This is a video about long term career insurance regarding which deductible you should choose. Basically this type of international health insurance is a plan you can keep as long as you want, as long as you are an expatriate (remain living overseas). Those who secure this type of international health insurance may be residing or traveling overseas for one or two years, or residing abroad indefinitely. The point of this insurance is to cover you for 12 months or more.
Specifically, in this video we have chosen to talk about deductibles. The deductible is what you will pay first for any medical visit or claim, before the insurance company will pay. To consider what deductible to go with, we advise that you answer this question, “What do I want to pay individually/for my family before the insurance company starts kicking in?” The focus here is determining what you are comfortable with paying in a worst case scenario ‘out of pocket maximum.’ Furthermore, having a lower deductible means that the weight is heavier on the insurance company, thus the premiums you pay yearly will be higher. In the same relationship, if you have a higher deductible, there is less weight on the insurance company which makes your premium lower. Generally, when we quote our international long term career insurance plans for our clients, we generally start with a $1,000 deductible, as it provides a good balance between premium (your price for insurance) and deductible (what you pay out of pocket per visit or per medical condition).
Deductibles come in many options and with many conditions. Ninety-nine percent of the time, deductibles will be for the entire policy period. Though there are some insurance companies that go by calendar year. If you have a family of four or more, you would still pay no more that three times the individual deductible. For example, if you have a $1,000 deductible per family member, and four out of the five members have claims well over $10,000, the most you would pay in deductible is $3,000. Sometimes the deductible maximum for a family is only two, or even two and a half times the individual deductible. Usually, deductible options go from $0, $500, $1,000, $2,500, and $5,000. With a $0 deductible, you will likely pay about 20 percent more in premiums.
Inside the U.S., and outside of the United States, the deductible works the same. After the deductible is met, the international health insurance plan will pay 100 percent outside of the U.S.
Outside of the USA, medical costs are typically lower, so keep this in mind as you determine what a good deductible for would be.
One great thing about other benefits of the international health insurance like medical evacuation, is that it is not subject to a deductible. Most international insurance plans only make medical expenses subject to deductible, such as outpatient, inpatient, prescriptions, ICU, local ambulance, etc. However for other additional emergency benefits, medical evacuation or emergency reunion, they do not make those expenses subject to deductible. These other specific emergency benefits have their own coverage limits and cover at 100 percent.