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The
Expat Health
Insurance
Guide

www.xactexpat.com
Introduction
This document is brought to you by Xact Expat, and serves as a guide to expat health
insurance.
Xact Expat ar...
What is Expat Health Insurance?
Expat health insurance is a very specific type of international medical insurance that is
...
Protecting Your Health and Your Bank Account
Expat health insurance is designed to meet the specific needs of expats and p...
Who Needs Expat Health Insurance?
Individuals – Plans are available for individuals working and/or living in a foreign cou...
Primary Factors Influencing Your Premium:
Number of Individuals Insured – The number of individuals insured under a policy...
Benefits – Obviously the more benefits and cover you choose to include on your policy the
higher your premium. So make sur...
Things To Watch Out For:
Pre-existing Medical Conditions – Most international medical insurance providers will not
cover p...
Xact Expat
Your International Expat Health Insurance Solution
We hope you have found this guide to expat health insurance ...
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A Guide To Expat Health Insurance

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A Guide To Expat Health Insurance

  1. 1. The Expat Health Insurance Guide www.xactexpat.com
  2. 2. Introduction This document is brought to you by Xact Expat, and serves as a guide to expat health insurance. Xact Expat are independent specialists in international health insurance options for expatriates. This guide will walk you through an overview on international health insurance, including a general overview on expat health insurance, key factors that will affect your policy premiums and things to watch out for when buying, switching or renewing your policy. For any additional information you need, but is not contained within this guide, or for personal independent advice on expat and international health insurance please feel free to contact Xact Expat, or visit www.xactexpat.com, for free no-obligation help and advice or quote.
  3. 3. What is Expat Health Insurance? Expat health insurance is a very specific type of international medical insurance that is designed to meet the needs of the expat lifestyle. An expatriate, or expat, is an individual who resides and/or works in a ‘foreign’ country that is often different to their primary upbringing (usually the country of their citizenship). As the global economy expands, barriers to international business are removed and so more businesses, business owners and individuals (and their families), choose to operate on an international scale. Naturally, with businesses moving overseas some of their employees will also be moving overseas. In many cases businesses will have a mixture of both local nationals and expatriate staff. Additionally, with business locations spanning the globe there has also been an increase in executive travel and long-term assignments between international locations and clients. There are very few countries around the world that operate a national health system – in most countries you will have to pay to access healthcare services. Where national healthcare systems do exit they are usually only available to citizens and permanent residents. It is important to note that even when there is ‘free’ healthcare available to foreigners there is no guarantee that the care you receive will be to the standards you are use to in your home country, and in many cases there could be a long waiting list before you can be treated. There are varying levels of expat health insurance available, from plans that cover you just in the case of emergencies, or that will simply evacuate you home, to plans that cover everything from maternity to dental costs. One of the most important features to expat health insurance is that if the medical care you need is not available locally you will be re-located to a facility elsewhere that can provide the necessary care, even if that means flying you back to your home country. Questions? or Quote? www.xactexpat.com
  4. 4. Protecting Your Health and Your Bank Account Expat health insurance is designed to meet the specific needs of expats and protect their health, wellbeing and wallet in the event of an unforeseen accident or illness. Moving to, and living in, a foreign country can be exciting but also can be very stressful. Cultural differences can make receiving medical treatment stressful as there can be differences in the medical facilities and treatment available, not to mention overcoming any language barriers. In addition to ensuring access to necessary medical facilities and treatment, expat health insurance also serves to protect you financially as well. Medical costs are on the rise around the world, and unexpected illness, or accidents, can often end up costing a lot of money if you don’t have the right insurance in place. Even a basic operation can run into the $10,000s and a life saving international emergency air ambulance evacuation can cost as must as $50100,000. Having the right expat health insurance in place brings the comfort of knowing your health and bank account are protected from the unexpected. In many situations you will find that expat health insurance can be very flexible and designed to reflect the type of health insurance plan you and your family would be accustomed to back in your home country. Questions? or Quote? www.xactexpat.com
  5. 5. Who Needs Expat Health Insurance? Individuals – Plans are available for individuals working and/or living in a foreign country. In many cases cover can also include treatment in your home country (not just as an expat). Families – If you are moving to a foreign country as a family there are plans specifically designed to meet your needs. These plans often give discounts, or even free coverage, to children under certain ages. Cover can often continue even when you move back home too. Groups – If you are en employer relocating staff to a foreign location then often a group plan can offer better benefit options and price than buying individual plans for all employees. Group plans can be put in place with as little as 2 employees in the group. You can also choose to extend cover to their families and dependents if you wish. The larger the group the more underwriting discretion is available and more customization options for plans to meet your group’s specific needs. Students – If you are a student studying abroad, at an approved accredited academic institution, then there are specialized international health insurance plans designed to meet the needs of students. These plans will be slightly different to a standard individual expat health insurance plan as they will be more geared towards the student lifestyle. For example, an international student health insurance plan will typically include cover for various sporting activities typical of a student that would not usually be available on a standard expat health insurance plan. Questions? or Quote? www.xactexpat.com
