Health & Protection in Uruguay

Here are some tips on how you can assess your need for protection while moving to Uruguay.

Getting Insurance

The primary type of insurance that everyone must have is health coverage. As an expat, this can come as a form of benefit from your employer or sponsor as part of your relocation package to Uruguay. You can also get various types of policies from the companies that are accredited by the Banco Central del Uruguay, an autonomous state entity that supervises all financial institutions in the country such as insurance providers.

There are several insurance companies in Uruguay that deals with all sorts of coverage such as health, life, home and auto insurance. You can consider an international company such as MetLife which is a known global provider of both life and non-life policies. Expats can also get coverage from banks like the Banco de Seguros del Estado (BSE), a state-owned company established in 1911 and is currently the most significant player in the country’s insurance sector.

It is best that you contact several providers before signing a contract. Take your time in studying their different policies so that you can make an educated decision on which one can provide your needs. Once you have decided, you can schedule an appointment with a broker by sending them an email or calling over the phone. You can also get a free quotation on the price range of their products from their websites.

Importance of Insurance

One of the primary roles of insurance is to avoid or minimise the damages that can affect the investors. Mainly, this pertains to financial losses an individual can go through after an accident or emergency situation. Life insurance, for instance, is best for expats who have dependents. This type of coverage is designed to protect your family after you die. Your life insurance company will give a lump sum of money to your dependents that can replace your income or can be used to pay off any debts that you leave behind.

Aside from the worst case scenarios such as death, disability or loss property, your policy can also help save you from spending a huge amount of money when it comes to essential medical services. By having health coverage, you can avail vaccinations and regularly visit a doctor that’ll help you monitor your health and maintain its good condition without worrying about paying enormous hospital fees.

Local Insurance in Uruguay

Despite the country’s recent peso depreciation, the Uruguayan insurance market has managed to increase by 4% where major contributions came from vehicle and accident coverage. The Superintendency of Financial Services is a branch of the Central Bank of Uruguay who has the power to regulate and supervise all insurance and re-insurance companies in the country.

Car insurance is mandatory by law for all automobile owners in Uruguay. The state implements this type of policy to ensure that third party claim liabilities from property damage, personal injury or death resulting from traffic or vehicular accident will have proper coverage. You can get this type of insurance from the local companies in the country since your auto’s existing policy may not apply in Uruguay.

Expats in Uruguay can enlist themselves to a private hospital membership plan called the mutualista where there is no broker between you and the private health facility. A mutualista membership costs around €90 euros per month and can give you access to medical needs, procedures and emergency services in Asociación Española, the country’s largest hospital. You can also strongly consider getting insurance from a multinational company since they have policies that are designed to meet the needs of an expat. Moreover, an international insurance can give you coverage in both public and private facilities anywhere you are in the country.