Private Expat health insurance is becoming more and more popular. Lots of people now think that national systems such as the NHS are close to collapse. The truth is that many national governments are under huge strain and are having a tough time offering good quality medical cover. But, is health medical insurance worth it and how you can save money on your expat health insurance policy? Should expats rush to take out health insurance to ensure medical cover before Brexit goes through?
Are You Healthy Enough for Your Expat Health Insurance Company?
If you are considering taking out expat health insurance, it is worth considering your "good points". That is a funny statement to make but it is very true. So, what are your good points? If you are a non-smoker, you can certainly consider this as being one of your good points. Most insurers will load, or make your expat health insurance premium more expensive, when you are a smoker.
Another good point which can help is being the right weight for your height. Obesity, and overweight, brings a whole host of health problems. Most doctors will tell you to lose weight if you are overweight, so make sure that you are a healthy weight when you take out private health cover.
If you are a regular gym goer, or exercise a lot, it may help you to get lower premiums. It is well known that people with a healthy lifestyle suffer less health problems. Also, don't forget that alcohol comes into it. Your insurer is much more likely to offer you a better rate when you are not a "big drinker".
How to Self Insure for Expats
This sounds really funny to most people, but I came up with the idea when I lived in the States. In the United States health insurance is a real minefield and very expensive. Even though I was young when I lived in the US, my health insurance used to cost me a lot of money per month.
To reduce cost, I reduced cover but I started to put money into a savings account instead. The money was meant to build up, and help me to cover any extra medical costs. Fortunately, I never needed it, but I have kept the idea going and I still put away a little bit of money every month.
How to Pay for Expat Health Insurance
How you pay for private medical insurance can save a lot of money. If you are able to prepay for a whole year, you may find that you will get some better rates from your insurance company. I pay for mine a year at a time, and I do this by saving money in a savings account. When my premium is due, I simply use this bank account to pay for my health insurance. This way I do save a lot of money by the end of the year.
Expat health insurance is a very competitive business, and don't forget to get several quotes. Make sure that you compare the quotes from expat health insurance providers. It is all about value for money and making sure that you are getting the right cover for your circumstances.