What is International Health Insurance and Who should Buy it? – International health insurance is a type of private health insurance designed specifically for individuals temporarily traveling or living abroad. This Policy gives you the guarantee that you will get quality private health care regardless of which country you move to and whatever local healthcare system is in place. So, if you are planning a trip abroad either for work, study, or planning to relocate completely, you should really consider getting one.
The terms, conditions, and coverage for the individual could vary significantly depending on the chosen international insurance. These insurance plans could also be renewed regularly each year or until the end date specified.
READ MORE: Health Insurance: Why Do You Need a Second Medical Opinion?
Is International Health Insurance Mandatory?
Basically, these health insurance plans are not mandatory but they are important because they give you peace of mind meaning you wouldn’t have to worry about medical expenses abroad when you have one.
What does it cover?
Most international health insurance companies offer you a range of options to choose from. These options could include but are not limited to:
1. 24-hour emergency assistance and helpline
2. Inpatient and Outpatient care in hospitals and/or private clinics
3. Emergency evacuation and repatriation which means it covers your treatment in another country in the case that treatment is not available in your place of residence
4. Maternal care
5. Dental care
Benefits of International Health Insurance
The primary benefit of having international health insurance is that it affords you access to premium medical care anywhere in the world. Also, these health insurance policies grant you access to English-speaking doctors in countries where English is not a primary language, and more importantly, they significantly lower or completely erase your medical expenses.
READ MORE: 10 Factors That Will Affect Your Life Insurance Premium
How to choose an International Health Insurance
when choosing an International Health Insurance, it is important that you put these factors into consideration:
1. International Health Insurance Companies
Choosing the right insurer with the perfect Policy tailored to your needs is crucial. It is always best to choose an insurer with a global network of medical providers and excellent customer service available 24/7. This would come in handy in emergency situations.
2. Identify your Healthcare needs
To avoid paying exorbitant prices for coverages you do not need or making a lot of out-of-pocket payments, it is important to estimate your health needs and identify a suitable plan. Most insurance companies would tell you how much you will have to pay out of pocket. Be sure to take that into consideration. Also, if you have dependents moving with you, you should choose a health plan suitable to your family’s needs.
Also important is to identify must-haves. You should outline what exactly you will need so that your choice of the plan becomes easy. For instance, if you are pregnant or intend to start a family, a plan with maternity coverage will be your best option
3. Conditions Attached
It is also important to scrutinize the conditions attached to the policies. Check whether you can choose from a list of healthcare providers and what the maximum coverage is for different types of healthcare listed. Also, make inquiries as to whether or not there is a deductible applicable.
Further, you should check the Policy’s condition on cancellation and whether or not multiple countries can be covered.
4. Premium
Also important is the payment structure. International Health Insurance is much more expensive than local coverages. Noting the conditions that may affect your premium rate is important. These conditions could range from your age to your current health status.
5. Research all the options
It is always important to carefully research all available options. There are a number of companies offering international health insurance and researching these available companies, their policies and costs are essential.