| Guide to expat healthcare -A care in the world |
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| Thursday, 31 January 2008 19:00 | |||
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Francis Higney explains how to find the most suitable healthcare policy and the most suitable pricer. There are many things in life that we, in the west at least, take for granted; clean running water, electricity, England failing to win a major soccer competition... the list is endless. Most of us also tend to take good health for granted - being healthy is only recognised for what it is when we have the misfortune to fall ill. Should we recover, many of those promises we made to lead a healthier lifestyle and take better care of ourselves go the way of many New Year Good health, therefore, is a commodity and like any other commodity it can be bought and sold. And like any other kind of good or service operating in a free market, there are varying degrees of quality and price. But one old maxim tends to ring true in the healthcare market - you get what you pay for. However, this is a pretty vibrant market with a lot of players and innovation and the first-time buyer may very well be bamboozled by the choice of products on offer. Before buying a policy, make sure you are clear about the cover you want and understand its limitations. International healthcare policies are based on a number of factors. The first is geography. Because the cost of healthcare in the US, Canada and the Caribbean is so prohibitive, worldwide cover that includes these areas will cost you more. Cost of cover depends on where in the world you are living: Europe including the United Kingdom, not including the Commonwealth of Independent States is one geographical boundary. Worldwide, not including the USA, Canada and the Caribbean is another with everywhere else classified as worldwide cover. Of course, as with any kind of insurance, personal circumstances will be taken into account (health, age and so on). Policies that cover ongoing conditions will cost more. Above and beyond these factors, cost of cover will depend on what you want to include, or what you are willing to exclude. Private Medical Insurance (PMI) will not generally cover you for existing medical conditions requiring ongoing treatment, for accident or emergency treatment, or for cosmetic treatment. Normal pregnancy and childbirth is also generally excluded from cover, but otherwise the extent of cover depends on how much you can afford to pay. There are usually three main price bands. These three groupings are often referred to as Platinum, Gold and Silver. A basic plan - and this will vary according to which insurer you choose - might cover in-patient and daycare treatment and evacuation and repatriation to the UK, The next level up will cover outpatient treatment and dental cover and the top of the range should cover you for all eventualities. But there can be wide variations within these categories, for example; with emergency evacuation and repatriation, does the benefit include both travel and accommodation costs? Some policies only cover travel costs - not accommodation costs. Does the policy cover both outward evacuation costs as well as the return costs? Some policies only cover you one way. Does the policy cover travel and accommodation costs of family members or a business colleague to accompany you? Some policies do, some don't. Biting the PMI bullet means paying for cover that lets you sleep peacefully at nights. The more bespoke the policy, the more you will pay for it. The idea of having insufficient cover when an emergency occurs thousands of miles away from home doesn't bear thinking about from a health point of view - nor should it from a cost standpoint. Which is why, despite premiums rising by as much as 35 per cent a year in the UK, it is increasingly the more comprehensive policies that expatriates are choosing. You need to know that if anything should happen to you or a member of your family, high standard help - encompassing international rescue - will be on hand straightaway. There is little point in cutting corners and policy documents should be examined for all exclusions. "The price thing is all relative," says Peter Rousseau at InterGlobal Insurance services. "There are schemes out there that are cheap but offer little in the way of cover. People should read the fine print. The price you pay is the price of the peace of mind for you and your family." The cost of cover moves in line with rises in medical inflation, which can range from between 5-15 per cent a year depending on geographical location. Last year saw huge increases in medical inflation in the US and Canada - partly as a consequence of 11 September when a number of underwriters decided to exit the healthcare market. Goodhealth Worldwide is a specialist PMI provider for expatriates since 1890 operating in UK, Europe, USA, Hong Kong, Dubai and Jakarta. It claims to offer "value for money rather than cheap" products providing first class comprehensive cover for clients in a cost-effective manner. It has aimed to differentiate itself by offering several locally-developed products that match the local environment. Its Premier product is specifically designed for expatriates in France, for example. Most product providers, however, stick to the tried and tested formula of having banded products. PPP Healthcare offers Standard; Comprehensive and Prestige international healthcare cover. Standard cover provides evacuation/repatriation and regular inpatient treatment at
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