Understanding International Health Insurance Basics
If you’re intending to move and live overseas, or you’re already an expat enjoying their international adventures, one of the most important aspects you need to understand is how your health insurance will function abroad. And as you’ve no doubt guessed, it’s not as straightforward as it would be in your home country.
That’s where international health insurance comes into the picture. Essentially, this provides you with coverage for healthcare costs incurred anywhere in the world, including your home country.
There are different types and levels of covers available for you to choose from, and each varies based on factors like location, age or pre-existing conditions. Your policy might cover hospital stays, routine check-ups or emergency evacuations, depending on what plan you opt for. These policies differ from medical insurance, so it’s worth noting the areas in which they diverge, particularly in terms of coverage levels.
Moreover, some countries are more than happy for expats to take advantage of domestic healthcare services as needed, especially in the case that publically funded provisions are available. This means you might not even need insurance, depending on where you live and the rules that apply there. Even so, if you want access to private healthcare, paying for international cover is still sensible.
Example: Health Insurance in Mexico
Getting health insurance while staying in Mexico as an expat can present a unique set of circumstances to navigate.
The healthcare system in Mexico has both public and private sectors, with the latter offering faster and more personalized treatment, which tends to make it a preferred choice for expats residing there.
As a foreigner, you have open access to both these systems, but understanding differences between domestic and international options is a must before making your choice.
At times, getting local cover may work best if you plan on long term stay, as costs are relatively cheaper and networked with many high standard facilities across the country.
However, if frequent international travel or specific medical coverage is needed, considering global plans might be wiser.
How Global Coverage Differs from Domestic Plans
Global health insurance differs substantially from domestic policies and it’s essential to understand these differences if you’re an expat:
- Global coverage provides medical protection anywhere in the world, including your home country, providing greater flexibility for regular travelers.
- International plans typically offer a wider range of benefits such as wellness checks, maternity cover, psychological treatment and more extensive outpatient benefits.
- Access is granted to a broader network of doctors, specialists or hospitals worldwide.
- While being comprehensive, global plans tend to be more expensive than domestic ones due to their wide scope.
Many international insurers allow you to tailor your plan based on individual needs or budget constraints. As such it’s wise to carefully evaluate all aspects when comparing global versus local healthcare insurance.
Wrapping Up
Ensuring you’re adequately covered for healthcare whilst living abroad is a fundamental part of your expat journey. Researching and scrutinizing all of your options, assessing personal needs and preparing accordingly lets you enjoy the enriching experience of an overseas life in tandem with the peace of mind that comes from knowing that your health is protected.
