As we develop into a more global society, living abroad is becoming more common than ever before. Whether you’re living outside your country temporarily or permanently the experience can be rewarding, exciting and life changing. There are many reasons that people choose to live abroad. For example, some are students wishing to learn a new language or culture and some have relocated for their careers or new employment opportunities. While the majority of global citizens have found wealth and happiness since moving abroad, it seems that doesn’t apply when it comes to healthcare.
According to an analysis by the Cato Institute, almost half of expats believe the standard of healthcare is worse in their new country. The research also shows that one in five expats say they would rather be treated outside their country of origin or current residence if they fell seriously ill.
The perfect solution to this dilemma is a major medical insurance plan for expatriates that offers worldwide coverage. International Citizens offers several major medical insurance plans that work for well for global citizens and the short-term traveler. A solid major medical insurance plan can not only protect your finances if the unexpected happens, it also provides peace of mind – knowing that you have access to great healthcare, should you need it.
As healthcare needs vary so can major medical insurance for expatriates. There are many types of plans out there available for global citizens. Some plans allow you to pick and choose which benefits you want while others have fixed benefits. The IHHP plan is an example of a major medical plan that allows you to pick and choose your benefits. This is great option for many global citizens needing worldwide coverage. The Global Medical plan is another great option, offering fixed benefits (meaning the benefits cannot be modified). If you have any questions about which plan is right for you or your family, please contact our licensed insurance agents who will be happy to assist you.
Major medical insurance plans are medically underwritten. This mean, you will have to complete an application that has health and lifestyle questions about yourself and/or dependents. This application is reviewed by an underwriter. The two key purposes of the underwriting process are as follows:
- decide whether to offer or deny coverage
- determine what premium rate to set for the policy
Medical underwriting is necessary for the insurers as it prevents people from purchasing health insurance coverage only when they are sick, pregnant or need medical care. You can see from this how important it is to have a great major medical insurance plan for expatriates in place – before the unexpected happens.