By: Tsu-Han (Ina) Chang
What is expatriates insurance? Expatriates insurance is a policy that can be purchased by either the expatriate or their company. The policy can be designed by the employer and employee to cover a wide range of risks faced by the expatriate while working abroad. The most common coverage purchased is the health insurance policy.
Expatriates health insurance are considered to be short-term policies; lasting anywhere from six to 24 months. The purpose of the insurance is to provide the employer as well as the employee a peace of mind while working in a foreign country. Depending on the plan selected, an employee may be covered for emergency medical care when needed, and coverage for the emergency trip back to the employee’s country of origin. Other coverage may include: hospital room and board, doctor visits, emergency room fees, prescription drugs, laboratory services, etc. The importance of the policy is to prevent having to spend unforeseen hefty medical bills.
In one case, while working as an expatriate in Africa an American (left unnamed by article) suffered a massive heart attack and required immediate expert medical attention. The cost to evacuate him out of the area was $280,000. However, due to the expatriate insurance the man had purchased prior to leaving for his job, the cost of his care was covered. It is important to remember that as many of us are looking to either travel or work abroad, to consider the importance of having health insurance.