Five Benefits of Global Medical Insurance When Living Abroad

Contributed by Expat Financial, 10 July, 2020

If you're an expat planning to move or living abroad, then you would have come across the importance of purchasing global medical insurance. It is indeed one of the most vital items to cross off your financial checklist, when planning your move abroad of if you have already become an expatriate. The purpose of global medical insurance for expatriates is to cover medical expenses that may occur should you fall ill or become injured while living abroad, but also when you travel abroad or back to your home country for short stays.

In this article, we will explore the five benefits of buying global medical insurance, but we first need to discuss some global medical insurance fundamentals.

What is Global Medical Insurance?

Global medical insurance is aimed at individuals and families who are living or working abroad for an extended period. It's a long-term solution that provides access to the best possible healthcare services to cover you in your new expat destination country, but also regionally and also during trips abroad or back in your home country.

International Health Insurance Options

These policies generally provide a base level of hospital or in-patient coverage. You can then add out-patient care, wellness, vision, dental and medical evacuation. Final coverage and premiums are subject to medical underwriting - so you may be declined, covered or have a condition excluded.

Who can Buy Global Medical Insurance?

Essentially, global medical insurance is an ideal option for expats who live in remote countries and face challenges finding quality healthcare. But also for expatriates who do not qualify for local health insurance coverage or require a plan that will be portable and cover them regionally and back in their home country.

Expats who prefer to seek medical treatment in private hospitals can also opt for global medical insurance depending on the country they are located in. Note that some global insurers that offer expat plans may not be able to sell their plans in your country and you will be forced to buy a local plan. Most international health insurance offers multiple coverage options with great and flexible benefits.

What Are the Benefits of Global Medical Insurance?

1. Faster Access to Healthcare

The most significant advantage of buying international health insurance is that expats have access to quality healthcare. If you are moving to a country with universal healthcare, you will probably be relying on public hospitals. While it may give you access to the basic treatments that you're seeking, global medical insurance gives you the freedom to choose the hospitals and doctors that you want - both public and private. In countries where there are long waiting lists or substandard public care, expatriates can often use their global medical plans to access medical care in private settings or see medical care in another country.

2. Financial Security

The other benefit of buying global medical insurance is its ability to protect you from unnecessary financial loss. In some countries, healthcare can be costly compared to your home country. Hence, you may be paying out of pocket and paying more than you need to for a simple procedure.

It's exceptionally costly if you're looking for quality healthcare, and it's not available locally. That means you have to pay for evacuation, transportation, and hospital fees, which can rack up to an expensive bill. For a hassle-free experience, international health insurance helps you financially without compromising on your healthcare needs.

3. Emergency Coverage

Another benefit of global medical insurance can be seen when you or your family member require an emergency medical treatment. This can include in-patient care, but insurers can also offer advice, second opinions and direct payments for medical costs. It can be challenging to pay a host of expenses that you will incur during an emergency, from getting an ambulance service, surgeries, post-treatments, and recuperation costs.

It also helps expats with medical evacuation, especially if the host country does not have proper medical facilities to treat you or your family members.

4. Regular Medical Expenses

On the other hand, expats can also use their international health insurance to cover their day-to-day medical expenses. It includes visiting a general doctor, dentists and dental treatment fees, and other medical costs such a laser eye treatments.

International health insurance helps expats in almost every stage of life, especially giving access to both in-patient and out-patient care during maternity. However, it is important to note that the coverage for maternity has 12 months wait period before it activates and it is not included in all plans.

5. Global Medical Insurance Follows You

Finally, global medical insurance is flexible in the sense that it covers you in more than one country of residence. That means you can seek treatments or continue ongoing treatments abroad. You can also claim from more than one location. Note that expatriate health plans are not renewable if you move back to your country of citizenship.

Why Consider Global Medical Insurance?

To sum up, global medical insurance is vital for expats living abroad. It's also highly beneficial for expats and their family members. International health insurance has worldwide coverage and is designed with high coverage limits, which means it enables you to seek treatments at some of the world's best hospitals. Furthermore, expats can also customize their plans according to their health needs.

You can obtain a quote via our website.

For global health plans we offer online and even offline. Our firm can also source group global benefit plans for companies sending three or more expat employees abroad. You can even contact us to get a quote for expat disability and life insurance.

Get Quote Here

About the Author:

David Tompkins is President of TFG Global Insurance Solutions Ltd, which owns and operates Expat Financial, a well regarded and respected source for individual expatriates and expat employers who require global health insurance, expat life and disability coverage and global travel insurance. David has written, spoken and been interviewed extensively about global health insurance, including by the NY Times and Globe & Mail.

Tags: Healthcare | Expats | Health Insurance | Healthcare | Insurance |



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