Top 10 Tips for Buying International Health Insurance for the Over 50s
Buying expat insurance for those over 50 requires careful consideration of several key factors to ensure you get the right coverage for your needs. Here's a guide to help you navigate the top 10 key factors to buying International medical insurance for the over 50s:
1. Evaluate Customer Service
Look for an insurance provider that offers multilingual, 24/7 customer service. Test their response quality by calling during off-peak hours with complex questions. Understand their claims process, especially in terms of record-keeping, document translation, and notarization requirements. Avoid companies where reimbursement seems cumbersome. Also make sure you read the reviews of an insurer, check out the detail pages for each of the insurance companies we list to see what their reviews are like.
2. Understand Policy Terms and Conditions
Read the fine print carefully to understand policy exclusions, which may include zero reimbursement for certain diagnostics or age-related diseases. Be aware of waiting periods for specific treatments after coverage initiation. Read our jargon buster if you are feeling overwhelmed.
3. Premiums and Costs
Premiums are typically based on factors like age, medical history, and the country of coverage. Most insurers offer different plans, including worldwide coverage excluding or including the USA. Prices may vary based on the healthcare costs in specific regions.
4. Medical Network Coverage
Check if your insurance provider has a direct billing arrangement with hospitals and clinics. In the absence of such a network, you might have to pay upfront and wait for reimbursement, which can be inconvenient.
5. Policy Customization
International insurance plans often allow you to customize your plan by choosing coverage limits, areas of coverage, deductibles, and copays. It’s crucial to find the right coverage for your specific needs.
6. Compare Policies
Look at maximum payouts, which can be annual or lifetime, and other factors. Using comparison tables or consulting brokers can help you make an informed decision. It's also beneficial to read company reviews to understand their service quality and customer satisfaction.
7. Insurance Types
Be aware of different types of coverage such as life insurance, critical illness insurance, private health insurance, and income protection. Each type serves different purposes and offers varying levels of protection
8. Application Process
Prepare necessary documents like proof of identity, residency, medical records, and financial statements. If language barriers exist, consider working with an insurance advisor for assistance.
9. Benefits Limits and Procedure-Specific Limits
Understand the limits on inpatient care costs and specific procedures. Some insurance plans have limits on coverage for organ transplants, HIV treatment, and pregnancy-related expenses
10. Lifestyle Factors
Factors like occupation, hobbies (especially if they include hazardous activities), and location of residence can affect insurance costs. It's important to disclose these accurately to get the most suitable coverage.
Remember, the best international health insurance policy will depend on your unique circumstances and needs. It's advisable to take time to research and compare different options before making a decision. Take a look at our list of international health insurance companies and brokers for more information
