What is the cost of International Health Insurance
Premiums for international health insurance plans are calculated based on a number of different factors. Normally an expatriate health insurance policy will calculate the annual policy premium based on:
1.The age of the individual(s) to be covered
2.The policy’s geographical area of coverage
3.The coverage options the policyholder has chosen to include in the plan
4.Any deductibles or excesses in force on the policy.
The age of the policyholder and the plan’s geographical area of coverage are the two main components which an international health insurance company will factor when calculating your medical insurance premium. This is primarily due to the fact that as an individual ages they become more susceptible to developing a serious medical condition, and present a greater amount of risk to the insurer (a good definition of insurance is the equitable transfer of risk for an agreed fee).
The second reason for using the applicant’s age and the policy’s geographical area of coverage is due to the fact that medical costs in different parts of the world will be different. Under many international health insurance plans the policyholder will normally be offered a choice with regards to the geographical area they would like to receive coverage in. Typically this choice includes two options of:
·Worldwide Excluding the USA
The reason that there is a choice between worldwide coverage, or worldwide coverage excluding the USA is due to the fact that America has the highest average medical costs in the world – receiving medical treatment in the USA will be expensive in comparison to many other countries. Consequently, electing to obtain a plan which excludes coverage in the USA means that the policy will not have to cover the high medical costs in that country and will often result on a lower overall plan premium.
The coverage benefits you choose to include in your expat health insurance policy will also have an impact on the plan premium. An international health insurance plan will include inpatient, or hospitalization coverage as a core component of the policy. Outside of inpatient coverage you have the option of choosing from an extensive range of plan benefits of which to include in your policy. Benefits which you can opt to receive coverage for may include:
·Outpatient health insurance
·Dental Treatment Coverage
·Maternity health insurance
·New Born Child Coverage
·Emergency Evacuation Insurance
·Vaccinations and Preventative Healthcare
Pacific Prime works with more than 60 of the world’s leading health insurance companies. Depending on the company you choose to obtain your policy from, and the plan itself, some of the above coverage benefits may actually be included in the plan’s core. However, there are cases choosing to add certain benefit to your policy will increase your premium. We recommend speaking to a Pacific Prime Insurance Broker for further information about these benefits and their suitability for your healthcare coverage.
The final aspect of a health insurance plan which can impact your annual policy premium is the plan’s excess, or deductible. A deductible is the amount which you will contribute to the cost of your healthcare or medical treatment, with the health insurance company covering the remaining fees. While Pacific Prime does offer health insurance options with no deductibles, choosing to include a deductible in your plan will lower your premium, and the higher the deductible the greater the premium saving will be.
Unlike many domestic health insurance options, the International Medical Insurance plans offered by Pacific Prime are not “one size fits all” solutions. Our expert consultants will work with you to ensure that your policy provides you with the exact levels of coverage you require, and will help to make certain that the plan conforms to your life goals for many years down the road; often making each and every plan unique to the policyholder purchasing it.
For a free international health insurance quote you can complete the short form at the top of this page. Once you have submitted your details our advisors will provide you with an extensive range of options which meet your current, and future, needs. Alternatively, you can speak to a broker and learn more about the services we offer by clicking here.