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Expat Investor : August 2009
HEALTHCARE INSURANCE MediCare International now expects to see salaried staff being laid off both here in the UK and in key markets such as the Far East, as companies react to the new economic realities. This time, however, these changes and adjustments should present opportunities for skilled staff looking for new challenges. David Pryor, Senior Executive, MediCare International comments, “In the past, as unemployment has risen in the UK, often this has been accompanied by a rise in expatriates seeking work abroad. “This time around, we expect that pattern to repeat itself, with specialist contractors looking to fill skills gaps in the now dominant manufacturing and related service industries of the Far and Middle East.” This new working model will also impact upon the way in which healthcare policies are taken out. People will still need to travel overseas for work, but they may no longer have healthcare as part of their package of benefits, particularly if they are working as contractors. Mr Pryor continues, “With healthcare costs rising, it is vital that employees and contractors alike are properly insured, particularly those working in war reconstruction or mineral rich territories which may be far away from large centres of population. “MediCare International has reacted to this new reality and staff groups as small as three can now take advantage of our world class healthcare insurance and secure significant premium 1. Single male aged 30 International International Plus Executive International Europe £872.00 £1,183.00 £1,435.00 Middle East £872.00 £1,183.00 £1,435.00 2. Single male aged 65 (would require a completed medical questionnaire before quoting) Europe International International Plus Executive International £4,303.00 £5,829.00 £7,066.00 3. Family male aged 40, female aged 35, with two children 10 and 7 years Europe International International Plus Executive International discounts. This allows three, let’s say, IT contractors working together on a year-long project in £3,017.00 £4,063.00 £4,929.00 Please note that all rates are valid until 30th June 2009. Hong Kong to take out healthcare insurance together, giving considerable savings to the individuals but allowing them the same benefits as an individual policy.” Middle East £4,303.00 £5,829.00 £7,066.00 Middle East £3,017.00 £4,063.00 £4,926.00 North America £2,056.00 £2,941.00 £3,564.00 North America £10,081.00 £14,280.00 £17,311.00 North America £6,937.00 £9,790.00 £11,868.00 William Russell Europe Middle East USA* Male 30 years old Male 65 years old ** £1,000.09 £1,000.09 £2,764.44 n/a n/a n/a Family *** £3,199.24 £3,199.24 £8,694.28 * Cover in the US is restricted to temporary trips of up to 90 days duration and up to US$250,000 cover. ** The Global Health plans are only available up to age 64. *** The second child receives a 25% discount off the premium and the third child onwards receives a 50% discount. Global Health Elite Silver includes the following benefits: ? In-patient and day-patient hospital accommodation ? Surgery, treatment and tests received whilst hospitalised ? Oncology ? Out-patient GP and specialists consultations ? Emergency evacuation cover ? Psychiatric care ? Complementary medicine ? Health screening Premiums quoted are for a moratorium policy but clients can get a 5% discount if they choose an underwritten policy. There is a standard excess of £30 and there will be a 20% premium surcharge for a nil excess. Premiums are revised on the 1st January every year. Follow these steps to keep cover affordable and still safe-guard your well-being. ? Increase the excess to cut the premium. Premiums can be reduced by up to 50% in this way. Existing members can increase their excess at renewal. Example: An $800 excess will discount the Elite Silver premium by 20% – saving $320 a year. ? Make sure you’re not paying for cover you don’t need. Match the plan benefits and area of cover to your needs. Existing members can review their cover and downgrade their plan at renewal. Example: Downgrading to Essential Care Plus from Elite Silver will save 25% – that’s $337 a year. ? Don’t risk losing cover by switching insurer. Take heed if you have suffered a new condition whilst on your current health plan and you are thinking of switching insurer to save costs. By taking-up a new policy your condition may be classed as a pre- existing condition and may not be covered. ? Choose an emergency plan for ultimate affordability. If you are happy to pay as you go for maternity and dental care, GP visits, prescriptions and treatment, you can opt for plans which will provide cover for high-cost surgical procedures and emergency evacuation for low-cost premiums. ? Pay a year’s premium up front. If you can afford to pay for 12 months premium up front, you will save 5% on monthly premiums. Existing members paying monthly can chose to pay annually a renewal. Example: You will save $117.63 a year on the Gold plan by paying annually. ? Tailor levels of cover for couples and families. Couples and families don’t have to choose just one level of cover for all members on the same plan. Family plan members can have a mix of plans, areas of cover and excesses all within the same health policy. Spend time looking at what each individual needs, to identify where you can cut cover to save costs. Example: A couple could apply for different plan types on the same policy where the female needs the maternity cover of Elite Gold and the male doesn’t – saving $751 a year on Elite Silver. Example: A family of 4 on Elite Silver could opt for different areas of cover on the same policy where one travels to the USA and the others don’t – saving $759 a year. ? Make savings by providing your medical history. Our Global Health plans exclude pre-existing conditions as standard. However, expatriates can choose to be medically underwritten and save 3% on moratorium premiums. Existing members on a moratorium plan are able to reapply to be medically underwritten but the terms and conditions of the new policy will apply. Example: You will save $68.49 a year on a medically underwritten Gold plan. July/August 2009 ? EXPAT INVESTOR 13
May June 2009
September October 2009