Better Be Safe Than Sorry – What to Look for in an International Health Insurance Plan?

Why do we need health insurance?

Ever heard of the phrase, “It’s better to be safe than sorry.”
Well, it’s true. That is to say that health insurance is always a good idea.

Medical emergencies never come around with a warning. If you have a stash of cash at home, then you need not worry. But, if that is not the case, then you have every reason to panic.

Healthcare is anything but cheap. And, if you want to protect yourself and your loved ones from having to deal with an emergency without accumulating staggering debts in the form of hospital bills, get healthcare.

However, health insurance may cover your medical needs in the host country, but not abroad.

So, what do you do?

You must identify your needs. There are two types of coverage offered when it comes to international health insurance. The benefits you get vary according to the plan you select. There are short-term plans and long-term plans.

If you simply need to travel abroad for a few days or need to take multiple short trips, then travel medical insurance may be the right option for you.

However, if you plan to move to another country in your retirement or need to be working outside of your country of residence for more than a year, international health insurance ought to be your choice.

Once again, you cannot just go out and buy the first international health insurance plan you come across. Take a few deep breaths and start to search for the best possible solution for you.

What are the factors to look for when choosing international health insurance?

– Large Medical Network
Make certain that the global health insurance provider has a huge medical network. The larger the medical network, the greater the ease of finding a hospital that accepts your claim, and provides medical assistance promptly.

– Reputable Global Insurer
Make sure that the Insurance Company providing you with international health insurance is a well-renowned company, both nationally and internationally.

Also, research in-depth about their dealings with clients and settlement ratings.

– Term of Coverage
Make sure if the global insurer offers varying terms of coverage. Some plans will only cover you until 65 or 70 years of age. However, if you plan to live abroad for longer, then it makes sense to be clear about how long you may want the plan to cover you.

– Premium Changes
Make it a point to discuss the changes that are going to be made to the premium over the years. The cost of insurance goes up with age and the yearly increase in inflation accounted for into the premium is 8% approximately.

– 24 Hour Support Line
Make clear there is a 24 hours emergency line, a prerequisite for any comprehensive international health insurance plan. Your health insurance plan is useless if assistance is unavailable in the middle of the night in a city abroad.

The conclusion

A little bit of caution goes a long way, so look around before you decide on the international health insurance plan. Expat Insurance is a good place to start.