The importance of international health insurance is increasingly evident for today's growing business. Conducting business overseas and obtaining global partners is common for economic growth. With this increased international business comes a higher chance of illness, accident or injury on foreign land. Your employees must be financially prepared if it happens.
Nearly half of all US travelers need some sort of medical attention when away from home. This figure includes business travelers. Most standard health insurance plans do not cover medical care outside the US. If an emergency occurs, this could be disastrous. Foreign medical airlifting, for example, can cost up to $90,000. Providing international health insurance or travel medical insurance for your employees is essential for peace of mind and financial security.
There are three main types of international health insurance.
1. Long term international health insurance for expatriates
2. International health insurance for non-US citizens
3. Travel medical insurance
Action Steps
The best contacts and resources to help you get it done
Locate long term international medical insurance providers for expatriates
Long term international medical insurance is typically reserved for groups which have employees that live in foreign nations for months or years at a time. Coverage can be similar to US health plans to include dental, vision and hearing coverage, or they can be minimized to save money.
I recommend: IMG offers a plan suited for long term expatriates. Customers can choose between three levels: silver, gold and platinum. Each level covers different international regions with different premium amounts. You must live in a foreign nation for at least 6 out of the next 12 months to qualify for this plan.
International Health Insurance danmark (IHI), offers customers dental and vision coverage on top of the medical insurance.
American International Group is one of the long-time providers of international health insurance to American multinational companies.
Find reputable international health insurance providers for non-US citizens
If you have foreign business partners or employees that plan to stay in the US for an extended period of time, international health insurance coverage can help them as well. Typically, plans cover medical care across the globe if you currently live, or plan to live in the US.
I recommend: Global Insurance Net offers a web feature that allows you to receive quick quotes and easily compare various international health insurance companies.
InternationalCitizens.com, another site, offers a top-rated international health insurance plan called Global Citizen. This plan is underwritten by UNICARE Life & Health and has been rated as stable and excellent.
Explore the option of travel insurance for international health insurance coverage
International health insurance for travel is usually reserved for businesses or individuals who only briefly travel abroad. It covers medical care, travel emergencies and foreign medical evacuation.
I recommend: Medical evacuation is not typically covered by standard insurance plans. International health insurance plans don't always cover this expense either. The
Guide to Travel Insurance at Work.com, lists companies that specialize in medical evacuation, including
International SOS and
MedjetAssist. Another travel insurance provider,
WorldwideMedical.com, provides quality travel insurance at affordable rates, just apply online.
Tips & Tactics
Helpful advice for making the most of this Guide
- Typically, groups of at least 5 can get discounted foreign health insurance rates.
The official source of International Health Insurance Providers is
the International Health Insurance Providers page at Business.com
Related Resources from Business.com
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