International Private Medical Insurance (IPMI):
When you make the decision to move or work abroad, the decision about how you will fund any medical treatment whilst out of your home country is an essential part of your planning as many countries do not have an equivalent to the UK’s NHS. With this in mind, self-funding could be a far more costly option than investing in an International Private Medical Insurance policy before you travel.
You should ensure that the policy you purchase is in line with the guidelines of the country you will be residing in as there are locations that have very specific health cover requirements.
The premiums you pay will depend on a number of factors such as:
Where will you be living?
The premiums you pay will depend on where in the world you will be living and for how long. You may be aware that treatment in the USA is more expensive than many other parts of the world and therefore the premiums for medical cover in the USA would be more expensive than cover for other destinations.
What cover do you need?
Many of the International Private Medical Insurance providers offer different cover levels for you to choose from, the more benefits you choose to take, the higher your monthly premium will be.
Benefit options available include cover for:
- In-patient and day-patient treatment
- Hospital charges
- Consultants fees
- Diagnostic tests
- Out-Patients treatment
- Complimentary medicines
- International travel insurance
You may also be given the opportunity to add an excess or co-payment on your claims which would see a reduction in the premiums that you pay.
When are you traveling and for how long?
The Insurance provider will need to know your date of departure from the UK and for how long you need the policy in place.
International Private Medical Insurance is also available on a company basis if you have employees who may spend much of their time working abroad and for students who may only be studying abroad for short time periods.
International Private Medical Insurance is generally offered on a Full Medical Underwriting or Moratorium underwriting basis and therefore may exclude pre-existing conditions. It is essential that you discuss any pre-existing medical conditions prior to accepting your new policy to ensure you know what cover is in place.
How claims are settled?
Depending on the value and type of claim you may be expected to pay for the treatment yourself and then claim back using either an mobile phone app or submitting the appropriate form. For higher cost treatment involving in-patients stay or surgery the claims are generally settled directly with the hospital facility.