We never know when and where health emergencies can occur. It happens at any time while moving overseas without any warning. Worse, when you haven’t settled. Furthermore, being hospitalized overseas is expensive and causes a considerable dent in your finances. That’s why international health insurance is important.
Basically, it’s similar to home health insurance which also covers diagnostic and follow-up care in addition to emergency care. This coverage will also cover your needs when you are traveling, working, or residing abroad for a specific period.
So what actually it is, and is it beneficial for you? Keep reading to find out more about its definition, benefits, and how it works!
What is International Health Insurance?
Generally, international health insurance is similar to private health insurance that some people know in the USA or Asia. In those countries, no government health programs support the claims and coverage.
Additionally, local citizens who live in countries like Canada are eligible to purchase extended health insurance. However, it depends on you holding provincial government universal coverage. But international healthcare insurance is proposed to encompass an expatriate who is locally in their destination country.
It can also cover globally such as seeking medical care back home or regionally. You need global coverage because the local health services couldn’t join it. Thus, it’s important to buy private global health insurance since you can’t use your local health insurance during vacations in other countries.
Who is International Health Insurance For?
International Health insurance is designed to cover emergencies and routine healthcare while in other countries. It includes staying, working, or studying abroad over a long period such as more than a year. So, it’ll give you access to a private medical facility in your country of residence.
In addition, international medical insurance is not only covering one individual. Usually, it comes in variations of packages depending on who and how much the individual is. It’s available for individuals, families, and companies that want to give health coverage to their employees while working abroad.
Although it’s not mandatory, an international healthcare insurance plan will help expats easily access the local healthcare system. So, they are aware that they’re covered when facing illness or injury in a foreign country. The following are who need International medical insurance:
- Individuals and families who relocate overseas permanently
- Individuals who want to retire abroad
- People who study, volunteer, or work overseas for a certain period
- Multinational employers
- Remote workers
- Groups and global businesses
- Frequent business travelers
What are the Benefits of International Health Insurance?
Living or just visiting overseas can be extremely stressful sometimes. The extreme change in climate and different time zones can highly impact your health. So, it’ll increase the risk of getting ill. Here’s where international health insurance is very beneficial for all.
So if you are moving or traveling overseas anytime soon, you need to know how insurance can help you. Below, we’ve gathered the international medical insurance benefits:
1. Covering the Expensive Medical Expenses
Whether you are just simply traveling or moving, being overseas makes you very prone to illness. However, it has the same reason like when you live in your nationality, people purchase insurance to cover the medical expense. So when you are abroad the international insurance policy will cover the treatment expenses.
As you know, no matter where the country is, medical expenses can be expensive. Mainly if you live in a country with a higher currency value. Not only that, the insurance usually covers pre-hospitalization and post-hospitalization expenses. Some insurance policy terms also can cover the transportation cost for airlift.
2. Stress-Free During Overseas Stay
Everyone can’t predict any uneventful tragedies. So when you meet with an accident or get injured, it will cause stress. But, if you realize that you have health insurance coverage, you can do your activity without worry. It’s because you are assured to get financial assistance when facing a medical emergency.
3. Covering Healthcare Wherever You are
Wherever your life takes you, international health insurance is eligible to cover most countries around the globe. Furthermore, the coverage isn’t restricted to only one country either.
With multiple international medical insurance policies, choose a certain area in the world where you’ll be covered, encompasses Europe or even worldwide. However, if you’re traveling overseas with the purpose to receive medical treatment, it won’t be covered in this medical insurance plan.
4. Offering Additional Covers
With many insurance providers, the insurance package was developed to offer diverse benefits. So most international health insurance policies may cover medical evacuation and repatriation to your home country. It guarantees in case you can’t be treated in the residence country.
Additionally, other optional covers may include maternity, optical, and dental cover. Furthermore, you can increase the cover level of the existing benefits in exchange for a higher premium.
How Does International Medical Insurance Work?
International health insurance policies vary depending on which brand you get it. However, some insurance covers for a year at a time and there’s a payment option for the policy in monthly or annual installments.
While being abroad, if you fall ill or get injured, you’re allowed to claim it. Use the health insurance provider to cover medical treatment and healthcare expenses. In some cases, you’ll be charged an excess towards the treatment but this depends on the policy and insurer.
How Much Does International Medical Insurance Cost?
The price of International health insurance varies depending on how much it covers and the provider. Usually, the more coverage and level your policy is, the higher the price is. However, the insurance plan’s annual cost will range from $500 to $8,000.
In addition, the average cost of it is $5,000 per year. The price of premiums also depends on the policyholder’s age, coverage area, medical history, and many more. The insurance offers two kinds of coverage which are worldwide or worldwide excluding certain areas. So you can adjust the countries to reduce prices.
Understand How Vital the International Health Insurance Is?
Falling ill or injured while overseas is not easy. You may not know the system and how high the expenses can be. That’s why international medical insurance is important. It has benefits like home medical insurance but has customized cover that fills your needs while being overseas.Keep in mind that the benefits of medical insurance may vary across providers. So, you should take some time to compare each policy to find the best suits your needs. Lastly, we hope our article can answer your questions about international health insurance and how it can help you whilst overseas!