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Article written by David Tompkins – President of TFG Global Insurance Solutions Ltd
Australians are well known for travelling and living abroad over the years, but the pandemic has certainly made this much more difficult. Borders will continue to open and close depending on the Covid pandemic numbers, but for many future or current Australian expatriates eager to live, work and retire abroad, the need for international health insurance is more clear than ever.
If you plan to live abroad for a year or more, make sure you buy a global health policy that will meet your requirements and budget. Note that the premiums for Australian expats will depend on your age, destination country, health history and the options and deductibles that you choose.
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5 key ways for Australian expatriates for reducing their international health insurance premiums
Here are five key ways Australians can lower their international health insurance tips for Aussie expats:
One: Pay your global health premium annually
A great way for future Australian expats is to pay the premium annually, as it can save you up to 10% over paying monthly. If you can afford to pay the premium yearly, why not enjoy the savings? Note that when you pay annually, it may be easy to forget to pay your premium, but some insurers can set up the annual premium at renewal to come from your credit card on file.
Two: Choose a global health plan with a big deductible
The easiest way to lower your global health insurance as an Australian expatriate is to choose a plan with a bigger deductible. A deductible is what you pay before the insurance company has to pay the claim, so the lower the deductible, the higher the premium. I find that some people who are living overseas like small deductibles, especially if an employer is paying the premium or if the budget allows. Others simply want to take on more of the risk or simply expect that they will probably not claim much. When you get a quote online via a site like Expat Financial, you will see how the deductible impacts your rates.
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Three: Choose the “Silver” level of coverage
Most international health insurance plans offered to Australians will have three levels of coverage, often referred to as silver, gold or platinum. If you live in a country where medical care is relatively inexpensive, you may be more comfortable with an entry-level plan that will provide lower limits and lower premiums. Note that these entry level plans may not have maternity coverage or be appropriate for high health claims countries.
Four: Exclude the USA for medical treatment
Unless an Australian expat lives close to the USA, he or she may choose to choose an international health policy that excludes treatment in the USA. Most plans will include 30 days of emergency coverage per policy year when visiting the USA. If you choose to include the USA for seeking medical treatment, the cost will be at least 40% to 50% in premium
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Five: Get an in-patient hospital only plan
We often find that Australians who live in nations where medical treatment outside a hospital is very inexpensive will choose a plan that covers the big potential claims that one would find when admitted to a hospital. Out-patient and wellness options can really add up, so many Australian global nomads will get the base level plan that covers hospital-related claims. More often than not, if the cost of out-patient care is inexpensive, the quality of care in that country may be substandard, so make sure you get the medical evacuation rider.
I hope that the above tips can save Australians some money when living abroad. It usually makes sense to talk about your requirements with an international insurance broker as everyone has different levels of risk, health requirements and concerns. Like most things in life, you often get what you pay for. The lower the cost, the lower the quality of the coverage when you need it. Life is short! If you want to live abroad as a global nomad or expat, make sure you get a global health plan that meets your needs.
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Written by: David Tompkins – President of TFG Global Insurance Solutions Ltd., which operates the highly regarded Expat Financial division. The firm has become a leader in sourcing expat life, health and disability insurance plans offered to expatriates & their employers around the globe. Contact them today and get an international health insurance quote online.
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Insurance is the fail-safe of life – it’s so vital to have complete coverage in case of emergency. The team at TFG Global Insurance Solutions have years of experience in this industry. Feel free to contact us if you need more info.
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