Are you looking to find out what international corporate health insurance is and how it differs from other similar products? In this article, we answer some of the most frequently asked questions about international corporate health insurance.
What is international corporate health insurance?
International corporate health insurance is a type of private medical insurance designed to provide access to private medical treatment to employees or groups working outside the UK or travelling abroad for business on a regular basis.
How does international corporate health insurance work?
The insurance premium is paid by the company, while the members covered can claim for their private medical treatment costs, according to their policy’s terms and conditions.
Who is international corporate health insurance for?
International corporate health insurance can cover groups from small (minimum two people) to large (with hundreds or thousands of members) and is designed for two main types of groups:
- Multinational corporations with workforce in two or more countries
- Employees required to travel abroad for work on a regular basis
What are the benefits of international corporate health insurance?
International corporate health insurance can provide valuable protection and peace of mind for employees and employers alike. Here are some of the benefits:
International corporate health insurance typically provides extensive benefits for employees that can ensure comprehensive protection for their health while working abroad, from hospitalisation to emergency medical treatment.
International corporate health insurance plans can usually be tailored to meet the specific needs of a company and its employees.
Access to private healthcare
With international corporate health insurance, employees have access to private healthcare in the country where they currently reside.
Peace of mind
Knowing that they can access private healthcare in the event of an illness or injury, employees have peace of mind.
Navigating the local healthcare
Different countries in the word have different healthcare systems. Having international corporate health insurance means you have more guidance on navigating the local healthcare.
Recruitment and retention
Providing International corporate health insurance can be a way to demonstrate commitment to your employees, wherever they are in the world. This can help companies attract new talent and increase overall productivity and retention.
What does international corporate health insurance cover?
The coverage can vary depending on the specific plan and insurance provider. However, here are some of the most common benefits that may be included:
- Inpatient and day-patient cover for hospitalisation, surgeries, consultations and other medical treatments
- Outpatient treatment
- Cancer cover
- Medical evacuation and repatriation
- Compassionate emergency visit benefit
- Emergency medical services
- Prescription drugs
- Mental health services
- Dental and optical care
It’s important to note that not all plans will include all these benefits, and some plans may have additional benefits not listed here. You can review your policy documents to fully understand what is covered under your plan.
What countries are covered by international corporate health insurance?
International corporate health insurance usually covers groups of countries which are situated in the same geographical area. For example:
What is not covered by international corporate health insurance?
Like other health insurance policies, there are certain things that international corporate health insurance doesn’t cover. Some examples are given below, however, please note that this is not an exhaustive list and your exclusions will depend on your plan and provider.
- Treatment outside your geographical area of cover
- Pre-existing conditions (unless agreed upon at the start of your policy)
- Substance abuse and addictions such as drug addiction or alcoholism
- Cosmetic treatment such as plastic surgery
- High-risk activities such as professional and extreme sports
- Self-inflicted injuries
- Weight loss surgery
How is the cost of international corporate health insurance calculated?
The cost varies depending on a number of factors, depending on your provider. Here are some examples:
The geographical location covered
For instance, an international plan which covers the United States would be more expensive because healthcare costs in this region are higher.
Age of employees
Older individuals are considered to be at higher risk of needing medical treatment so companies with a higher employee average age may pay more for their health insurance.
A policy with higher limits and more comprehensive coverage will typically cost more than a policy with lower limits and more limited coverage.
The cost also depends on the number of employees covered by the plan.
Some policies may require employees to pay a certain amount out-of-pocket towards the cost of treatment (excess). Higher excess level may result in lower premiums.
What is the difference between international corporate health insurance and individual international health insurance?
International corporate health insurance is designed for companies that have employees working overseas. The cost of the policy is typically supported by the employer. Individual international health insurance, on the other hand, is designed for individuals who are living or traveling abroad on their own, without the support of a corporate employer. These policies are purchased directly and paid in full by the individual.
What is the difference between international corporate health insurance and corporate travel health insurance?
International corporate health insurance is designed for companies that have employees working overseas for an extended period, often for several years and provides long-term healthcare coverage. Corporate travel health insurance, on the other hand, is designed for short-term business travellers who are typically on the road for a few days or weeks at a time. These policies offer coverage for medical emergencies that may occur while travelling away from home, as well as other benefits such as cancellations and lost or stollen goods. The policy is purchased by the employer on behalf of the traveller and is designed to provide coverage for the duration of the trip.