International health insurance is almost by definition an expensive product and with medical inflation, prices continue to rise (as we have seen previously, international health insurance increases annually by 5 to 15% on average! ). Make no mistake, cheap AND quality international health insurance does not exist. But rest assured, there are still ways to adjust your insurance policy to make sure you don’t incur unnecessary additional expenses while maintaining optimal medical coverage. Here are five tips from Expat Assure to save on your ex-pat health insurance.
cheap ex-pat insurance
Study the flexibility of your insurance policy
Make sure your medical coverage matches your needs. Check if you can add or remove options each time your policy renews (eg dental protection, maternity, evacuation/repatriation). Additional guarantees translate into higher contributions. Make sure you aren’t paying for options you don’t or no longer need.
Add a deductible or co-payment to your insurance policy
Adding a deductible or co-payment to your insurance policy allows you to reduce the amount of your contribution because you contribute to your health expenses. Insurance companies have different deductibles and co-payments practices and it is important to read your contract carefully. For example, check whether the deductible or co-payment applies to all benefits or only to hospitalization. Other important points to consider: Does the deductible apply annually? Does it apply by a medical condition or by request for reimbursement?
Find out about public health in your country of expatriation
Study the ins and outs of the public health system in your country of expatriation as well as the quality of care provided. For example, if routine medical care is of good quality and affordable, health insurance covering only hospitalization may be sufficient.
A one-off payment is cheaper than a monthly payment
Some insurance companies apply surcharges for monthly, quarterly, or semi-annual payments. In this case, an annual payment will save you money.
Seek advice from an independent and specialized broker
Other important factors to consider require in-depth knowledge of how international health insurance works. An independent broker studies the constantly evolving expatriate insurance market for you and helps you find the most suitable insurance policy for your needs while offering you different possibilities for deductibles and co-payments from different insurers.
“Cheap expatriate insurance”: beware!
Price is not the only factor to consider when choosing international health insurance. Other criteria should also be taken into account so as not to compromise on the quality of your medical coverage abroad (see our article What is the best expatriate insurance). In fact, expatriate insurance that is inexpensive at first glance can turn out to be very expensive in certain cases: for example, if the coverage limits are too low, the remainder of your charge can quickly become very high in the event of a serious illness. with complications. It will therefore always be important to keep in mind the other determining factors in choosing the right health insurance. Conversely, making the right choice of health insurance today will allow you to plan for future medical expenses while avoiding unpleasant surprises, which makes more financial sense.
An independent and specialist broker, like Expat Assure, can help you make the choice that will benefit you the most in the long run. Do not hesitate to contact us or request your insurance comparison.