  6. 6. Primary Factors Influencing Your Premium: Number of Individuals Insured – The number of individuals insured under a policy plays a role in your policy premium. For example, with families, you will find that sometimes children under a certain age are included at no additional charge for the first year of coverage. For businesses, the number of employees insured on a group plan can play a big role in your policy premium. Age – Growing older is a natural part of life, and unfortunately the older we get the more likely we will need medical treatment. So naturally, your premiums will increase as you get older. Generally premiums are determined with ‘age bands’, for example 25-29 might be one age band and then 30-34 would be the next and your premiums would increase as you move into the next age band. Location – Medical costs vary greatly around the globe and your premium will reflect the medical costs associated with your location. For example, the USA has some of the most expensive medical costs in the world and your expat health insurance premium will reflect that compared to countries with lower medical costs. Often you can even reduce your expat health insurance premium if you choose to exclude certain geographic areas such as the USA. Duration of Cover – The shorter the length of cover the less likely you will experience an accident or illness. And if your duration of stay will be longer, or permanent, then you will want cover to reflect more long term illness and care options. Claims History – There are some international medical insurance providers that offer premium discounts for a no-claims or low-claims history on your policy or at your renewal. If you are a medium to large group, then often your premium will take into account your groups claims history. Questions? or Quote? www.xactexpat.com
  7. 7. Benefits – Obviously the more benefits and cover you choose to include on your policy the higher your premium. So make sure you are only being insured for what you need. Adding benefits like dental and maternity cover can have a big impact on your premium. Deductibles/Excess – If you are willing to pay a portion of your own medical expenses out of pocket, in the form of a deductible or excess, then you will receive a discount on your premiums. These discounts can often be quite substantial and a growing number of individuals and families are choosing higher excesses, paying themselves for low-cost care and reaping major savings on their medical insurance premiums – whilst still knowing they are protected against a sudden and unexpected major medical bill. Payment Plans – You can save money on your premium by paying for you policy in one annual payment instead of breaking the payment out into instalments. As a general rule of thumb the more instalments you pay the higher your total premium payable over the period. In many situations even if you make the one annual payment with a credit card, even with the interest, it can still workout cheaper than paying in instalments. Your Broker – Did you know there are very few brokers around the world with the necessary experience to provide you with appropriate personal and independent advice. In many cases they don’t have the global understanding or the wide number of relationships with all the key quality international medical insurance providers. Bad or insufficient advice can leave you and your family with the wrong or sometimes no cover, or paying for cover you don’t need or simply paying too much for cover that could be obtained elsewhere. With XactExpat you can rest assured we provide no-obligation impartial advice and help find a plan to meets your needs and budget. Questions? or Quote? www.xactexpat.com
  8. 8. Things To Watch Out For: Pre-existing Medical Conditions – Most international medical insurance providers will not cover pre-existing medical conditions. This is because most plans are designed to meet the cost of sudden and unexpected medical expenses. We can often obtain varying degrees of cover for pre-existing medical conditions. For example, some will cover certain declared and accepted pre-existing medical conditions after a qualifying period (wait period) for no additional premium but in these cases it is usually up to a limited sum insured. Some will provide higher coverage for pre-existing medical conditions, although this can be expensive. In many cases it can work out cheaper and more cost effective for you to cover your own cost of treatment and medication for a pre-existing medical condition rather than pay a premium to an insurance company. If you have a pre-existing medical condition contact Xact Expat so we can talk about your situation and advise the most appropriate cover for you. Waiting Periods – There are some benefits that may require a waiting period before you can claim. For example maternity cover and routine dental care will typically have a waiting period before you can use those benefits. Premium increases – Most premium increases will be due to getting older. Talk with Xact Expat today to find our a fair indication of how your premiums could rise according to age for the different international medical insurance providers. Some plans are better designed for short-medium durations, others for longer durations. Exclusions – All health insurance plans contain exclusions of what the plan will not pay claims for. Your expat health insurance policy will contain a document that goes over what your policy will and will not cover. Make sure you know the policy exclusions before you commit to a particular plan. Questions? or Quote? www.xactexpat.com
  9. 9. Xact Expat Your International Expat Health Insurance Solution We hope you have found this guide to expat health insurance useful. Xact Expat have partnered with the top international medical insurance providers that meet our strict quality assurance benchmarks. We work for our clients and not the insurance providers so you can rest assured that you will receive impartial advice specific to your unique situation and budget. You will pay the same amount as if you went direct to the provider – the only difference is we do the work for you and you have a broader range of providers and plans to choose from. If you have any questions or would like a quote for a new or renewing expat health insurance plan, then please contact Xact Expat. Website : www.xactexpat.com Telephone : +44 (0) 191 259 4645 Already With another Broker? Don’t wait until renewal… Switch to Xact Expat! NOW Even if your current policy was arranged through another broker - did you know that at any time if you are not happy with the expertise or level of service from that broker you can usually ask your insurance company to switch your current plan from the old broker to be managed by Xact Expat so you can benefit from their advice, support and service going forward? It’s quick and easy to do – contact us and we’ll show you how… All Rights reserved. Copyright © 2013 Xact Expat Ltd. Xact Expat Ltd is a trading name of Xact Risk Solutions Ltd and is authorised and regulated by the Financial Conduct Authority, FCA Number: 590914 Questions? or Quote? www.xactexpat.com

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