International health insurance is particularly necessary in countries where there is a weak social welfare system, or where healthcare is extremely expensive. However, health insurance is an expensive product and with medical inflation, rates continue to rise. As we have seen in a previous article, an average annual increase between 5 to 15% for international health insurance premiums is within the norm. Knowing that, a “cheap international health insurance” now sounds like an oxymoron. However, there are still ways to adjust your insurance policy to keep it at a manageable cost without compromising the quality of your cover or care. Here are five tips to help you save on your expatriate health insurance.
1. Understand and get to grips with the flexibility of your insurance policy
Check if you can add or remove options at each renewal of your policy (for example, dental, pregnancy, evacuation – repatriation). Make sure your medical coverage is in line with your needs. Adding extra benefits to your policy are then reflected in higher premiums, so be sure you do not pay for options you do not need
2. Add a deductible or co-payment to your insurance policy
With a deductible or co-payment you can reduce your premium, as you have opted to pay up to a certain amount towards your medical expenses yourself. Insurance companies have different practices with regards to deductibles and co-payments so it is important to read the terms of your contract. For example, check if the deductible or co-payment applies to all benefits or only hospitalisation, and if the deductible applies per year, per medical condition, or per claim.
3. Learn about the state healthcare of your country of expatriation
Study the ins and outs of the healthcare system of your country of expatriation and the quality of care that is offered. For example, if the medical care is of a satisfactory quality, an affordable health insurance that supports only hospitalisation may be sufficient.
4. An annual payment is cheaper than a monthly payment
Some insurance companies apply surcharges in the case of monthly, quarterly, or half-yearly payment. In this case, an annual payment will save you money.
5. Seek advice from an independent and specialised broker
An independent broker studies the market for you, looking for the most suitable health insurance policies for your situation, while also being able to highlight various options for deductibles and co-payments.
It must be noted that price should not be the only consideration when choosing an expat insurance policy. A cheap international health insurance at first can be very costly in the long run. For example, if the reimbursement limits are too low, what you are required to pay out of pocket can ultimately be very high in the case of serious illness with complications. Other factors also need to be considered, and often an in-depth knowledge of the industry can be indispensable. That is why an independent and specialised broker such as Expat Assure, who have an in-depth understanding of how international health insurance companies work, can help you choose the most appropriate insurance for your situation and make the choice that will be most beneficial to you in the long run. Feel free to contact us directly or fill in a form online to request your expat insurance comparison.
You may also be interested in:
Get in touch
Call us on +44 (0)20 3137 2857
We are open from 9am to 5pm from Monday to Friday
We build partnerships with reputable insurance companies who are long-established in the expatriate insurance industry. All the international insurance companies we work with have both individual and corporate plans. Find out more about our partners here.