfortable getting medical care locally if it’s of high quality and availability.
  • Emergency evacuation is still an important concern
  • Having a large medical network and not having to pay out of pocket is quite important for expatriates. In our dealings with expat and their employers, we find this to be the number one concern of expatriates.
  • Expats in North America reported more access to mental illness services

Our expat group clients often experience the above observations and trends. The study did not talk about other insurance benefits that are critical for expat employees and employers – such as global life and accident coverage, dental, employee assistance and long-term disability insurance. More often than not employers only address the medical insurance component with these other vital services as an afterthought. We also find that medical coverage for their partners and children is also a critical concern for most expats, so this should be a factor for employers. Some firms will only provide coverage for the employees and leave the employee to obtain more expensive coverage for his or her dependents, which we feel is an ineffective expat employment strategy.

Our firm believes that if you want to have a higher chance of a successful expat assignment, you need to have a comprehensive and effective global benefit platform that is sourced by an independent expat specialist firm. Claims issues and complaints from expat employees halfway around the world can quickly bog down an HR department and lead to failed assignments.

global medical

Balancing Expat Assignment Costs

Expatriates realize that their HR Managers are very concerned about the costs associated with expat assignments, perhaps 3 or 4 times the annual salary when all benefits are worked in, but companies also have to have a benefit plan and compensation package that will both attract and retain valuable global expat talent. We find that global medical premiums often rise approximately 9 to 15% per year assuming regular claiming patterns to keep up with health inflation trends. At renewal, the insurers will often present higher deductible and coinsurance options, but these are very difficult to implement in the expat sector as these employees expect global medical plans that are attractive, easy to use and at little or no cost to their pocketbooks.

Repatriation

Another concern for expats is repatriation, which generally means moving expats back to their home country, next opportunity or another expat country assignment. Most employers have little or no repatriation program for their employees. Reverse culture shock can even be an issue for many employees coming home from countries with radically different cultures.

If your company has expatriates located abroad and would like a second opinion on your global benefit plan, it pays to work with an expatriate insurance specialist firm such as Expat Financial, which is a division of TFG Global Insurance Solutions Ltd. Contact us today to discuss your expatriate insurance program, provide a detailed analysis and obtain quotes from the market.

 

The Cigna study can be found Cigna global expat trends study.

TFG Global is a valued broker for both individual and group plans from Cigna and our contacts at the company are both extensive and high level. We have worked with Cigna for many years and knew their capabilities and plans inside out. For more information on the corporate Cigna plan we offer expats, click HERE. We also offer their global health plan.

You can listen to the interview at:

https://www.cignaglobalhealth.com/resources/podcasts/episode-1-globally-vocal.html?__prclt=5A7VZBzf

Or listen below: