1. Every year or two look around at other insurance options in the marketplace, as the insurance needs of your organization may have changed. Talk to your broker or agent, or call Good Neighbor Insurance, an international health insurance brokerage, at 1-866-813-9100 or 480-813-9100. We will be glad to look at insurance options for your staff living in and out of the U.S.
2. Lower your premiums on group insurance by taking off staff members who are over 65 and who have Medicare benefits in the U.S. Instead, when they are overseas, place them on a short-term plan that includes medical care, evacuation, and other key overseas benefits. There is no need to have double health coverage in the U.S. Please check out https://www.gninsurance.com/library-us-medical-health-insurance-information-resources/ for further information.
3. Nobody wants to have a high deductible on their medical plan, but it is a great way to help lower premiums. Remember that health insurance is financial insurance like all other types of insurance. The goal of your health insurance plan should be to find the balance between paying a bit out of your own pocket without seeing tons of medical bills stacked on your desk. Typically, the $1,000 deductible is the best deductible to choose; but even going to a $2,500 deductible is a smart financial decision, especially when you see how much you will save on your yearly premium.
4. Shop for an insurance policy that rewards your employees for getting their medical care outside the U.S.
5. One of the great things I have learned from living in Indonesia is to bargain. So when your current insurance carrier informs you of your renewal premium increase–start bargaining! You can even go back again to bargain another few dollars off the renewal premium. You might even realize you have a knack for bargaining and enjoy it. I do!
6. Medical evacuation is a vital component on all overseas health insurance group and individual plans. You may want to look at evacuation plans for individuals and families. These plans will keep the evacuation coverage off your group plan, which will help lower premiums. Individual plans are usually less expensive, and they will be accepted with no underwriting. A typical evacuation plan for a family is under $600 annually. To learn more, look at www.gninsurance.com/evacuation.asp .
7. If your staff members have access to excellent medical care outside the U.S. like Europe or Singapore, you may want to consider a policy that excludes coverage in the U.S.. This option will help lower your premiums considerably. When your staff members come back to the U.S. to visit, they will be able to purchase a short-term medical plan from Good Neighbor Insurance. If your staff members will be staying longer in the U.S., they may want to consider a U.S. domestic plan. By 2014, all U.S. domestic plans must accept all who request to get on their health insurance plans.
Doug Gulleson loves to scuba dive overseas. He makes sure he always takes his credit card AND international travel insurance policy. Visit Good Neighbor Insurance and view the BUPA plans at www.onlineglobalhealthinsurance.com .