Insurance Premium Tax is a factor to consider as it varies according to the country, this means where you buy your insurance is important.
There are three different purchases routes, which are; online, broker and self insure.
- Online– the onlie purchase routine allows you to buy directly online from an insurer. This is a good idea if you are positive that it offers the correct deal needed. However buyers can also be let down, as medical insurance policies are more complicated than house insurance or motor cover. Exclusions can be overlooked or not understood. International plans unfortunately, cannot be assessed in a short amount of time and research has found that buyers like to talk with an insurance company to be sure about certain points. If the plan is moratorium based, it is important to understand how it works; any doubts can be cleared up by the provider over the phone or by reading the terms carefully. A moratorium requires that the policyholder stays free of the situation they have suffered in the past for two years; this tends to be after taking out the policy. Some moratorium plans states that the person must have been free of the situation for five years before the plan was bought.There are many foundations for different interpretations. The advantage is that those who suffered a serious illness can receive cover against any future event.
- Broker – it often pays to see an insurance broker who specialises in international private health cover and has the necessary software, experience and skills. There are lots within the British domestic market and many will have expertise in overseas cover.It is important that you question their background and to beware of agents who sell only one company’s products. Be aware of commissions, as some insurers give brokers an ethically questionable 40% commission on the 1st year’s premium. Be sure that the broker adviser searches the market to get the best option available for you.
- Self insure– the self insure purchase routine shows how there are reasonable options for people with healthy family medical histories in countries with good medical services to pay as you go. However there are risks that you may need sudden access to cash, as medicines are costly and ill-health can suddenly appear. This would be ill advised, even for the rich. if living in an under-developed country.