Most people research their insurance policies in depth, but what about researching the provider?
People who travel regularly will know the essential questions to ask yourself when choosing an insurance policy. Will I need extreme sports cover? Should I have emergency evacuation coverage? Is it worth buying a multiple trip policy?
But how deeply do you question the insurance provider? When you are investing in something as vital and potentially life saving as medical insurance, whether for a trip or as an expat, you need to be confident in your provider.
How financially secure is your insurer?
You need to go with an insurer who is financially secure as this will affect claim reimbursement. You can check the credit rating of providers at A.M. Best Company, a credit ratings agency which serves the insurance industry. Insurers with an A or A- credit rating are considered to be excellent.
Your provider’s background
You should check the track record of your insurer as thoroughly as possible. Ideally you want an insurer with a solid history of providing health insurance. Some insurers operate on a global scale, while others specialise in a particular region or country. Depending on your needs, you might benefit from an insurer with plenty of local experience rather than broad global knowledge.
Services provided
When you need medical care abroad, knowing what your insurance covers and what services your provider can offer you can be a huge comfort. Check which languages they offer, customer testimonies, how many members they have and how many countries they deal with. These can all provide a good overview of the expertise and experience of your insurer. Services such as 24 hour hotlines and knowledge of the local health system can be invaluable.