What many people typically do is compare global medical insurance before they decide to get one. This approach is fine, and yet there are so many things that you must consider. Today, we will help you choose the best insurance coverage for an ex-pat like you.
1. Identify the cost of care in the country of destination
The cost of healthcare varies from one country to another. It is not uncommon knowledge that a physician in a developing country, such as Mexico, Malaysia, or the Philippines, charges much lower than a doctor in your country for the same service.
2. Choose your optional insurance benefits
There are many types of insurance policies. Some companies offer what they call riders or optional benefits. For example, an insurance company, knowing that you are an ex-pat, may even cover expat-specific coverage or benefits. Some examples are compensation for work stoppage, repatriation assistance, or even civil liability insurance.
3. Check the amount of coverage against your payment
Of course, it only makes sense to understand what you are paying for. If you are paying for medical insurance, is the coverage bigger than your annual premium? In addition to this, you must take into account the instances where you can qualify for insurance. If it is health insurance, is dental coverage part of it. And if so, what is the limit?
4. The insurer must have an office you can visit
It is not good to get an insurance policy where the insurer has no office in your country of destination. Why is this a problem? It is difficult to speak to insurance agents by phone. It is always a good practice to speak to the person in a face-to-face conversation whenever you are dealing with money. When you only deal by phone, people have a tendency to pass the buck. The agents will only read what is on file, and they really would have no clue what your concern is.
5. Read the exclusions in the insurance contract
Some insurance claims fail. For example, if the insurance does not cover cancer, or any disease that is terminal, then you cannot get insurance coverage at all. For ex-pat assistance, the company may not cover you in times of war. At that point, you can rely only on yourself or your government. Read the entire insurance policy. We know that it is a tough ordeal, but it is a necessity. If there are things you do not understand, make a note, and then speak to your insurance agent about it. Do not sign the contract until you are satisfied.
As an ex-pat, do not rush the process of picking an insurance policy. You will pay this annually, and the last thing you want is to get into a situation that your insurance company does not cover. List down the things that you need and take the time to shop around. Lastly, ask your insurance agent for their offers and the details of the plan you are looking at.