International Private Medical Insurance (IPMI)

When it comes to safeguarding your health while living abroad, it’s crucial to secure the best international private health insurance provider. International Private Medical Insurance (IPMI) is designed to provide you with the highest level of healthcare coverage, no matter where you are in the world. In this guide, we will explore the key factors to consider when choosing the best international private medical insurance and offer valuable insights into finding the best international private medical insurance provider. As an expat, whether you have been insured for a long time or you are new to insurance, understanding the concept of international medical insurance is vital. Here we have compiled a hands-on guide about how international health insurance helps you alleviate your health-related financial burden.   

1. What is international private medical insurance? 

International Private Medical Insurance, or IPMI, is a specialized healthcare coverage designed to offer peace of mind to individuals traversing the boundaries of their homeland. Unlike standard travel insurance or government-sponsored healthcare, IPMI provides comprehensive health coverage beyond borders. Private medical insurance is when an insurer covers for your medical, surgical and dental expenses.  

International Private Medical Insurance (IPMI) is often highly customizable, allowing you to tailor coverage to your unique healthcare requirements. Whether you need coverage for routine check-ups and vaccinations or you are looking for a plan that covers specific countries with high IPMI premiums, it’s important to do your research and compare different international medical insurance providers. Keep in mind that as an expat, changes in your needs or lifestyle may require a change in your health policy, so regularly reviewing and benchmarking your cover can ensure you are getting the best deal. At i-Brokers, we are committed to helping you find the right international private medical insurance plan that suits your needs and budget. Click here to get a quote and start safeguarding your health today.

2. What does international private medical insurance do? 

Typical international health insurance policies include the following treatment coverage options: 

1. As a day inpatient, your typical medical appointments, excluding staying overnight, are covered. This means that you can receive necessary medical care without having to stay overnight in a hospital.
2. As an inpatient, your nights in a hospital bed for medical tests or surgery are covered. This ensures that you can receive the necessary care and treatment in a hospital setting.
3. As an outpatient, your medical treatment, diagnoses and consultations, excluding overnight staying, are covered. Furthermore, if you require hospitalization, your nights spent in a hospital bed for medical tests or surgery are covered. 

It is important to note that comprehensive medical insurance policies tend to be more expensive but offer coverage for a wider range of treatments. On the other hand, more affordable health insurance plans have lower premiums but also provide a lower payout.

Some medical insurers also offer interesting coverage choices, such as dental care, optical check-ups, physiotherapy, psychiatric care, and nursing at home. These additional coverage options can provide individuals with comprehensive healthcare coverage.

However, it is essential to be aware that most international medical insurance policies do not cover certain treatments, including cosmetic surgery and drug rehabilitation. These treatments are typically considered elective or non-essential and are therefore not covered by insurance policies.

3. What are the features of international private medical insurance? 

Here are the characteristics of international medical insurance to be mindful of when it comes to purchasing the best international health insurance policy: 

1. Annual premium payment discount
2. Multitude of network hospitals in your particular country 
3. Cover for pre- and post-hospitalization costs 
4. Access to Specialists: IPMI often provides access to specialists and medical facilities not available through local healthcare systems.
5. Comprehensive Benefits: Enjoy coverage for hospitalization, surgeries, outpatient care, maternity, and preventive measures like vaccinations.
6. Global Coverage: IPMI plans typically provide coverage worldwide or within specified regions, depending on the policy.
7. Emergency Services: Coverage for emergency medical evacuation, repatriation, and assistance services is a standard feature, ensuring that policyholders receive the best care, even if they need to be transported to a different location.

4. Who needs international private medical insurance? 

When it comes to healthcare costs, we all like to save money. Having international health insurance is one of the most popular ways to go about doing that. After all, prevention is always better than cure, especially when you are in a foreign country as an expat, so literally everyone should have international medical insurance at hand at one point in their life. However, there are specific groups which IPMI caters to best:

1. Expatriates: People living and working abroad, whether temporarily or long-term, may need IPMI to ensure they have access to quality healthcare outside their home country.

2. Frequent Travelers: Business travelers, digital nomads, and individuals who travel frequently for leisure can benefit from IPMI, as it provides consistent coverage regardless of their location.

3. Students Studying Abroad: Students pursuing education in foreign countries may require IPMI to ensure they have access to medical care and emergency services while away from home.

4. Retirees Living Overseas: Retirees who choose to live in another country may opt for IPMI to safeguard their health and well-being in their new home.

5. High-Net-Worth Individuals: Individuals with significant assets may choose IPMI for the peace of mind it provides, knowing they have access to top-notch healthcare services worldwide.

6. Anyone Seeking Comprehensive Coverage: IPMI can be a valuable choice for anyone who wants comprehensive healthcare coverage that goes beyond what standard travel insurance or local government healthcare plans offer.

5. Can I Customize My IPMI Plan Based on My Specific Needs?

Absolutely. IPMI plans are often highly customizable, allowing you to tailor coverage to your unique healthcare requirements.

6. Are Routine Check-Ups and Vaccinations Covered by IPMI?

Routine check-ups and vaccinations may be covered, depending on your chosen plan.

7. Which countries have the highest IPMI Premiums?

USA, Canada and Mexico have some of the highest IPMI Premiums. For more information on IPMI premiums, click here.

8. Our Advice 

When comparing international medical insurance, it is important that you do your research. A change in needs is usually the driver behind people looking at cover.

1. Have you just started or are you planning to start a family?
2. Do you or will you in the next year require additional benefits that you did not before?
3. A change in lifestyle will sometimes require a change in your health policy.   

International health insurance providers make changes to their policies usually on an annual or bi-annual basis. Sometimes these changes will mean adding or removing benefits or benefit limits the terms and conditions. When your insurance provider makes a change, check to see how it affects you as it relates to your needs because it may warrant a switch to another policy.

Expats are traditionally a very mobile population of people. If you do relocate, this can impact the price and eligibility of your cover. Relocating from Thailand to Hong Kong for example will often mean that you will fall into a higher pricing bracket under your current policy and may therefore make sense before you move to shop around to see if you can get a better deal. Benchmarking your cover on an annual basis can reap rewards. 

At i-Brokers, we take great pride in offering the best service possible when it comes to insurance. 82% of consumers who compare insurance with i-Brokers find lower premiums. Can you afford not to? Click here to get a quote on your international private medical insurance. Choose an insurance plan that best suits your requirements and the needs of all the people you care about.