Are you going on a trip around the world? Maybe you’re on a working holiday or a long expatriation assignment. Whichever the case, buy international healthcare insurance before traveling.
However, choosing the right insurance plan isn’t always easy. But why there are several offers in the market. With this, there is a temptation that you’ll buy the policy based on price alone.
However, other factors are just as important as the price. At times, these factors are even important than price when buying certain products like an international health insurance policy.
For instance, the right international health insurance company can change depending on the type of policy you’re buying. Here’s how to zero in on the top international health insurance firms for your needs.
Don’t Rely on Initial Price Quotes to Make a Decision
Yes, price is an important factor when buying an international health insurance policy. However, don’t settle on a provider because of their initial price quote. But why? After assessing your personal and health information, the final price quote can either be lower or higher.
Therefore, strive to get multiple price quotes from different providers. Also, be ready to shift course to a different firm especially if the final price quote comes in high.
Remember, some companies quote low rates to win on spreadsheet comparisons. Such firms are also picky in their underwriting that after evaluating your lifestyle and medical history, their offer comes in much higher.
Check Their Tax Records
Before spending your time assessing the plan offerings, ensure the insurance company under consideration is tax compliant. What does this mean? It means that the structure of these insurance plans as per the tax laws of your country.
For example, if you are a citizen of the United States and considering an insurance plan based in the United Kingdom, ensure the plan is or considered to be IRS compliant. With this, you’ll ensure that the plan offers reasonable benefits.
Check the Reviews of the Plans You’re Considering
Thanks to technology, it’s now easy to look for product reviews. For instance, you can do a web search or search for travel forums. Alternatively, you can post a question on sites like Trip Advisor. Enquire from other travelers whether they’re happy with the firm’s international health insurance products.
What you hope to get is that the company is known to deal ethically with its clients. Such a company should provide a reasonable amount of customer support service. If you find out something that causes some amount of discomfort, shift your attention to a different insurance provider.
Besides checking their past performance, consider their prospects. For instance, will the provider offer these services in the long term? Does the provider show signs of adapting to changing laws and still maintain a competitive edge?
If you’re certain that the insurer is stable and capable of providing the benefits desired, then they’re worth your consideration.
The Network of Doctors and Hospitals
Before settling on any insurance company, assess the size of their global network of doctors, hospitals, and other healthcare professionals. It ensures the availability of hospitals and doctors in your area of residence. This ensures you have access to specialized medical services if the need arises.
When selecting an insurance plan, there’ll always be some level of out-of-pocket costs. These are in the form of deductibles, coinsurance, and copays.
Well, a more comprehensive plan will have lower out-of-pocket payments. But the premiums for this will be high. The plan is ideal for people with a myriad of health issues.
If you have few medical problems, then opt for a medical plan with lower premiums and high out-of-pocket costs. Coinsurance and deductibles are a great way to lower your premium payments.
Emergency Medical Evacuation
Medical evacuation is an area where insurance plans vary. As part of global healthcare comparison, the difference in coverage and out-of-pocket costs vary from one plan to the other.
For instance, a medical evaluation from one country can be very expensive. Therefore, choose a plan that offers a benefit level that you’re comfortable with. For example, if you’re living in a country whose medical care is substandard, then your global health plan should include evacuation coverage and treatment in the country you’re evacuated to.
It’s worth noting that these evacuations must be approved and coordinated by the insurance company. Here, the insurer will transport you to the country with the best medical care for your unique needs which cannot be met in your existing location.
Choosing the right international health insurance company isn’t easy. It requires you to take a comprehensive look at your insurance goals. With this, you can select a company that provides all the benefits and support you need to accomplish your goals.