If you are traveling abroad expat travel insurance is must for you. Most countries make it mandatory for expats to carry health insurance irrespective of the length of their stay. It is a vital security cover that would save from exorbitant medical expenditure in case of an emergency. But with so many plans that often charge high premiums, buyers are often at a fix. Here we shed light on four simple ways in which you can save while buying this insurance cover.
- Choose Your Plan Wisely: Ideally, you must choose a plan that would offer you adequate coverage in the country where you are relocating for work or traveling for a vacation. Medical and emergency costs vary from country to country. Choosing a plan that offers you global coverage can cost more. If you don’t need it, ask for a tailored plan that offers coverage in the countries you plan to set foot on as this will help you save substantially on the premium cost.
- Opt for The Right Deductible: If you are young and healthy, you can go for a higher deductible as this can bring down the premium significantly. Deductible means the portion of the cost that you would bear from your own pocket before you seek benefits out of your plan. However, make sure you are comfortable with the deductible in case you need to undergo medical treatment abroad.
- Pay Upfront: Insurance companies offer you the choice between upfront payments for these plans or payment through installments. If you choose the latter option you would have to pay higher premiums. If it doesn’t hurt your pocket it is wise to pay the premium upfront. Some insurers also provide you additional discounts if you buy their plans online. So explore all possibilities while buying the plan.
- Insist on Discounts: Don’t be shocked if you come to know that different people have paid different premiums for the same expat travel insurance plan. As companies aggressively sell these plans they are willing to offer extra discounts to people who insist on them. In short, there is nothing called a ‘fixed premium’ on these plans and if you can bargain hard you can get additional discounts.