expat insurance

4 Things your expat insurance policy should cover

Monday, March 9, 2020 by

Moving abroad is stressful. Even for the most experienced expat, the journey is filled with unknowns. That’s why it’s essential to purchase a comprehensive expat insurance policy to cover you during your time overseas. However, not all insurance policies are the same.

To clear up the confusion, here are four key things every expat insurance policy should cover.

#1 The insurer should speak your language

You may be surprised how many insurance companies – particularly those who don’t specialise in expats – operate only in their local language. Promotional information may be in English; however, company representatives may not speak English. This means, making a claim or asking questions can be far more difficult. In case of emergency, ensure you obtain a policy from an English-speaking insurer.

#2 They should pay hospital bills directly

While scary, being admitted to hospital overseas can also be very expensive. What’s worse is many insurers will ask you to make a claim and pay only when it’s been approved.

Making a claim involves reams of paperwork, obtaining original documents from your healthcare provider and waiting for these to be approved. This is a frustrating and expensive process.

To avoid this, ensure you choose a provider who will pay your bill upfront, directly to the hospital.

#3 You should be covered for life

For the young expat, inexpensive insurance policies are easy to come by. This all changes, however, as you age.

Some companies refuse to cover certain medical conditions. And others even cancel your policy once you have reached 65. To be certain you are covered at any age for any eventuality, select a policy which comes with a “lifetime renewal” option.

#4 Mental health should be covered

As many as one in three people will suffer from mental health issues at some stage. In fact, expats are at a higher risk of developing depression and anxiety. The key reasons for this are social isolation and no support from friends and family.

Your insurer should be able to help you face the extreme challenge of building a life overseas. So, make sure your policy includes mental health cover.

For assistance choosing the right insurance policy for your needs, contact our team at Expat Tax Services today.

Shane Macfarlane
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