When you decide to make a move abroad, there will be a lot of things to consider as you prepare for the move and get ready to become a global nomad. One of the most important decisions that global nomads and expats make is the types of insurance coverage that they will require when living, working or retiring abroad.
What is a global nomad?
A global nomad is someone who lives a globally mobile lifestyle in countries that are different from where they come from. Global nomads are very similar to expatriates and international citizens but are generally considered a bit more mobile. There are many different types of insurance protection plans that are available for digital nomads.
In this article, we’ll provide an overview of these plans and what to expect from them. As you’ll soon find out, there are many different insurance options for nomads and it is very important to carefully consider each of your insurance options before you move abroad.
Global Health Insurance
First up is international health insurance and this type of insurance is meant for digital nomads who live abroad for an extended period of time. It provides coverage for typical things that you would expect to receive from your healthcare coverage back home, but it is different because it is meant to cover you globally, often when you travel back home for up to 6 months per policy period.
Examples of what is included in your plan include cover for hospital stays and treatments, medicines and routine checkups, and medical surgeries. Usually, international health insurance is a comprehensive health policy that covers more options than a local healthcare plan would. Most global nomad health plans will provide a base of hospital coverage and you can add out-patient coverage, dental, vision, and medical evacuation.
Some expats and global nomads will purchase emergency-only travel medical insurance, but this is not a great move as these plans are meant for short trips for people who are maintaining medical plans back home. Also, travel insurance is emergency only – they will not cover chronic conditions that you might develop – such as cancer, diabetes, and many other similar conditions.
Especially if you are living abroad with your family, it is really important to have a comprehensive health insurance plan in place. You will need to do your research on what the healthcare options are like it your new country as you may not be familiar with the options that are available to you.
There are many benefits that come with having international health insurance. Having international health insurance can provide you with financial protection from any medical emergencies. International health insurance gives you extra protection so you don’t need to worry about having to pay for a medical emergency if it were to happen.
Having insurance abroad can also give you peace of mind. It is helpful to know that you are protected should an emergency situation arise. You never know when you might need insurance and you’ll need to be prepared for any medical treatments you may require. By having peace of mind, you’ll be able to make the most your experience as a nomad abroad and you wouldn’t need to worry about your health.
Health insurance plans can be bought by individual expats or by expats for themselves and their families. Plans are subject to medical evidence and the price you pay for your health insurance plan will be subject to the insurance company’s underwriting approvals.
Another important insurance protection plan for nomads to consider is dental coverage. Sometimes digital nomads will forget all about getting dental insurance protection. But this shouldn’t be the case as it is a very important aspect to consider.
It is crucial to remember that dental health isn’t just important for your teeth, it is also important for your appearance and overall health. Dental treatment abroad can be very expensive so it helps to have a plan in place. If you decide not to take out dental coverage, you will be likely to regret it once you receive the bill for your treatment and see the amount it will cost. That is why it is so important for digital nomads to remember to get dental coverage when living abroad.
Another option to consider for global nomads will be disability insurance. This type of insurance plan provides you with protection should you become disabled. If you become disabled and are unable to work, you’ll be covered with having this policy in place.
Find out more about the benefits of having disability insurance in this article.
Next up on the list is evacuation coverage. Evacuation insurance can be really useful for your digital nomad move. It is particularly important when you are on the other side of the world, living in a country that has a healthcare system that may not be of a high standard.
Many major health insurers can give you this protection as part of an international health insurance policy. However, some companies will charge extra for this type of coverage so you will need to be careful when you are selecting your policy and be sure to check whether or not this is included in your plan.
Having evacuation coverage protection in place would mean you would be able to receive an evacuation if an emergency situation were to happen. If treatment wasn’t available for you locally, your health insurer would arrange for you to be evacuated to a different location where you would receive suitable health treatment.
Last but certainly not least is expat life insurance. Life insurance is a very important aspect of moving abroad for global nomads. We understand that it is a difficult thing to think about, but it is a serious point to consider as you are deciding on your insurance protection plan needs.
Think about it like this, you won’t want to leave your partner or family members financially impacted if you were to die abroad. This is usually the biggest reason why nomads & ex-pats decide to purchase life insurance.
Especially if you have a partner or if you have family members who depend on you financially. If you have children, having this protection plan in place will help to secure their financial future of for adequate housing, education and any other needs which they might have. There are lots of tools available to help you decide how much life insurance you require, such as the Life Happens Life Insurance Needs Calculator.
Expat Financial – Helping you become an insured nomad!
Expat Financial offers several different global insurance plans for global nomads across the world. We are experts at helping become an insured nomad. We can guide you in choosing the best insurance coverage that will fit your budget and needs. We offer international health insurance plans for individual expats as well as those who would like to cover their entire family while living overseas as expats! We have further advice and articles with information for expats in our blog.
You can get a quote online today if you are planning your international journey or already living the global nomad life.