Summary: This article outlines some of the salient points to help you to decide which International Health Insurance plan is right for you. More importantly, it points out the needs for a quality International Health Insurance plan which surprisingly can be obtained at less than the cost of a bottle of mineral water a day!
How to select an International Health Insurance Plan that is right for me?
In order to answer this question, you need to first ask yourself the following questions:
- Am I traveling or relocating?
- Where will I be traveling to?
- What are the medical cares that I may need while overseas?
- How much am I prepared to fork out for these medical expenses?
- Are there better alternatives to manage the risks?
Let’s examine each of the above questions separately.
Am I traveling or relocating?
If you are traveling to a foreign country for vacation or business, then what you need is an International Travel Health Insurance. On the other hand, if you are relocating to a foreign country, then what you need is an International Health Insurance or sometime known as Expatriate Health Insurance.
International Travel Health Insurance typically comes in two (2) different plans; one that covers single trip and the other is an annual plan that covers multiple trips.
Single trip International Travel Health Insurance plan may be obtained for an insurance period of 5 days to 12 months and some plans will allow renewal of up to 36 months.
Annual plan is ideal for corporate executives and business owners who require International Travel Health Insurance coverage for numerous trips during the year and making sure that their coverage is always in place for those last minute international trips. In terms of premium, there will be some cost savings for purchasing an annual plan over multiple single trip plans purchased separately.
If you are relocating to a foreign country, then it is advisable that you obtain an International Health Insurance which offers comprehensive coverage for hospital inpatient as well as clinical outpatient care. International Health Insurance may also offer other benefits such as maternity care, wellness benefits, mental health benefits, physical therapy, organ transplant, and pre-existing conditions.
In short, International Travel Health Insurance is designed to protect unforeseen medical needs that arise while a person is traveling outside his/her home country whilst International Health Insurance covers medical care that can be either emergency or routine in nature.
Where will I be traveling to?
Due to the high medical costs in the North America, typical International Health Insurance will have 2 separate plans; one covers USA & Canada and the other excludes. Obviously, plans that cover USA & Canada cost more than those that don’t.
What are the medical cares that I may need while overseas?
This question is even more relevant if you have a pre-existing condition. Simply put it, pre-existing conditions are medical conditions that have manifested before you purchase the insurance policy. Be sure to check whether or not your International Travel Health Insurance policy or International Health Insurance policy covers pre-existing conditions.
Even without any pre-existing condition, there are other health risks associated with overseas traveling and living. Such health risks may be linked to lack of basic hygiene or sanitary standards to a more serve outbreak of pandemic such as avian flu.
Beside illnesses, there are risks of accident that could happen in a foreign country or in a remote location that may require you to be medically evacuated. Such emergency medical evacuation can cost as high as US $100,000.
More importantly, when you are in a foreign country and run into a medical situation you want to be able to know where you can obtain quality health care. Hence, it is utmost important when selecting an International Travel Health Insurance or International Health Insurance plan, to choose a plan that offers 24/7/365 (24 hours a day, 7 days a week, 365 days a year) customer assistance that speaks your language. It will be a bonus if your International Health Insurance plan offers worldwide toll-free number allowing you to get customer assistance from anywhere in the world around the clock at no cost to you.
How much am I prepared to fork out for these medical expenses?
The answer to this question will help you to decide which plan to choose in terms of Deductible level. Deductible is basically what you have to pay first before your insurance plan pays; it is part of your cost sharing. Hence, a deductible of $250 means that you are responsible for the first $250 of eligible claim before your insurance benefit kicks in. The higher the Deductible level, the lower the premium.
Beside Deductible, International Health Insurance plans may also come with Coinsurance as another form of policyholder’s cost sharing. Coinsurance is usually in the form of 80%/20% meaning the insurance plan pays 80% of eligible claim and policyholder pays the other 20%.
Are there better alternatives to manage the risks?
The real risks we are talking about here are risks of:
- Not knowing where to go or who to turn to when you have a medical situation in a foreign country;
- Exposing yourself or your loved ones to sub-standard medical care that may further exacerbate your pain and suffering and putting your life at risk;
- Emergency medical situations that may require you to be evacuated to save your life;
- Emergency situations that develop due to act of war, terrorism or natural disaster.
Unfortunately, the above calamities are real in the world that we all live in today. From the financial point of view, it is not wise for an individual to assume all the above risks. Furthermore, some of these risks are far beyond financial and in the case of an emergency it could mean live or death.
With a comprehensive International Travel Health Insurance or International Health Insurance plan, the above risks can be mitigated cost effectively. For example, you can get $1,000,000 International Travel Health Insurance coverage at as low as $1.50 per day and $1,000,000 International Health Insurance coverage at as low as $1.70 per day. This is probably less than the cost of a bottle of mineral water! So, should you purchase an International Travel Health Insurance or International Health Insurance for your next overseas trip? The answer is obviously!
Go see the world, but don’t leave home without a good International Health Insurance!
Bio: GHI (Global Health Insurance) Specialists is a firm specializes in providing quality International Health Insurance solutions to customers worldwide. Consultants at GHI Specialists have a combined experience of more than 50 years in insurance and employee benefits industries with Clients from all over the world. For more information on quality International Health Insurance plans visit our website at: www.BuyInternationalTravelHealthInsurance.com
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