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How to Select the Best International Insurance Company
Discover how to choose the right international health insurance company. Compare plans, coverage, costs, and reputation to select the insurer that best fits your needs.
Whether you are moving abroad to work for a few years or you are already an expat away from home, being insured is a necessity. International health insurance is unparalleled in protecting you from unexpected circumstances that can impact your schedule, lifestyle, or work capacity. But how do you choose the best insurer to entrust your health and safety with?
Key Factors When Selecting a Global Health Insurer
There are hundreds of international health insurance companies you can choose from. Each one of them offers a breadth of plans with different coverages, limitations, and costs.
To help narrow down your options when looking for the best international health insurance company, consider the following criteria.
What are the benefits that an insurer can provide that the rest of the competition cannot? What situations do their plans cover? How do they deal with medical evacuation and repatriation?
Insurance companies will thoroughly review your medical history to identify any pre-existing conditions. If any require ongoing treatment, it’s essential to discuss them with the insurer to ensure you receive a policy that won’t leave you unprotected during emergencies.
You will be evaluated on the likelihood of future claims and the potential need for medical attention. Conditions like cancer, diabetes, and heart disease are some of the most frequently covered by comprehensive international health insurance plans.
Some insurers offer limited coverage on plans for individuals with pre-existing conditions, while others provide comprehensive protection to both individuals and groups of employees.
When applying for international health insurance, ensure that you are completely transparent about your current medical condition.
It can be tempting to lie about some medical information to get lower rates, but this can result in the voiding of your policy when the time comes. Always disclose your health information to the insurer so they can advise you on the appropriate plan for your situation.
The level and quality of inpatient care you need are also critical if you are working abroad. Not all medical facilities offer the same standards in healthcare. What is normal or high-class for one may be substandard for another, especially when you are in a different country.
When applying for international health insurance, ensure that you are completely transparent about your current medical condition.
It can be tempting to lie about some medical information to get lower rates, but this can result in the voiding of your policy when the time comes. Always disclose your health information to the insurer so they can advise you on the appropriate plan for your situation.
Other factors that may not be necessary but are nonetheless important when obtaining international healthcare include ambulance costs, nursing homes, and emergency treatment outside the plan’s coverage. Consider these factors and choose an insurer that offers a plan suitable for your future health needs.
Medical evacuation and repatriation are additional expenses that can help you differentiate the insurer best suited to your conditions.
Consider these options when you have a serious health condition that requires immediate medical attention.
Stability and Reputation
How long has the company been in business? What is their rating scale according to Standard and Poor’s and AM Best standards?
The best international health insurance companies are financially stable and have a good reputation with clients.
While there are regulatory boards that prevent insurers from becoming insolvent, you should still personally evaluate the strength of the companies by looking at their financial history.
The annual performance of the insurance company should not affect its ability to pay claims. There are rating agencies that have assessed the insurer’s capacity to pay, so use this to compare which insurers are the most reliable when it comes to claims.
Costs and Payment Options
What is the cost of their international health insurance plans? What will be the cost of adding extra coverage? What are your options for paying premiums?
The cost of the policy is probably the most significant factor to consider when selecting international insurance companies. When it comes to insurance costs, there are two key factors to consider: deductibles and premiums.
A deductible is the amount you must pay out of pocket toward a claim. A premium, on the other hand, is the amount you regularly pay to maintain the policy intact.
Lower monthly premiums usually mean higher deductibles. When choosing an insurance plan, select a policy with a deductible that is at a comfortable level that you can pay without stressing about it.
When it comes to insurance policies, you get what you pay for.
Lower deductibles may result in either higher premiums or reduced coverage. It may also mean that the insurer is relatively new to the market, so it is offering discounted plans to attract more clients.
While the inclusions and limitations of the policy will dictate its cost, you must compare the offers of each insurer to see which one will best suit your budget.
Ensure that you are comparing the same coverage when evaluating quotes. Policy A may provide coverage on situations that Policy B does not, making the former more expensive.
The extra coverage of Policy A does not always mean it is better than Policy B. If you do not need the additional coverage, you may be better off going for the more affordable Policy B.
Work With International Citizens Insurance
With the tips we gave, you will be able to narrow down your selection to a handful of international health insurance companies that can make you feel safer during travels or while living abroad. However, we can make your search even more straightforward, faster, and more effective.
Our team of licensed insurance brokers can help you select the best international insurance company that suits your needs. Our trained experts are here to meet the demands of expats, travelers, and global citizens living abroad.
The best thing about our service is that it is free. We will not charge you extra for being your broker, but we will still make your experience better.
We will do the legwork and research to find the best policies and packages available, suitable to your travel plans, health condition, and financial capacity.
Additionally, we will provide a range of services, including 24/7 support, real-time communication, and expert assistance, to make it more convenient for you to manage your insurance.
Joe Cronin, President of ICI, is a leading expert in international health, life, and travel insurance. An MBA and founder of multiple global businesses, he helps expatriates and travelers access trusted, comprehensive insurance solutions worldwide.
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