Medical insurance (also known as health insurance) is important when relocating to another country. It offers several benefits that make it a worthy investment.
With medical insurance, you can access healthcare services in your local area. Without insurance coverage, you might be unable to get medical treatment when you need it abroad.
Medical insurance coverage offers additional benefits besides allowing you to access local healthcare services abroad. We’re going to discuss the benefits of getting overseas medical insurance below. First, let’s discuss the key factors to consider when searching for the perfect policy for your needs.
Factors to Consider When Purchasing Overseas Health Insurance
When trying to find the best health insurance policy for your needs, there are several factors to remember. Here are some of the most important things to consider:
- Your unique health requirements (e.g.- pre-existing health conditions and long-term treatments)
- Whether you need specialist treatments
- Your budget
- Whether you’re travelling alone, with a group of friends, or with your family
- Whether you want any policy additions or enhancements
- Policy deductibles (voluntary excess)
- Local hospitals and healthcare facilities in your relocation area
- Emergency healthcare coverage
- Maternity care coverage (if applicable to you)
- Mental health care coverage (if you think you’ll need to access therapists, counsellors, or psychiatrists while you’re living abroad)
- Your claims history
By considering each of these factors, you can ensure you purchase the most suitable policy for your medical needs and stay as healthy as possible as an ex-pat.
Why Do You Need to Purchase Medical Insurance When You Move to Another Country?
Although it isn’t cheap, medical insurance is an essential consideration when you’re moving abroad. It’s completely necessary (and a legal requirement in most countries) in order for you to maintain optimal health and well-being as an ex-pat.
Below, we’ve covered the benefits of purchasing medical insurance and why it’s important to organise it before your big moving day.
Health insurance coverage may lower the costs of your medical care
Health insurance comes at a cost. Whether you pay a one-off annual fee for a year of coverage or split it into monthly payments, you will incur a fee when purchasing health insurance.
However, the benefits of having health insurance and its cost-savings if you need to use your local healthcare services as an ex-pat significantly outweigh the initial fees. If you need to claim on your health insurance policy, such as if you need medication, a surgical procedure, or emergency care, your insurer will subsidise your costs.
Sometimes, your insurance company may cover all the costs associated with your medical care. However, in most cases, you will be required to pay a deductible fee, which will be specified in your unique policy. If unsure of your policy’s deductible, check your policy contract or speak to your insurer.
Health insurance coverage gives you peace of mind, knowing that you won’t be faced with extortionate medical bills that you need to pay out of your own pocket. It provides a metaphorical safety net that makes your ex-pat life a little less stressful and more financially viable, and saves money while you’re travelling.
Health insurance enables you to access local healthcare facilities
Even in countries where the healthcare system is free and public, you might not be eligible to access medical facilities if you’re not a citizen. So, until you can apply for citizenship within your chosen ex-pat country, you must have health insurance coverage.
In many areas of the world, you will be denied access to hospitals or primary healthcare facilities if you cannot show evidence of health insurance. While you might have rarely used the medical services in your home country, you never know when you might get ill or injured and need immediate medical attention or long-term care.
Even if you’re currently fit and healthy, you must purchase medical insurance if you need medical care. It’s not worth taking the risk and moving without health insurance coverage when you move abroad, as doing so could mean you’re unable to get medications, therapies, or surgeries when you’re in need.
Health insurance enables you to access emergency care
If you sustain a serious injury or acquire an acute illness, you might need to access the emergency department within your local hospital. Without health insurance, you might not be allowed to speak to a doctor, have diagnostic investigations, or receive medical treatments for your health problems.
Most health insurance policies cover emergency care, but it’s best to check with your chosen insurance provider to ensure this is covered as part of your premium. If not, it’s worth adding emergency care coverage as an enhancement to your existing policy.
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