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SUB CATEGORIES General  |  HIV |  Medical Schemes | 

International healthcare cover crucial for people moving to other countries

05 April 2016 Sandra Woest, Henley & Partners
Sandra Woest, Senior Manager at Henley & Partners.

Sandra Woest, Senior Manager at Henley & Partners.

When individuals consider moving to another country, they must give attention to a number of financial considerations. However, some of these are not always addressed during the planning stages, as they might seem secondary to the main goals: establishing the correct legal status in the new state, identifying and acquiring residential property in the country, and finding good schools for their children. But not getting all one’s ducks in a row in good time can result in dire consequences.

Sandra Woest, Senior Manager at Henley & Partners, the global leader in residence and citizenship planning, refers to the advice provided in the Henley Global Residence and Citizenship Handbook (GRCH) on medical insurance, when she advises individuals considering moving to other countries. Woest explains, “Many people think that this is something they can sort out once they have moved, but it’s not always the best way to go. Comprehensive medical insurance with international cover is crucial.”

She continues, “People don’t realise that they’re not likely to qualify for private health insurance if they’re over 55 or have an illness, and so it makes sense to put in place this insurance before they actually move so they can rest assured that they’ve got the necessary cover even once they’re over 55. This makes it an important element of retirement planning too, especially if the individual in question plans to retire to another country.”

Thus for individuals staying abroad frequently or with the aim of moving to another country at some point in the future on a permanent basis, putting into place insurance cover that is independent of one’s residence and travel destination is of utmost importance. Woest says, “The flexibility this allows for is important. As you never know what the future brings – you may need to return to your original home country at a later stage, for example; if you have global insurance cover in place, rather than medical cover that’s restricted to the place you’re living in, you’ll be suitably covered wherever you find yourself.”

The policy that is selected should provide one with free choice of physicians and hospitals worldwide. One also needs to consider the premiums for the policy – if premiums rise dramatically the older the person gets, this policy may become unaffordable. The policy should ideally also guarantee lifelong policy renewal.

The GRCH recommends that one consults an independent consultant specialising in international health insurance, so that a suitable insurer with a good reputation can be identified.

“It’s really important to feel secure about your healthcare future, and so this element of your planning should receive just as much attention as the seemingly big issues,” Woest concludes.

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