What is International Group Health Insurance?
International Business Medical Insurance (IPMI), also known as International Company Health Insurance, is a comprehensive private health insurance policy which can cover employees anywhere in the world.
It can cover all the medical treatments that your employees might ever need, whether they are expatriates or local nationals.
Why should I take out International Health Insurance for my business?
Some of the most common reasons that businesses take out International Medical Insurance include:
- Visa requirements
- Mandatory healthcare requirements
- The wide range of cover offered
- The need for multi-national coverage
- The wide choice of medical facilities offered
- The potential cost of not having coverage
Here in the UK, we are very fortunate to have free healthcare. However, if you are an individual or family relocating abroad, or a business with expat/international workers – then private health insurance suddenly becomes a more pressing consideration. It’s worth calculating how much private treatment would cost without an International Medical Insurance scheme in place to truly understand its cost-benefit.
Hooray’s protection experts can help review which policy is the right fit for you and your budget. Plus, we’ll also answer any questions you might have – FREE of charge.
Is International Medical Insurance taxable?
Depending on where you or your employees are living and purchasing from, there may be taxes applied to the premium. That means you don’t need to worry too much about calculating tax percentages as it’s included in the price.
For example, members residing in the UK will see 12% IPT (Insurance Premium Tax) included in their policy pricing. For members residing in Dubai, however, the new insurance VAT at 5% will apply.
All taxes would be paid via the premium you are charged by the insurer which they then pass on to the relevant local authority.
From an employee perspective, if International Group Health Insurance is provided as an employee benefit, it would be taxable as a Benefit in Kind.
Are there added value services with International Group Health Insurance?
All International Medical Insurance plans come with a range of added value services. These will vary from insurer to insurer.
Some of the most common and useful ones are:
- International virtual GP
- Independent second medical opinion
- International EAP
- Security services
- 24-hour medical helpline
- Maternity care
- Emergency evacuation and repatriation
Hooray Health & Protection can review your personal or Business Health Insurance needs and then advise on the insurers with the most useful added-value services.
The international health market is one of the most complex markets in the health and protection industry. This is partly due to the number of insurers available and the unique terms and conditions each insurer applies to their products.
By reviewing your new or existing insurance policy with one of our protection experts, you can ensure that you have the right policy for your company.
Why should a business buy International Medical Insurance?
There are International Medical Insurance policies designed especially for businesses with expat workers or those with business units in different international locations. In one policy, you can cover your whole workforce wherever they are in the world. This is much better – and more practical – than setting up individual policies in different countries.
Keeping things in one place makes it easier for HR and much more cost effective too. Plus, the level of coverage will be far superior.
Due to the costs and complexity of setting up a scheme, it’s advised that you employ a broker like Hooray to ensure that your budget is spent in the right way – and that you are fully aware of how it all works. In fact, some insurers will actually insist that you go through an expert broker!
Some of the leading global health insurance providers include:
- AXA Global Health
- Aetna International
- Cigna Global
- ALC Health
- Allianz Worldwide Care
- April International
- AXA Global Health
- Bupa Global
How much does International Company Health Insurance cost?
There are so many variables impacting the cost of global health insurance that even ballpark figures can be misleading. Some of the key price factors include:
- Number of employees: the larger the number the higher the per person discount
- Average age of employees
- Industry type: some professions are more hazardous than others
- Countries included: some countries are considered riskier propositions than others, and some health systems are more expensive than others
- Type of plan selected: some plans have more features and flexibility than others
- Claims rated vs experience rated plans: a claims-rated plan will calculate the premium based on the average claims made by the insurer’s pool of businesses, while an experience rated plan is based on your companies claims history (usually only available to companies with more than 100 employees)
- Level of excess: you can choose to increase the amount you pay towards claims (the excess) and thereby decrease the initial premium.
- Employee contribution: as with any insurance scheme, you can draw contributions from your employees via payroll
To get a precise quote for your business, fill in the contact form or call 01273 222805.
Why use Hooray Health and Protection for International Medical Insurance?
Here at Hooray Health and Protection, we know what it takes to provide the very best level of cover.
We’ll not only guide you through the process, we’ll also ensure you have the right cover too.
Our protection experts will never try to sell you cover that you don’t need. We will work with you, to provide you with the right level of cover, no matter what it is that you’re looking for.
So, reach out to one of our friendly advisors on 01273 222805 or the booking function below for a free review of a new or current policy!
Frequently Asked Questions about International Group Medical Insurance
How is the cost of the insurance calculated?
The price will vary based on the level of cover, but there are several factors which can drive up the cost, such as age and general health, as well as any pre-existing health conditions.
What countries can be covered?
We can cover nearly all countries depending on your requirements.
Where are treatments carried out?
Treatments are usually carried out within the country you are visiting, but some policies offer emergency evacuations back to the UK, or to the nearest country with appropriate medical facilities.
What are the exclusions?
The most common exclusions of International Medical Insurance are self-inflicted injuries and drug or alcohol abuse but these can still be covered with certain insurers.
Who are the most popular providers?
There are hundreds of different providers who offer International Medical Insurance, but some of the most popular insurers are Allianz, AXA, Bupa and Cigna.