Premiums of the expatriate medical plan
Premiums of an expatriate medical plan use to be expressed per age brackets. However, this format was sometimes presented per family status. I.e. single, couple, family, single parent. Currently, premiums are mainly expressed per member and per age. This is probably the best way to ajust the premium to the risk.
Compare your expatriate medical plan
If you want to compare your expatriate medical plan in details, we recommend you to reduce your selection. I.e. you can select 2 or 3 solutions. In fact, there are too many parameters. If you want to compare them all correctly, you have to focus your attention to a limited number of expatriate medical plan.
Parameters to compare expatriate medical plan
When you compare plans, you have to take into account:
- regulation,
- eligibility,
- benefits,
- exclusions,
- procedures,
- services,
- bank transfer fees,
- zone of cover,
- …
This takes time to consider seiously all aspects. But doing so, you are able to select the expatriate medical plan which offers you the most attractive ratio between benefits, services and premiums.
Expatriate medical plan: tariffs
Premiums are usually expressed on an annual basis. When the Company decides to present it on a monthly basis, this corresponds often to a tricky process. In fact, people multiply most of the time the monthly premium by 10 only. And when you compare, the final amount is always lower than the one presented on an annual basis …
Surcharges
Surcharges apply for frequency payment on certain expatriate medical plan. They are usually expressed in % of the premium. For example: + 4% for a quarterly payment. Sometimes, the Company proposes a fix amount. For example, you have to pay 30 Euro per quarter.
Pay attention to this matter when comparing expatriate medical plan!
Also, please note that annual premium is sometimes expressed a different way from a Company to another. For example: you subscribe on June 1st. You annual premium is available until June 1st, next year. This corresponds to one year of insurance. Certain Company can propose you a premium from June 1st to December 31st. Then a new premium apply on January 1st. There are 2 different ways to manage plans, which both exist on the market. At the end of the day, this makes a difference on your budget when you subscribe.
Expatriate medical plan: insurance tax
Insurance tax apply in certain countries (IPT). Normally, the tax is collected by the Insurer and pay by Insurers to the State. If no tax is collected by the Insurer, that means that the expatriate could have to pay it directly to the State + penalties, in case of control.
Example 1
You are expatriated in Belgium, where you reside. The IPT is roughly 9%. In case of control, the State can request you the proof of payment for the tax. If nothing has been collected, or paid, by the Insurer, you will have to pay it + penalties.
Example 2
You are expatriated in Singapore, where you reside. No IPT applies there, for the moment. Therefore, there is no reason to add any tax on your expatriate medical plan’s invoice.
Example 3
You are expatriated in the UK, where you reside. An IPT applies there. If your expatriate medical plan’s invoice mentions it, then check that the Insurer is registered in the country. For legal reason, it is not allowed to subscribe off shore to be covered in the UK.
No list
Main Insurers take taxes into account IPT, and pay it to the State. But not all. There are controls, and this could be a risk for you. Therefore, pay attention to this matter and eventually ask your provider.
There is no list available of countries where IPT apply, for expatriates, because regulation can change at any time. That’s why this is only managed during the implementation of your plan.
What is the cost of an expatriate medical plan?
Premium depends on the zone of coverage you selected. Some expatriate medical plan propose 3 zones of coverage, some 2, others 6,; etc.
In a zone of coverage, the Isnurer lists countries where medical expenses cost almost the same. This list reflets the experience of the insurance company. And each experience is different. Therefore, some countries are not evaluated the same way, and this makes a difference for expatriates on premiums.
Pay attention to the local regulation
Please note that subscribing to an expatriate insurance does not free you from the local regulations. If you are eligible to contribute to a local healthcare system, make sure that you are compliant. Otherwise, you may be subject to paying a tax levy.