Do Your Homework
Don’t sign up for the first health insurance policy you find that covers you overseas; invest the time to compare providers, policies and prices to make sure you get the insurance cover you need for you and your family at the right price. With ExpatFinder.com’s quote and comparison service, you are one step closer to saving money on your international health policy.
Be aware that in some countries you must purchase local health insurance, or the company providing international health insurance must be authorised within the country. Check the local requirements before you throw money away purchasing a policy that is not valid in your host country.
It is also wise to talk to your employer if you are moving overseas for work purposes. In some countries, an employer is obliged to arrange health cover insurance for its employees so you may not need to take any further action.
Get Advice & Ask for a Discount
Initially it might not seem the cheapest way to buy insurance policies, but particularly if you are in the market for advice on a number of different insurances talking to an insurance advisor could save you money. If an insurance advisor knows there is more potential business from you then they will certainly be doing their best to find an international health policy that meets all your requirements – including cost - and there may be room for negotiation on the price for a combination of policies.
On a similar note, if you approach one company for a quote for a number of policies you can also ask what discount they would be prepared to give you for a multiple purchase.
Pay Only for What You Need
It sounds obvious but don’t pay for features you will never need. Do not opt for comprehensive cover with every option ticked just to be on the safe side. Carefully read the levels of cover and determine which is appropriate for your needs.
A good example is opting out of health insurance coverage for the United States (and Canada). Insurance cover for health care costs in the U.S. tends to be about three times more expensive than cover for the rest of the world, so exempting cover for this region saves on your policy costs if you are sure you are not visiting the U.S. That said, if you are planning to be in the U.S. health costs are increasing from year to year and are substantial – don’t take the risk of being underinsured.
You can also opt for health insurance cover for Europe, or for Rest of the World. If you are planning to be in one place then you do not need to pay for full worldwide cover.
You should also check thoroughly what your regular medical insurance policy covers so that you do not pay for duplicate cover. You may find that your existing medical cover already provides some level of insurance for international trips.
Additionally you can tailor your international health policy for your needs. If your stay overseas is a short-term one, you could opt for inpatient cover only and exclude outpatient care from the policy, or take only basic dentistry cover. Many policies offer the flexibility to allow you to personalise the policy a little to meet your needs more effectively.
Excess or Deductibles
The higher the excess you choose (also known as deductible) on your policy, the lower the premium payments will be. This means that for every claim you will be liable to pay a certain amount, and the insurance company will pay the rest according to the policy terms. The excess payment may also be calculated on an annual basis.
Billing
If you pay your premiums on an annual basis instead of monthly, you will most likely save money on the total bill. Talk to your insurance provider and see how much you can save.
You can start now by comparing the major providers BUPA healthcare, Clements Worldwide, and more or request a free quote from an independent broker to help you compare the market and find the most cost effective solution.
Amanda Vanmulligen
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