Tips on Choosing an International Health Insurance Plan:

In our world of an ever increasing globalization, it is becoming more and more likely that your firm might expand overseas one day. Expanding internationally offers a host of business opportunities as well as additional responsibilities as an employer.

One of those responsibilities is providing an employee benefits package that covers your organization and employees on a global level. Specifically, one of these benefits is Medical Insurance that covers your employees worldwide, and while traveling.

Choosing an International Medical plan can be a trying experience without the aid of an experienced broker and not familiarizing yourself with some important considerations. For example:

Most importantly, Worldwide Coverage is Offered on International Medical Insurance.

Most of your domestic health insurance policies do not extend outside the U.S. or Canada. If they do, there are usually “gray areas” which make it confusing to figure out whether or not you have coverage. There are however several Medical plans offered through Castle Rock International that are designed for the Expatriate.

Some other important International Health Insurance considerations:

Preexisting Conditions.
It is critical to make sure that your International Health Insurance Plan will include pre-exisiting conditions. Meaning, any conditions that you currently have covered through your current domestic plan will continue to be covered. An example could be high blood pressure that you treat with a monthly prescription. You want to make sure that your prescriptions and monitoring will be covered under your new plan.
Emergency Evacuation.
Depending on where you are in the world, there could be a need to transport an employee to another country for treatment of a serious problem. For example, an employee suffers a heart attack in a country with sub standard medical services. He/she would need to be evacuated to a country that can adequately treat this person. Evacuations can be very expensive as they can involve a team of medical experts to ensure a safe evacuation. Make sure this type of event is covered.
Maternity coverage.
This is usually presented as an option to the organization. Choosing this coverage can affect the premium significantly. So, when reviewing plans, be sure to ask whether maternity is covered.
Direct payment vs. Reimbursement.
Some medical plans have established relationships with providers all over the world. This means that an employee can access this facility and not pay anything out of pocket. The insurance company will pay the provider, assuming it’s a covered claim. Other plans require the employee to pay up front and then submit a claim to the insurance company. This is usually not a major issue however it is an added service that your organization must decide whether or not to include.

Understanding your International Medical plan and your organizations benefit plan can make your transition in to the global economy a safe and rewarding one. Lastly, if the insurance premiums presented to you seem too good to be true, they probably are. Unlike domestic medical plans, International plans are very flexible and coverages can easily be added or removed. Knowing the right questions to ask can help to ensure your organization is prepared for the global economy.