Navigating International Benefits Insurance: What You Need to Know

What is International Health Insurance? International medical insurance plans cover your healthcare costs wherever you are. Coverage usually includes in-patient, out-patient, wellness, evacuation, dental, and vision treatment, along with premium other benefits.

International Health Insurance

Navigating international benefits insurance can be a daunting task. With so many different types of insurance available, it can be difficult to know which type is best for you and your family. To help you make the right decision, here is a guide to understanding international benefits insurance and what you need to know.

What is International Health Insurance?

International medical insurance plans cover your healthcare costs wherever you are. Coverage usually includes in-patient, out-patient, wellness, evacuation, dental, and vision treatment, along with premium other benefits. Global policies are often renewable annually for life or until your specified termination date.

The primary advantage of having a policy is getting health care wherever you are, both at home and outside of your home country. You will enjoy the benefit of being covered in the country where you reside and any country you travel to, including your home country.

Having a comprehensive global policy gives you the advantage of being able to choose the hospital or doctor for your medical evaluation and treatment. Additionally, with expat health insurance, you can choose a private hospital over a public facility and receive faster, more comprehensive, and better international healthcare.

Which Plan Is Right for You?

Selecting the best insurer can be tough, as each plan they offer has different strengths and weaknesses. The aim is to find the best coverage for your specific needs and budget. To help narrow your search, we suggest you start with an established company with a strong presence both in the country where you will be living and in your home country.

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As your broker, we can generate quotes from two or more global insurers, which you can compare side-by-side. If you want to control costs, you can review the plans and potentially remove benefits you do not need or change other elements.

Some plans are highly customizable, allowing you to pick and choose the benefits to include or remove in the policy. Other global policies are comprehensive but will allow you to adjust certain benefits and deductible amounts to lower your premiums.

The premium charged for your plan plays a big role in selecting a service provider. Simply choosing the provider offering the lowest rates is fine, but understand that your choice may cost you more if something goes wrong. Pick one that can cover all your international healthcare needs when the time comes.

Frequently Asked Questions

How much does international health insurance cost?

The annual cost of an international medical insurance plan will range from as low as $500, with limited benefits, to as much as $8,000 for a comprehensive global medical insurance policy, international benefits insurance including coverage in the USA.

The average cost is $5,000 per year. Costs, or premiums, are based on a policyholder’s age, medical history, area of coverage,  international benefits insurance and the deductible and maximum coverage selected (typically not on an individual’s claims history).

Policies will normally offer two areas of cover; Worldwide or Worldwide excluding the USA. Excluding cover in the USA will save significant costs. You can exclude countries like Canada, Hong Kong, and other more expensive countries for treatment with some plans. Treatment in these countries is more expensive. At times, international providers (i.e., GeoBlue and Cigna) will rank countries by healthcare costs and have premiums adjusted accordingly.

Request a Quote online to get custom pricing from multiple providers.

*Costs estimates are based on historical sales over the previous 18 months for clients in over 100 countries.

International Medical Insurance Costs by Country of Residence 

Often, the most popular countries and destinations for expats also happen to have the most expensive healthcare services. As a result, insurance policies for international citizens residing abroad in those countries will be more expensive.

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Here are the average premiums for immigrants and expats living in the following countries. international benefits insurance

Rank Country of Residence Cost Per Year
1 Hong Kong $12,175
2 Singapore $7,232
3 Costa Rica $7,153
4 United States $6,973
5 United Kingdom $6,189
6 China $5,936
7 Mexico $5,658

Costs of Coverage by Age

Younger clients will pay less for their coverage as they typically are healthier and need less care. As you age or possibly start a family, the cost of your plan will increase dramatically. Below are the average per year costs in US$ by select age groupings.

Age Range Cost Per year
18 to 29 $2,404
30 to 39 $3,401
40 to 49 $5,795
50 to 59 $7,274
60 to 69 $8,295
70 plus $10,734

As you can see from the examples above, the cost of a policy will vary widely by demographics, provider, and plan type. international benefits insurance You can purchase either a comprehensive policy that will be more expensive or a more affordable option that will cover only the bare minimum.

Factors such as age and the preferred deductible amount will also further impact the cost of the policy. For example, older clients who decide to retire in Costa Rica may have to face higher policy costs because the price there is driven up by the average age of applicants.

See the example below for an explanation of how the discussed factors affect the cost of worldwide health insurance plans.

Example: For a husband and wife, ages 62 and 60, one plan, IMG Global Medical, offers the following coverage options:

  1. Worldwide excluding the U.S., Canada, China, Hong Kong, Japan, Macau, Singapore, and Taiwan or
  2. Worldwide coverage (including the US, etc.).
  3. international benefits insurance

IMG’s policy would cost (ages 60 and 62) as little as $2,260 per year for a policy excluding the US and other countries with a  $10,000 deductible. Conversely, it could cost $41,546 for Worldwide coverage and a $100 deductible. Silver, Gold, and Platinum benefits for these plan levels also differ, including maximum benefit limits.

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GeoBlue Xplorer (for US Citizens or internationals residing in the USA) offers two options. international benefits insurance Worldwide coverage, including the US, is the more expensive option. Worldwide coverage, excluding the US, is the less expensive option. The Cigna International plan will adjust pricing based on where you live and your nationality.

International benefits insurance is designed to provide coverage for medical expenses, disability, and death benefits for individuals who are living or working abroad. It is important to understand the different types of coverage available and the benefits they provide. For example, some policies may cover medical expenses, while others may provide coverage for disability or death benefits. It is also important to understand the different levels of coverage and the cost associated with each type of policy.

When selecting an international benefits insurance policy, it is important to consider the type of coverage you need and the amount of coverage you can afford. It is also important to consider the length of time you will be abroad and the type of medical care you may need while abroad. Additionally, international benefits insurance it is important to research the different insurance companies and compare their rates and coverage options.

International Health Insurance

FAQ

Q: What is international benefits insurance?

A: International benefits insurance is designed to provide coverage for medical expenses, disability, and death benefits for individuals who are living or working abroad.

Q: What types of coverage are available?

A: Different types of coverage are available, including medical expenses, disability, and death benefits.

Q: How do I select the right policy?

A: When selecting an international benefits insurance policy, it is important to consider the type of coverage you need and the amount of coverage you can afford. It is also important to consider the length of time you will be abroad and the type of medical care you may need while abroad. Additionally, it is important to research the different insurance companies and compare their rates and coverage options.

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