International Health Insurance is one of the most expensive types of insurance available, not just due to its global reach, but also due to the superior depth of coverage it offers compared to a typical health plan.
The international health market is also notoriously difficult to navigate due to its sheer complexity. This is why enlisting the help of a broker is always recommended (and often necessary) before making any financial commitment.
This article reveals how you can access the most competitive International Health Insurance quotes and decipher their value in this confusing global space.
Looking for the most competitive quotes on International Health Insurance? Our award-winning team will work across the whole market to deliver FREE quotes and support – with no contractual obligations. Call +44 (0)1273 974419 or click on the bottom right chat box.
2 Methods for finding International Health Insurance quotes
Finding the best quotes for International Group Health Insurance policies can be tricky due to the wide range of services on offer. There are so many features to consider and, often, so many tiers of coverage available from each provider.
However, there are only two main ways of finding quotes. The first option is to go direct to an insurer and liaise with them directly. The other option is to enlist a broker.
Let’s look at the pros and cons of each method.
Method 1: Go direct to the insurer:
You can choose to go direct to the insurer and gather quotes from them yourself. But it’s vital to cast your net as wide as possible rather than be persuaded by the first sales pitch you encounter.
Instead, you should gather a wide range of quotes and wrap your head around the inclusions and exclusions stipulated in each one, before drawing any conclusions. Yes, it’s a hefty research project!
There’s a huge array of international insurance providers to pick from, with market leaders including:
- Aetna International
- ALC Health
- Allianz Worldwide Care
- April International
- AXA Global Health
- Bupa Global
- Cigna Global
- Freedom Worldwide
To only name a few!
Each insurer offers a range of international private medical insurance products, extra add-ons, and specialised services for you to peruse. Some insurers have a strong reputation in Europe, others might have greater clout in the Middle East, so it’s important to understand each one’s key strengths and weaknesses as this affects the service your employees will receive.
With these huge capabilities comes confusion especially when international products need to be specifically designed for different territory requirements e.g., the Middle East, the USA, and parts of Asia.
So, if taking this route, take your time and fully understand what it is you are looking for in your International Health Insurance quote before diving in.
Method 2: Enlist an independent broker
The easiest, and most strongly recommended, course of action is to seek out independent expert advice. An independent broker like Engage will be able to gather quotes from across the market on your behalf without charging a penny. Just be sure that your broker is genuinely independent and not simply working as a sales funnel for one or two providers. Check that they have AMII membership!
At Engage, we begin by having conversations with clients, asking them about their business and their specific needs. What is the nature of their global operation? How many employees do they have? Across how many countries?
Often, businesses – usually their HR teams – will have plenty of questions for us too.
Once the initial mutual fact-finding mission is over, we get to work on gathering quotes on policies which match their requirements, while the client gets to… Well get back to their day job.
Why the lowest price isn’t necessarily the best value
Often businesses are persuaded by the lure of lower price points. There are two key things you need to think about. Firstly, is it going to match the needs of your business and your people? Secondly, are there any nasty surprises in store further on down the line?
Does it match the needs of your business?
Let’s consider the first point. Businesses invest in health insurance policies for a reason. But if the features of the policy are stripped back too much, it will fail to deliver the value you hoped for. For example, if an employee requires medical attention but struggles to access any healthcare facilities nearby, then the policy is clearly failing to deliver on its purpose.
Alternatively, they may lower the maximum payout amount. Which means that if you make claims above a certain amount, the insurance won’t cover it.
Taking the time to assess the needs and requirements of staff and your business is vital before committing to an international health insurance policy, as what is excluded might be exactly what you are looking for.
The options are vast, but useful add-ons can include:
- Private doctor visits
- Accident / emergency admissions
- Emergency evacuation / repatriation
- 24/7 multi-lingual medical helpline
- Maternity benefits
- Wellness benefits and health screening
- Optional dental / optical benefits
Is the lower premium lining up higher costs down the line?
There are many ways that a health insurance premium can be lowered. A couple of such ways is to increase the excess or apply a co-pay. The excess is the amount you agree to pay towards a claim before the insurance kicks in to cover the rest. This means businesses must balance the financial benefits of a lower premium (initial policy cost) with a higher excess or vice versa. As a broker we’re able to advise on how best to address this balance. A co-pay works in a similar fashion but is applied each time a member receives treatment and is typically a percentage paid by the member and the insurer will pay the rest.
Looking to create an international employee benefits plan for your global teams? Contact our team of AMII-accredited experts for FREE quotes and advice. Call +44 (0)1273 974419 or click on the bottom right chat box.
8 factors affecting the price of your quotes
No international insurance policy is going to be the same as the next; all quotes are based on specific details of each business’s unique makeup. Below, we have listed eight factors impacting your international health insurance quotes.
- Level of coverage selected – inclusions/exclusions
- Countries included in the plan (the US often increases the cost considerably)
- Cost control features – such as maximum payout amounts and excess
- Number of employees covered
- Demographics and risk profile of your employees
- The scope of hospital choice
- Nature of your business and industry (some have higher risk profiles than others)
- The pricing scheme – either ‘Community-Rated Pricing’ (premium renewal calculated based on the claims history of a pool of businesses) or ‘Claims-Rated Pricing (premium calculated on your own claims history – not available for every company).
The expertise of Engage International
Navigating the international employee benefits market can be stressful process if you’re not in the know. Reaching out to an independent international benefits broker can help alleviate the strain and ensure HR budget is spent wisely.
At Engage Health Group, we help to ensure there are no nasty surprises encountered along the way, working on your behalf to create the perfect blend of employee benefits and international insurance policies to suit your specific business needs. We have a large reach of global partnerships spanning 50+ countries and territories, enabling us to deliver the best advice and source the most competitive quotes available on the market.
Contact us on +44 (0)1273 974419 or click the contact form on the right for a FREE consultation. We’ll help plan and deliver the best international scheme for your business at no extra cost.