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fMost people view Medical Insurance as a cost and forget the importance it plays in protecting your wealth not to mention your health. It should be one of the standard essentials for any expatriate just like you treat Vehicle Insurance as a standard cover. Moreover, if you have not made a claim that should be viewed as a good thing. I have met some who feel they have not got their money’s worth if no claim has been made!?*. If there was such a thing as a no-claims bonus for Medical Insurance I would definitely like to have 100%!

Below are some real examples of how medical insurance can play an essential part of your everyday life. Getting the right cover for you that meets your budget are some of the considerations we at Globaleye can help you with. Do not leave your health to chance and ensure you are correctly covered to the best medical treatment when you need it most.

In late January last year, Steven Pickles was on holiday near Pattaya in Thailand. Whilst out walking he was involved in a bizarre accident that saw him and his partner struck by an out of control pick up. Steven’s next memory is waking up in the nearest hospital in Pattaya.

The accident had been witnessed by a local farmer who rushed to a nearby clinic to find a doctor. Luckily this was not far. The local doctor arrived on the scene to assess the injuries and was able to arrange for an ambulance to take them to the nearest hospital. Fortunately Steven was carrying his credit card that was used to guarantee the costs of the transfer and the costs once at the hospital.

Once he was conscious, Steven contacted the emergency assistance company who provided medical management advice and arranged for payment of all the bills and expenses incurred on the insurers behalf. Despite serious injury to his knee at the time, Steven has now fully recovered and is very grateful for having had insurance in place.

Now compare that with an accident of an uninsured individual in Bali. Susan Norris was out walking with a friend when she fell down an embankment having tripped on some tree roots hidden by foliage. Her friend raised the alarm and within 30 minutes, help was on hand from the local clinic. As the injuries were quite serious, Susan was taken to the clinic wearing a cervical column and on a back board as a precaution. Once there, her condition was fully assessed and her injuries included several broken ribs and a broken ankle. The clinic was only equipped to deal with relatively minor injuries so for the necessary treatment, she had to be transferred to Singapore. With no insurance cover, the local air evacuation company refused to transfer her without a guarantee of payment. The cost of this alone was £26,000. Luckily a friend stepped in with a credit card to cover the cost and Susan is now recovering, but heavily in debt.

Private medical insurance has become a must have for expatriates, however, the international healthcare market can be a minefield with a myriad of companies all offering a range of plans, most of which appear to be very similar. For the uninitiated, we suggest you review these points and let Globaleye help you with the right solution. Do not buy cheap – what value do you put on your life and well-being. You probably do not know that many cheaper policies will not maintain cover in the event of you contracting a terminal illness like Cancer. Well, is that not when you need your cover the most!

Premium v Service
When it comes to medical insurance, the majority of expats would rather pay more for peace of mind and good service. The best way is to review the policies to fit your requirements. A good policy will include cover for a medical emergency or injury such as in-patient treatment costs, all in-patient surgeon fees, hospital accommodation costs and local ambulance charges.

Reputation
It is worth considering the name and reputation of the provider. A recommendation from a friend or family member could be priceless, especially if they have first hand knowledge of the claim service. With some providers you have the advantage of a known name and hospital network but this could be at the expense of a more individual service that a smaller provider may offer.

What about local providers?
Local policies from local providers can be cheaper than an international plan but you need to check the small print to ensure that the range of cover is suitable for your needs. Although a local policy may be beneficial short term, if you were to relocate there is unlikely to be continuity of cover and you would be re-underwritten by a new insurer, potentially with exclusions and restrictions.

Do you take part in winter or water sports?
Not all insurance providers cover injuries from participation in sports such as skiing both on land and on water. If you need cover for these, you will need to check that you are covered with your proposed policy.

Direct billing
Does the company you are looking at have a local presence or do they have a name known locally? Some of the international healthcare providers either have a billing network or are working on establishing one. As one of their clients, you can use certain hospitals without having to pay any costs apart from an excess or deductible if applicable (provided that the treatment is covered). This means that you will not be out of pocket or have to guarantee payment with a credit card.

24 Hour Assistance & Emergency Evacuations
Most insurers use an assistance company to provide emergency assistance and advice for out of office hours. These assistance companies can be contacted 24 hours a day, 365 days a year and as Steven discovered, they can arrange for payment guarantees and manage where you are treated. The assistance company also carries out emergency evacuations. If this is not part of your cover, you could be facing a huge bill like Susan.

Cover in the UK or whilst travelling
If you are likely to be returning back to the UK on holiday or for business, you will probably need adequate cover without having to rely on the NHS. Furthermore, you may also wish to consider having non-urgent treatment in the UK when surrounded by friends and family. Secondly, if you travel frequently, check that the policy you are going to take out covers you whilst outside of your country of residence.

Pre-existing Conditions
Most international healthcare providers will exclude conditions that pre-date the commencement of the policy. If you do want these to be covered then you will have to take out a more expensive complete policy. A full and honest declaration on your application will avoid any complications later should you need to claim.

Chronic Conditions
As with pre-existing conditions, most insurers exclude cover for chronic conditions such as asthma, diabetes and heart conditions. You will need to check that your insurer covers them if required. Again, there will be a premium cost associated with this.

Maternity
The majority of insurers offer cover for both routine pregnancy and complications of pregnancy usually on their comprehensive plans. To qualify for cover, insurers often insist that you have been covered for 12 months continuously on that level of cover.

Free To Decide
Does the policy allow you and your doctor freedom to choose the hospital or clinic in which you are to be treated? Some policies operate a restricted list of hospitals and clinics, limiting the choice you have.

No Claims - It is often worth checking to see if the insurer offers a no claims incentive which could mean savings if you don’t make a claim.

Family discounts – Whilst comparing policies, it is worth checking the discounts that are applicable for children. For example, with some insurers the second child receives a 25% discount and the third child onwards receives a 50% discount.

Excess – By increasing your excess (the amount you need to pay per claim), you can lower your premium by a substantial amount. An excess of £250 for example can offer as much as a 20% discount whereas a lower excess or nil excess could increase your premium by up to 20%

Unfortunately, the only way to be certain that you have the right cover for you is to check the small print or plan agreement. These days however, insurers are producing more user-friendly terms and conditions that avoid legal jargon and vague explanations. If you do have a query, ensure that you have a detailed explanation in writing that can be relied upon later.

Ultimately, if you need corporate or private medical cover, contact us and let Globaleye help you select the right solution to protect your health.