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8 Tips for Controlling Your International Health Insurance Costs

Expat Women: Money Matters: Articles

8 Tips for Controlling Your International Health Insurance Costs

Philip McCusker


It would be nice to see insurance premiums remain level or even go down every year. It used to be that the two things you could be certain of in life were death and taxes. The third one should be increasing insurance premiums every year for your health care.

Even globe-trotting executives who are fortunate enough to have their family's health care covered by their employer might face a bit of a shock if the company starts to cut back on benefits, or indeed if they leave their firm and have to start shopping around for new cover.

Expats this year face yet again increasing premium rises - in some countries expats will be hit with a 100 percent increase. The rises reflect not only "medical inflation" - but also a rise in the volume of claims.

For the lucky expatriates who have not had something serious happen to them overseas, or for those who do not have insurance at all, many would be shocked if they knew how steep some medical fees are. For example, at the United Friendly Hospital in Beijing - a recent stroke victim's whose treatment cost US$153,238. In Greece, a cancer case cost US$258,692. In Germany, the bill for cancer treatment was US$125,227. The victim of a road accident in South-East Asia ran up bills of US$178,000; a work injury in Africa cost US$150,000, and a back injury in the Middle East came to US$65,908.

So in the current economic climate, with most tightening their belts, how do we get the most out of our insurance without being hit with huge annual premium increases?

With people living longer, more claiming on their private medical care plans, increasing insurance fraud, and associated increasing costs through advances in medical diagnostics and treatment insurance premiums are rising year on year, here are some ways to keep your costs under control.
 
 
8 Tips For Controlling Your Costs
 
1. Increase Your Deductible: The more you are willing to spend towards your share of the hospital bill, the lower your premium will be.
   
2. Pay annually: Most insurers give a significant discount for doing so.
   
3. No Claim / Small Claims Discount: Some insurers offer these - ask your insurer or broker if you have a low claims history and see if it is possible to negotiate better terms.
   
4. Save with Family Discounts: Seek out insurers that offer special rates for families. Sometimes young children will be free or heavily discounted if applying with a parent/guardian.
   
5. Form a Small Group: Forming a small group can lead to sizeable discounts. Some insurance companies will even accept members that have pre-existing conditions at no extra charge. An experienced broker can help your group to get started.
   
6. Shop Around: At least once a year, insurance companies revise the prices of their premiums. Make sure your plan's premium remains competitive. If not, consider changing insurer, but only once you know that you would not lose any cover for existing conditions, and on a ‘like for like' basis you will receive the same level of cover for a lower premium. If this all looks okay, check the new insurer's history on annual premium increases so you are not jumping from the frying pan into the fire. It is important to never cancel any existing cover until your new cover is in place and you understand everything to your complete satisfaction.
   
7. Pay Only What You Need: Are you paying for benefits and extras that you do not really need? Scaling back on your level of cover can be one of the best ways to reduce costs.
   
8. Negotiate: Sometimes discounts can be obtained through negotiation. Speak with your broker and ask them if they can negotiate on your behalf or offer you a special discount.
 
 
Do Expats Get Sick More Often Overseas?

A recent survey conducted by the world's largest expatriate insurer, Bupa International, highlighted that one in five expatriates - equivalent to around 38 million people around the globe - believe that their health has deteriorated since they moved abroad. Interestingly, their research also showed that one in five expats would prefer to be treated outside their country of residence, if they fell seriously ill.

The top places where people surveyed said they would like to be treated were Singapore (23 percent), the United States (15 percent), South Africa (10 percent), and the United Kingdom (10 percent).

The good news though is that over half (50.5 percent) of expats surveyed said that they feel happiest in their current country of residence.


The Flexibility to Choose

Having a good health insurance plan would appear to be a wise move allowing you to choose the qualified medical practitioner/doctor/specialist you wish to see, along with choosing the hospital/medical facility - particularly important if where you are based does not have the medical expertise you need or you do not trust the standard of care you may receive.

Consider being on holiday in Bali for example, although beautiful, most would prefer not to be treated there for anything serious, with evacuation to Singapore being quite common for those unlucky enough to have something serious happen. Also, with cancer affecting one in three, would you want the flexibility to return to your home country (or an alternative treatment location in your region)?

Despite the best will in the world, eating healthy, keeping fit, trying not to have too much stress in our lives, as each year passes the aging process is taking its natural effect on us all, which in itself leads us to being at more risk of ill health.

If we do not have our health we do not have anything. However, having the right insurance really can make a big difference - from making sure you have access to the best health screening to getting world class treatment and care when you really need it.


Philip McCusker represents Brokerfish.com, a dynamic, innovative company that helps individuals and organizations from all over the world gain a clearer picture of their health insurance options. BrokerFish.com allows you to compare premiums for 1,000+ expat insurance policies instantly.
 
 
June 2011
 
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