When it comes to choosing a health insurance policy two of the main options you have at your disposal are travel policies and international medical insurance policies. The latter is typically designed with expats in mind, whilst a travel policy is used when going abroad for a vacation. However, many experts will advise you to simply take out a global health insurance plan instead, which will cover you whilst on holidays as well.
The differences between the two policies are substantial. The only similarities both insurance plans seem to have in common is the fact that worldwide cover is available as well as multilingual support. Nevertheless, travel insurance policies are typically trip specific. If you have an international health insurance plan you can be sure you will be covered no matter where in the world you are. However, with a travel insurance policy, you may be covered for one trip yet you may find your policy does not work for your next vacation. This can, of course, be problematic.
Nonetheless, this is not the real reason why people tend to prefer worldwide medical insurance policies in most instances. Their motive for going down this path is to reap the benefits of a high cover level, maximum benefit options and limits, and private hospital accommodation. There are also fewer exclusions with international health insurance policies when contrasted with travel policies. This gives policyholders the ultimate peace of mind. They know that no matter where they are in the world they are going to gain access to the best care. Depending on the level of cover, this can also mean well-being check-ups, dental care, maternity care, optical care, and outpatient services as well. Travel policies, on the other hand, have a very low level of cover, which means assistance is only usually available in emergencies.
Of course, if you do not go on holiday regularly and are booking a one-off trip you may feel it is better for you to select a travel policy. This is what they are designed for at the end of the day! However, if you do not have health insurance in place, don’t hold out for too long. We all have a tendency to assume that because we are healthy illnesses will not occur. Thus, we leave it until it is too late and look for a policy once we have fallen ill. This can lead to problems when it comes to getting insured and you will find yourself facing substantial premiums.
If moving abroad, health insurance is not the only thing you need to concern yourself with. You also need life insurance, and this opens up a whole ballpark of questions, including term life vs whole life. Moreover, you may want to look into some form of critical illness insurance or income protection too.
Hopefully you now have a better understanding of international health policies, travel policies and their differences. Whilst global medical plans are typically designed for expats, they provide peace of mind in all situations, which is why they are worth considering.