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Choosing the Right International Health Insurance for the Mobile Lifestyle | Financial Planning Tips

Choosing the Right International Health Insurance for the Mobile Lifestyle

The world seems to be getting smaller, as Asian economies grow, many large western businesses are finding out that they need to have a presence abroad. Setting up office abroad can come with many challenges, one of which is hiring good employees. If the company has trusted employees in it’s home country and they express a desire to work abroad this can solve the problem of finding good quality employees abroad.

Employees who have decided to move abroad have to be aware of a number of things. One of which is having the right health insurance cover. Depending on the company this can either be arranged by the employer or employee.

It’s important for individuals to be aware of the types of cover that are available to them and how they can buy the best insurance.

Know What’s Available To You

International travel insurance used to be quite generic, you would buy a policy for living abroad and that would be it. You would be covered in general for hospital only treatment or hospital and out-patient treatment. This has started to change in recent years and policies have become more tailored to individual destinations and requirements.

Someone looking to take out an international travel insurance policy will, depending on the provider be able to specify which country they want the cover for the type of cover they want as well as policy extras and add-ons.

This increases the choice of the person buying the policy and also gives them more flexibility. It can also mean they won’t get cover they don’t need or will never use. If they need specific types of cover they are able to add it on to their policies.

Costs

Healthcare costs are generally quite high as a foreigner, especially if you are keen on using international medical centers and specially tailored healthcare facilities for expats. So anyone moving abroad needs to think about how much they are likely to use healthcare facilities and how often. If they are used to using certain facilities in their home country, do they want the same level of service when they are abroad? Policies are likely to be more expensive in this case.

Type Of Cover

It’s advisable to think carefully about the type of cover you might need, as the additional options you can take out can be important. Yes, not having them will cost less, but sometimes they could be critical. For example if an employee is working in a country that has poor medical services they might want emergency evacuation cover, especially if they are a long way from a good hospital.

Pre-Existing Medical Conditions

International insurance providers are moving towards being able to cover for pre-existing medical conditions. This has traditionally been a tough cover to have, but insurers are starting to list conditions that they can provide cover for when abroad.

As an employee looking to move abroad, think about how you want to use medical services when you are away, think about pre-existing medical conditions and if you or your partner plan on becoming pregnant whilst away. You are now able to tailor your policy to your individual needs so make sure you know what you want.

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