There’s a lot to think about when you’re moving abroad. Whether you’re relocating for work or simply want a change of lifestyle, making sure that you’re fully insured as an expat is crucial. There are various types of Expat Insurance and business insurance you should consider taking out to ensure that you won’t have to worry if things go wrong. I can’t emphasise enough the importance of contacting a professional.
Your personal circumstances
Finding the right Expat Insurance for you will depend heavily upon your personal circumstances. The main factor will be the country in which you are an expat in – whether it’s safe or high risk, whether they have a strong healthcare system in place and whether the specific location of where you’re living is easily accessible and well served by infrastructure and healthcare.
Other factors that may affect finding the best policy type for you will include:
• Whether you are alone or with a family or spouse
• Your occupation and the risks that your job entails
• Your lifestyle and whether you are in good health
• The level of healthcare and security available in the country that you are an expat in
Health comes first
Your health, and the health of your family, should be your number one priority when living as an expat. Unfortunately, many countries around the world do not enjoy the same standard of healthcare as you may be accustomed to having experienced living in Australia and you will not be covered by systems such as Medicare.
As an expat, you are generally not entitled to the government subsidized healthcare system that country residents may be able to use. By making sure you take out a good expatriate health insurance policy, you and your loved ones will be able to access the very best healthcare possible in whichever country you are in.
What should you look for in expat health insurance?
In order to avoid facing potentially crippling costs if you get sick whilst living as an expat overseas, you should take out a policy that insures you for the following;
• Hospital stays
• Cancer treatment
• Outpatient costs such as visiting the doctor or receiving prescriptions
• Medical evacuation
• Dental needs
Other types of Expat Insurance:
- Income Protection Insurance: this will generally cover up to three quarters of your regular income if you’re injured or unable to work due to illness whilst overseas.
- Expat Life Insurance: it’s best to always be prepared and you’ll have ultimate peace of mind knowing that in the event of your death, your life insurance will help your loved ones to pay off debts such as your mortgage.
- Trauma Insurance: Major injuries such as heart attacks, strokes, cancer or blindness will be covered under this insurance and may provide essential funds to help cover medical costs.
I recently came across a fantastic directory: Acay.com.au. If you’re looking for a great, local broker to ask questions face-to-face, this is a great way to find them.