When traveling abroad, it is important to decide what type of insurance coverage will best suit your needs – a health or travel insurance policy? To help with your decision, here are some helpful tips to determine which option is best for you.
International Health insurance Plans for Expatriates
The first place to start is: how long do you need coverage? If you need coverage for less than one year, then a travel plan is your answer. Health insurance plans are generally annually renewable and can be purchased for a minimum of one year. With a travel plan, you can customize your period of coverage from a few days, up to one year. In many cases, the travel plan can also be renewed for an even longer period should you decide to stay.
Travel Insurance Plans for Visitors
If this doesn’t help narrow it down, you’ll also want to decide which countries you need to be covered in. Travel plans are designed to cover you outside your home country. Although some travel plans may include coverage in your home country – coverage is generally limited. On the other hand, if you are looking for a plan that will provide coverage back home, health insurance plans can be designed to cover you internationally including in your home country.
If you are still on the fence as to which category best suits you, one of the most important considerations is the benefits of the plans. Travel plans are generally guaranteed issued plan – which means you can purchase the plan with automatic coverage. In many cases, these plans exclude coverage for pre-existing conditions so that it will only cover you for new injuries or illnesses that occur during your period of coverage. In contrast, health insurance plans are generally underwritten. This means that you apply for standard coverage and the underwriters can modify or deny coverage based on your medical history.
Another difference with a health insurance policy is that coverage is renewable. This feature will allow you to continue the plan as long as you meet the eligibility requirements. If a chronic illness or injury occurs during the coverage period, you will be able to continue the policy and receive treatment. This is an important key since travel plans can only be renewed up until a specified number of years. Should you meet this limitation with a travel policy, you will have to purchase a new plan which may not cover your newly developed pre-existing condition.
Also Read: Choosing an Expatriate Health Insurance Plan
If you’d like to discuss which of these plans are best suited for you, please contact our customer service representatives as they are experienced agents and can direct you to the most appropriate plan.