Off shore health benefits

How to Choose a Global Medical Plan in 2021 – Trends & Facts

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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 carriers who fail and pass). 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. 

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. 

Sadly, many companies, like the PA Group WEA, have filed for bankruptcy leaving thousands without coverage and premium reimbursement (Rated A and A+ and Lloyd’s backe, can you beleive?). Beware of the “Budget Plans,” so many do not pay claims or fight a member like hell to pay. We see it everyday, companies like IMG, Seven Corners, VUMI, and others, making it difficult to file a claim (endless requests for medical records, etc) and obtain a proper claim reimbursement. Many of the companies refuse to share previous year’s claim numbers and use “unlicensed and unbonded” agents (all over Latin America and the Caribbean).

My recommendation is to consider paying more in premium and go with a larger more respected company like Cigna Global, Aetna International and Allianz, and others. Cigna Global is nice because a member may choose only the services and benefits needed. Many are simply purchasing Inpatient Care and going with a local or regional plan for outpatient and Air Ambulance ( Stay safe and chat soon.

Robert Tillotson – Consultant, Offshore Health Benefits

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: Our team offers a skype (offshorehealth benefits) or Whatsapp (5122964976) consultation at no charge. 


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