Guide To Understanding International Health Insurance

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With international borders finally reopening in 2022 after a 2-year hiatus due to COVID-19, many more people are now starting to travel, both for leisure and work reasons.

While most of us would likely be taking short trips, some will be based overseas for a much longer period.

Whether we are relocating overseas for a few years for a job posting, further education, or just trying out our company’s working overseas remotely policy, it’s important to ensure that we have adequate insurance coverage when living overseas, both for ourselves and our families who will be with us. This is especially true since the COVID-19 virus is still very much present in most countries.

For those who are living overseas, an international health insurance policy is what we need. Such an insurance policy will cover our medical expenses at home and overseas.

How Does International Health Insurance Work?

Unlike travel insurance that usually covers medical emergencies during our overseas trips and the costs to bring us back to our home country if we need to seek further treatments, the idea of international health insurance is that it allows us to seek treatment overseas if we want to, in the country we are based in.

As such, the maximum plan benefit tends to be much higher compared to travel insurance.

For example, the Singapore Premier Individual plan (suited for expats based in Singapore) from Allianz provides a maximum plan benefit of USD$5,000,000.

This covers the usual in-patient benefits such as hospital room accommodations (private room), surgical fees, diagnostic tests, prescriptions, and most other associated costs even including organ transplants.

If we don’t think we’ll need that extent of coverage, we can also choose the Singapore Club Individual and Singapore Classic Individual plans, which offer lower coverage levels at lower price points.

Source: Allianz

Besides the core coverage provided by the plan, we also have the option to purchase additional coverage. This includes an outpatient plan that covers day-to-day medical expenses like GP and specialist visits, prescription drugs, vaccinations and more.

There are also other optional add-ons, including maternity plans and dental plans that can be opted for.

Source: Allianz

Coverage For International Health Insurance

Depending on our needs, our international health insurance policy may offer us options relating to the regions we are covered in.

However, it’s worth noting that even if our international health insurance policy does not include coverage for a certain country, most policies will still cover us for short trips in that country in the event of an emergency.

International health insurance plans typically have a minimum term of one year and are renewable on an annual basis.

International Health Insurance Coverage For Children

For those with families, our dependents can be added to the policy. Depending on the terms of the plan, they may be subject to medical underwriting, terms and conditions of the plan. They would usually be offered their unique premium based on age and the cost of healthcare in the primary place of residence. We can also opt for different levels of coverage depending on what our dependents need.

Read Also: Public VS Private Hospitals: How Much More Do We Really End Up Paying?

Whether we are an expat who is relocating to work and live in Singapore, or a globetrotting global citizen looking to work overseas for an extended period of time, an international health insurance policy such as the one offered by Allianz Care will offer us the financial protection we need to guard ourselves against unexpected medical costs.

With a single policy, we can ensure that we are well-protected wherever we are in the world.

International health insurance policies can be quite technical to understand, so it’s advisable to speak to an insurance specialist who can guide us on the coverage that we are getting from our policy and to answer any questions we may have.

Find out more about how the international health insurance policies offered by Allianz can cover us and our families today.

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