If you are moving abroad or already living overseas as a global citizen or expatriate, there can be many extra costs associated with this exciting lifestyle. Housing, schooling, rent, taxes, and of course, one of the cornerstones of your life abroad – international health insurance.
Ways to save money on international health insurance coverage:
1. Take a Larger Deductible
Many expatriates who buy global health insurance will obtain a quote online via sites from various global insurance providers. There are so many options to choose from, but getting a plan with a larger deductible can significantly lower your cost. A deductible is what you pay before the insurance pays. Some plans have zero, $375, $700, $1500, and even up to a $10,000 deductible in USD, EURO, or GBP. By taking more of the risk, you can lower your premium.
2. Choose a Lower Level of Coverage
When buying international health insurance, you can usually choose from three levels of coverage, such as silver, gold, or platinum, from the Cigna Global Health Options plan that Expat Financial offers global citizens. It is a great way to reduce costs, but you will get lower coverage with a reduced premium, but that is OK for many international citizens.
3. Pay Your Premium Annually
Many expats like to pay monthly, which is understandable when you are looking at a significant premium. However, by paying annually, you can save up to 10% on your international health insurance, which really adds up over time.
4. Self-insure Out-Patient Care
If you reside in a country with cheap out-patient care, such as seeing a doctor, medicine, and physiotherapy, you may want to get the base hospital coverage. However, in many of these countries where care is inexpensive, you should think about getting medical evacuation coverage.
5. Talk to an Expat Expert
Finally, one great way to save money on global health coverage is to talk to an expert. By using an international insurance broker, you are not paying more for your international health insurance. He/she can help you examine your needs and requirements and suggest the right insurer or plan that may actually save you money. You get the same great service, and coverage/claims are still direct with the insurance company. You can contact Expat Financial for a quote and to discuss your requirements – it is an expatriate insurance expert website.
Final Thoughts on International Health Insurance
We hope that the above tips may help you save money on international health insurance. Remember that securing a comprehensive global health plan is vital before or after you have moved abroad. The peace of mind delivered and knowing care is there when you need it is worth the cost. It is recommended that you get the best possible coverage that you can afford.