When going overseas, expats often end up with either too much health coverage or more often too little. Limited health coverage that doesn’t provide enough cover, could mean you incur significant out-of-pocket medical expenses. There are a number of common mistakes Expats make when choosing health insurance.
1. Buying a cheap domestic policy
Some Expats buy a local or domestic purchase health insurance plan, which only covers them in the country they are living in. This means the expat is not covered when travelling abroad. Further many local plans are very basic and fail to cover many conditions
2. Failing to buy any Health Insurance
Some expats, particularly those that are young, assume they are healthy and won’t need insurance. Accidents or ill health can fall upon anyone, no matter what your age. When an expat finds themselves in a foreign country without health insurance, costs can be substantial. Hospital and drug bills soon add up and the cost of major surgery, can run into hundreds of thousands of dollars
3.Buying insurance without maternity coverage
If there is a chance you may become pregnant within the next 2 years, it’s important to ensure you have maternity insurance. Most insurance policies have a 12-month waiting limit before a maternity benefit claim can be made. Maternity costs can be huge, so ensuring you have maternity cover in advance of pregnancy is essential.
4. Not telling the truth on application
Be honest and upfront in your application from the beginning, as in the long term it will save you money, and ensure your reputation, is in good standing. Some expats are tempted to leave out full details of their medical history so that they can lower the price of insurance cover. If you make a claim and the insurance company discovers that you have not been truthful about your medical details, your claim could be invalidated Hiding information from an insurer could be considered fraud. Furthermore, failure to disclose medical details to one medical insurer could stop you getting coverage in the future, even with a different provider.
5. Not purchasing a plan that covers drugs
Whether you are currently taking medication or not, having prescription drug coverage is important. Many countries charge high prices for drugs, particularly those required for major illnesses or new drugs. Having outpatient and drug coverage will ensure you don’t bear the cost of potentially extremely expensive prescriptions
One way to avoid mistakes in choosing the right health insurance plan, is to work with an insurance broker. At Expat Insurance Scanner we help individuals make the right choices that fit their health and life needs.