What To Consider When Buying Healthcare
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, where do you start? To help, William Russell suggest these points.
Premium Service
Premium costs are not the only concern when it comes to choosing a policy, expats would rather pay more for piece of mind and good service. The obvious approach is for the client or advisor to review the policies on the market to find which fits best with their requirements. This is not entirely based on the benefits that are offered though a client should ensure that the main ones are included for a medical emergency or injury such as inpatient treatment costs, all inpatient surgeon fees, hospital accommodation costs and local ambulance charges.
Reputation
A point worth considering is 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 making a claim. Most people would agree that you can only judge an insurance company on 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. Finally you need to check that the company has good financial backing and won’t disappear if you make a claim.
What about local providers?
Local policies from local providers can be cheaper than an international health insurance 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 move from that country, 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
Do 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 in place 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
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. They often have an international network so that if you require emergency treatment, the arrangements including payment guarantees to the hospital can be done by them. Emergency evacuations are also carried out by the assistance company.
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 you country of residence and the possibility of taking out a travel insurance plan to add to your international medical insurance. General local providers do not offer cover outside of the actual country.
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.
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 with the latter usually only on their top plan. 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 as this can sometimes make a difference. Several insurers offer substantial savings for example, the second child receives a 25% 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.
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.
Information supplied by Paul Andrews, William Russell Limited.
ased William Russell Limited, a leading provider of expatriate protection plans.
Globalsurance is an independent Worldwide Health Insurance Advisor. We work with all the major insurance company and can give you independent advice or a range of free International Health Insurance Quotes; click for Free Advice and Quotes.
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