International health insurance, often called expat or global health insurance, provides coverage for medical expenses incurred by individuals living, working, or studying abroad for a year or more. For people going abroad for a year or less who only need emergency coverage and are retaining their domestic health coverage, they often buy travel medical insurance.
Most experts strongly advocate for expat health insurance to mitigate the significant financial impact of unforeseen accidents and illnesses. Claims for serious accidents and illnesses while living abroad can be enormous.
The good news is that international health insurance plans can be customized to fit your specific needs and cover you globally, including or excluding the USA. Some plans can limit healthcare to a particular region, such as Africa only. The medical costs associated with international medical plans can be high, depending on your citizenship, age, health status, residence country, insurer, and plan.
Let’s explore five strategies for reducing expat health insurance premiums to help you save time and lower your health insurance costs:
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Select multiple plans
Comparing international health insurance rates is a great way to save money. Obtain a quote for two or three plans via the same expat insurance website to assess different policies and their coverage options. Look for plans that meet your needs, such as coverage limits, deductibles, and network providers. Websites like Expat Financial can provide valuable insights and comparisons to help you make informed decisions, as well as advice, support, and a preferred rate versus going directly to the insurer.
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Choose a Higher Deductible
While it might seem counterintuitive, opting for a higher deductible can lower your monthly premiums. When you have a higher deductible, you’ll pay more out-of-pocket for your healthcare costs before you begin receiving coverage from your insurance company. This option is often suitable for healthy individuals who don’t anticipate needing extensive medical care.
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Limit Coverage to Specific Regions
If you know you’ll primarily be in one region, consider purchasing a plan that limits coverage to that area or country. Most expat health plans will cover you globally excluding the USA as a standard quote option, but others will allow you to include the USA. An expat living close to the USA or an American citizen living abroad may want to consider including the USA in their coverage, but this will definitely increase their costs. Regional plans are generally less expensive than global coverage options. This can be a smart choice for those living in a specific country or traveling within a certain continent.
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Identify your needs for global health coverage.
Take a close look at what you really need in an international health insurance plan. Do you require maternity coverage, mental health services, or outpatient and specialist consultations? Tailoring your policy to exclude unnecessary benefits can significantly reduce costs. Saving money while ensuring you’re protected is possible by focusing on what’s essential for you.
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Discounts and bundles can save you money on expat health insurance
Many global insurance providers offer discounts for families, students, or groups. Whenever you are part of an organization, ask them if they offer a group plan that could offer lower rates if you are a member of the organization. Additionally, some providers offer bundled services, such as combining health insurance with travel insurance, which can result in savings.
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Ask for a Discount
When you receive your online quote via a reputable source such as Expat Financial, make sure you ask for a discount. If you are getting a quote for their Cigna global health options plan, because they are a preferred provider, a discount should be provided shortly after you have your quote. For the other insurance providers they offer, a discounted premium may be offered. It always pays to ask and make sure you lock in the best possible prices. Note that you can apply up to 45 days prior to moving abroad or if you are already living overseas.
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Online Purchases
Online purchases of health insurance policies can sometimes result in cheaper premium costs. Buying health insurance policies online can often lead to lower premium rates. Insurance companies typically offer discounts for online purchases as a way to encourage digital transactions and reduce commission costs associated with traditional distribution channels.
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