As part of the 2024 US Expat Finance Conference, David Tompkins from Expat Financial delivered an insightful session on insurance considerations and solutions for American expats. With over two decades of experience in the insurance industry, Tompkins shared valuable insights and practical tips on navigating the complex world of global health insurance, life insurance, and disability coverage for expatriates.
Global Health Insurance: A Necessity for Expats
Tompkins emphasized the importance of securing comprehensive global health insurance for expats living abroad for extended periods. Unlike domestic insurance plans, global health insurance policies are designed to provide coverage worldwide, allowing expats to receive medical care in their country of residence, regionally, and even back in the United States for up to six months per year.
Factors Influencing Premiums
The cost of global health insurance premiums can vary significantly, depending on several factors. Age, citizenship, coverage area (global including or excluding the US), coverage level (basic, mid-range, or comprehensive), deductible amount, and the insurer’s reputation all play a role in determining the premium. Tompkins offered practical tips, such as opting for higher deductibles or hospital-only coverage, to reduce costs.
Preexisting Conditions and Medical Underwriting
One of the challenges expats face is obtaining coverage for pre-existing conditions. While some minor conditions like asthma or controlled high blood pressure may be covered, more serious conditions like recent cancer diagnoses or ongoing treatments are likely to be excluded or result in policy declination. Tompkins stressed the importance of providing a complete and truthful medical history during the application process to avoid potential coverage issues down the line.
Life and Disability Insurance for Expats
Tompkins highlighted the limited choices available for expat life and disability insurance. He advised expats to maintain any existing policies from their home country, as premiums for new expat-specific policies can be significantly higher. For those without coverage, Tompkins recommended exploring term life insurance options and disability insurance plans designed specifically for expatriates.
Navigating the Application Process
The application process for global health insurance can be complex, but Tompkins provided valuable guidance. Expats can apply for coverage up to 45 days before their intended departure date from the United States, and those already living abroad can apply immediately. He also emphasized the importance of seeking personalized advice and being prepared to provide detailed medical histories during the underwriting process.
Throughout the session, Tompkins emphasized the importance of working with reputable insurance providers and seeking guidance from experienced brokers or agents. He offered a wealth of practical tips and insights to help expats navigate the often-confusing world of international insurance coverage.
For those seeking more detailed information, Tompkins and his team at expat financial offer a comprehensive international health insurance guide, as well as personalized consultations to assist expats in finding the right insurance solutions for their unique needs.