Traveling and working abroad is a dream for many people. While it is exciting to discover a new way of living, it is also relevant for expats to get a global insurance plan. It covers medical as well as travel-related concerns that may be complex to navigate due to various reasons.
Considerations regarding health are different in every location, and they also impact taxes, medical bills, medications, and any extra checkups. In developed countries, health insurance costs are very high and in developing countries, the type of health issues you will encounter may take more time for recovery.
To simplify the process, travelers should consider international plans like the ones offered by Pacific Prime Insurance Brokers. Their experienced team provides full coverage for top destinations for expatriates.
Therefore, this article will be your guide to understanding the benefits and key features of a comprehensive insurance plan and how to choose the right policy. Also, learn about Buying Travel Insurance by reading this article.
Understanding the Need for Comprehensive Insurance Abroad
As you embark on a journey to live a better life in a new country, it’s important to get insured to prevent undue financial burden. A comprehensive insurance plan is suitable for foreigners because it covers both health and travel features.
Let’s first understand the difference between travel and medical insurance. Travel-related insurance is for frequent travelers who may or may not be living for a long time in one destination. Medical insurance is different for locals and expats, and in most cases expensive for foreigners.
Comprehensive insurance has a wider scope of coverage, such as hospitalizations for individuals and family members for multiple years. Depending on the health issue, it may also cover medical assistance, death and disability, and third-party liability.
The Risks of International Travel Without Proper Coverage
It is ideal to live in a safe and secure country with expert doctors, however, for expats exposure to diseases is always greater and comes with the burden of taxes and bills. Checking all its policies for foreigners needs a close inspection before investing in one that works best for you.
If neglected or ignored for a long time, the risks of living without an international coverage means:
Many unknown insect-borne diseases in a country might expose you to serious infections.
Or an adventure can turn into an accident and navigating through it might become difficult.
Poor road conditions due to weather or other issues may also become a burden, especially if the destination is considered high-risk for petty theft and terrorism.
Language, culture, and local laws may be a barrier where your family and friends may not be able to contact you because of network issues.
FAST FACT Travel medical insurance policies can range from five days to one year or longer.
Evaluating Health and Emergency Needs for Expatriates
The distance isn’t a problem as much as you and your family’s medical and safety requirements for the present and the future. It might add to costs of living or renting, travel expenses, etc. Even accessibility to many facilities may arise unexpectedly due to pre-existing conditions.
You need to evaluate the concerns regarding the following:
Avoiding unexpected medical and lifestyle-related costs
Access to quality healthcare
Emergency assistance
Coverage for chronic illnesses, lab tests, and prescriptions.
Insurance customer support or hotlines that can guide you through country-specific protocols.
Travel Insurance Versus Expat Insurance: Knowing the Difference
The main difference between travel insurance and expat insurance is the duration of coverage and the level of protection provided. While you want to enjoy a short trip to an international location, enjoy the benefits of only a travel plan with coverage for loss of luggage, trip cancellation, and travel delay.
For frequent travelers, this is most helpful because they don’t settle on one destination and benefit from not paying hefty taxes. Expat insurance is more comprehensive and designed to provide hospital stays, routine check-ups, coverage for chronic conditions, medical providers, and more. Also, some countries have made it mandatory to have an international insurance plan to qualify for a visa.
Key Features of Global Insurance Plans
After making an informed decision about getting a global insurance plan, you can either contact your embassy or spend time browsing through the local coverage plans of the country. To make it easier, let’s look at the key features to look for in a global insurance plan.
Treatment in multiple countries
Hospital stay
Routine check-ups
Coverage for pre-existing conditions
Coverage for chronic or long-term conditions
Medical Specialists or Doctors for maternity, psychiatric, and senior citizen healthcare for the family
Hospitalization
Emergency medical evacuation
Check with the insurance provider if they also cover all the lab visits or checkups like MRI or just a few common ones. All in all, you need to evaluate and align your health goals with the ones offered by the service provider.
STATISTICS The above statistics show the expected global health insurance market size in the future.
Choosing the Right Policy with Pacific Prime Insurance Brokers
Your future in a new country depends on various reasons, and prioritizing a comprehensive insurance plan is a good idea. One of the premium service providers is the Pacific Prime Insurance brokers who cover top destinations such as Hong Kong, Thailand, Singapore, Dubai, and more.
Moreover, they also cover short-term health insurance, a separate plan for corporates, dental, newborn child care, vision care, etc. All these features are included in their global insurance plan.
So, whether it’s for work or retirement, choose the best global insurance plan for living a safe and comfortable expat lifestyle with you and your family.
