Health insurance is essential when you’re relocating to a foreign country. It offers financial protection in the event of a medical emergency and enables you to access local healthcare facilities in your ex-pat destination.
You can receive medical treatments for injuries or illnesses when you have healthcare coverage. You can also access specialized treatments and complex surgeries if needed, and even dental procedures like Invisalign on some policies.
What Are the Main Options When You’re Choosing a Health Insurance Policy?
Let’s take a look at some of your many options when signing up for global ex-pat health insurance as an ex-pat.
There are four main types of insurance plans that you can purchase, including individual, joint, family, and child policies. The most suitable one for you depends on whether you’re relocating on your own, with another person, or with your whole family.
Individual policies
Individual policies are exactly as they sound. They are for single people and are ideal if you’re moving to another country by yourself. An individual policy might also be a suitable option if you’re traveling with others, but each wants to keep your health insurance policies separate.
Joint policies
Joint health insurance is perfect for couples. Whether relocating with your spouse, sibling, or close friend, you can share health insurance and gain the same benefits by choosing a joint policy.
Joint policies often work out cheaper than purchasing two separate individual policies. However, choosing a joint policy means that both people on the policy need to agree on which plan and features they need. The benefits and limitations of the policy will impact both parties.
Family policies
Family policies are great when you’re relocating abroad with your spouse and children. With a family health insurance policy, everybody has coverage, and you can have peace of mind knowing that your loved ones can access medical treatment if they’re ill or injured.
Due to the multi-person coverage you get on a family plan, they can be costly. However, they are often discounted in comparison to several individual health insurance policies. Plus, most insurers enable you to pay in monthly installments to make the costs more manageable.
Child policies
If you’re moving abroad with children, you may wish to purchase child health insurance plans for them. You can either add a child insurance policy to your existing health insurance or purchase it separately. The best choice depends on the unique coverage and prices offered by the insurer you’ve chosen.
What Features Should You Look out For When Choosing a Health insurance Policy?
There are several factors to consider when you’re trying to find the best health insurance policy. Moving abroad comes with many uncertainties, but choosing a policy that offers extensive coverage and caters to your unique needs is key to having peace of mind.
Here are some key factors to consider when you’re on the hunt for the perfect ex-pat health insurance policy.
Chronic health conditions and ongoing treatments
If you or one of your family members has a chronic medical condition that requires ongoing treatments, medications, or therapies, you need to make sure your chosen policy covers these unique circumstances. Most health insurance providers don’t cover every health condition, and very few policies will cover treatments for rarer conditions.
Certain insurance providers offer add-ons, where you can enhance an existing policy with extra coverage for a slightly higher premium. This customizability is helpful if you need coverage for a unique and rare disease.
Pricing and budget
The prices of health insurance policies vary drastically between providers and policy types. Before you begin your search, consider creating a budget that shows how much you can realistically afford to spend on health insurance each month or year.
If you require coverage for a range of pre-existing health conditions and take several prescription medications on a regular basis when you move abroad, you will most likely pay a higher premium for health insurance than a fit and healthy individual with no health conditions or regular medications.
Similarly, choosing a family policy will cost more than an individual policy with the same level of coverage because it covers more people. Make sure to compare the prices of multiple individual policies with a family policy to see which is cheaper.
Contact the insurance provider to see if they can offer unique discounts if you’re purchasing several policies with them. Although it’s not always possible to haggle a cheaper premium for health insurance, it’s worth speaking to an advisor to double-check before you pay anything.
Annual or monthly payments
Moving abroad can be expensive, and health insurance is just one of the many costs associated with becoming an ex-pat. Thankfully, many health insurance providers enable you to pay in monthly installments to make your policy more financially viable.
You may prefer to pay your health insurance policy premium upfront for the next 12 months, so you don’t need to worry about it for the rest of the year. However, if you are worrying about finances, choose to pay in monthly installments to avoid unnecessary stress and financial strain.
