How to Choose a Global Medical Plan in 2019 – Trends & Facts
Before investing in life goals, one must consider international health care insurance coverage to protect against those unexpected medical situations. This is necessary for the well-being of your family, as well as yourself. You could either obtain a global individual health insurance plan or a family health insurance plan, depending on what is more suitable for you. Both family and individual health care plans reimburse medical costs incurred based on the plan benefit selected. Kids can typically stay on a family plan up to age 23 (if a full time student). There are many global health plans available throughout the world; regional, global, and high deductible. Some do a poor job at paying claims and communication and some do a wonderful job (please request a list of carrier). Rates vary according to the region of the world where an individual / family is primarily located. An expatriate living in Mexico City will pay less in annual premium than an individual / family living in Singapore.
There are many benefit amounts to choose from. $500,000 (USD) in total annual coverage should be a minimum starting point, but there is no reason to choose, let’s say, $8 million in total coverage, that just will not be reached for 99.9% of the population. One would be overpaying for an annual premium. $1 – $3 million is standard. Annual premium is calculated by the specific plan & deductible chosen, age, gender, region of the world and overall health status. Many companies offer kids free until age nine if both parents are approved. Not all medical conditions are acceptable, like diabetes (please request a list). The medical look back period is typically from 5 – 10 years but could go back a lifetime, depending on the insurance carrier.
The possibility of all members falling ill in the same year is low but could happen, hence, the need for deductibles limits per family. Two to three times deductible limit is standard but not always the rule.
Regarding children dependents, 18 is the cut off unless a child is a full time student. Once the children reach this age, they will be considered as adults and will not be a part of the family health insurance policy and a conversion to an individual plan can happen.
In the world of global health benefits, there is no such thing as one plan fits all anymore. Insurance companies are now offering regional pricing based on where an individual / family spends more of his or her time. Furthermore, with the advent of the “digital nomad,” things have changed considerably and the global insurance market is adjusting everyday with changes to benefits, claims and pricing.
Offshore Health Benefits offers global healthcare consulting to individuals / families / business since 2002 and there is never a charge to assist.
No application or consulting charges.
Visit: https://offshorehealthbenefits.com. The team offers a skype or Whatsapp consultation at no charge. Or feel free to call the Global Team today at US 512.296.4976