[Step 3 of 4...This post is part of our series, "A Guide to Finding the Right International Health Insurance Plans".]
Your first concern in this search might likely be about the cost of international health insurance plans. Such plans are generally paid in what is known as a "premium", which is the amount of money an individual or family pays for the insurance policy (not the amount that you pay for care or treatment). Most insurance carriers charge monthly premiums, but some may offer a lower premium if you pay for many months or a year up-front.
Eligibility and premiums for international health insurance plans are based primarily on risk, which is assessed by the following criteria for each applicant or policyholder:
- age, medical history, and destination/residing country or region
- deductible and coverage maximums and limits selected in the quoting and application process
- upgrades and add-on coverage selected in the quoting and application process
- whether or not coverage in the USA is included (and how comprehensive the USA benefits are)
Why does it cost more to include coverage in the USA?
International health insurance plans generally offer two areas of global coverage - Worldwide or Worldwide excluding the USA. Medical care and treatment, including prescription drugs, in the USA tends to cost much more than in any other country on Earth. These costs get passed on to the insurance carrier, so the policy premiums tend to be much higher when the applicant/policyholder elects to include coverage in the USA.
*The GeoBlue Xplorer plans also offer a 'Basic US Benefits' level of coverage, which are designed to cover temporary visits to the USA. This can be a way to save on premiums while still including some US benefits.
*After accepting a quote, the applicant submits an application to the carrier, through a licensed agent. The insurance carrier then reviews the application in a process known as medical underwriting. The underwriters may have additional questions or requests for the applicant. When underwriting is completed, the application can either be a) approved at quoted rate, b) approved with exclusions or a surcharge due to medical history, or c) declined due to medical history.
Need assistance? For more information on international expat health insurance and our partner carriers, or to get a quote and work with a licensed Wanderwell advisor/agent, please visit Wanderwell at https://gowanderwell.com/global-citizen-plans.
Quick Links - A Guide to Finding the Right International Health Insurance Plans
Step 3. How much should I expect an International Health Insurance plan to cost?