Why should I take out Medical Insurance? Doesn’t my health card suffice? Or can’t I just go back home to be treated?
Generally, everyone who lives in a country that does not provide free State healthcare requires medical insurance.

Many European countries are now prohibiting their expatriated nationals from returning home for free medical treatment. For example, in the UK a British expatriate who has not maintained their National Insurance Contributions will be charged private rates for NHS treatment.

Additionally, the cost of flying home for the treatment may be more expensive than the medical insurance. Add to this the discomfort of flying whilst ill (if it is possible to) and the delay in treatment and many soon wish they had opted for the insurance.

In the UAE, expatriates can purchase a health card for AED300 that entitles them to treatment in Ministry of Health run hospitals for a small fee. However, this does not entitle you to use the private hospitals often favoured by expatriates and does not include the cost of medication.

Additionally, many expatriates leave a transient lifestyle. What would happen if you suffered a heart attack and you then moved to another country where you had to apply for private medical insurance?

When should I take out medical insurance? Is there a right age or time in life to consider it?
If your employer does not provide insurance, you should take out medical insurance as soon as possible.

There is no specific age or time that is more preferable to start a medical insurance policy as cover is annually renewable and the premium increases with your age. However, some policies offer a no-claims bonus where the premium remains unchanged as long as you do not make a claim.

Additionally, if you are considering having a child, there is normally a 6-12 month period at the start of a policy where maternity treatment is not covered so apply for cover well in advance. 

What type of policy should I take out? Does it depend on my circumstances?
Candour Consultancy always recommend taking out an international medical insurance policy for two reasons:

Firstly, if you have a policy specific to the country or region you are currently resident in, you will have to switch cover if you move outside the region. Each time you switch cover; all your previous medical conditions are excluded. As such, if a theoretical individual had a heart attack, the treatment of which was covered by his regional medical insurance. However, if he was then moved to the Hong Kong office, he would lose all protection benefits related to heart conditions – if anyone would even be willing to insure him.

Secondly, some regional plans do not offer ‘guaranteed renewability’. Let us take our heart attack victim again – whilst all regional plans should honour the initial claim and pay for rehabilitation until his renewal date, if they feel there will be several years of ongoing expense related to the condition or an increased risk of further problems, they might not choose to renew his cover. This person is then left with no insurance and huge rehabilitation costs - and it is unlikely any other insurer will insure him; would you?

Most international medical insurers offer 3 levels of cover: in-patient only, full in-patient & out-patient (including rehabilitation and medication) and full in-patient & out-patient including rehabilitation, medication, routine dental treatment & maternity.

For most people, Candour would recommend either the second or third option – depending on their budget, whether they wish to include routine dental treatment and whether they are likely to require maternity cover. However, if you have a corporate or personal policy that is a regional plan and or requires you to pay a set percentage of a claim, it is worth considering setting up a secondary in-patient only policy. This way, if you have any major medical conditions you do not have a huge co-insurance to pay and you have a portable policy with guaranteed renewability you can take with you wherever and whenever you decide to move on. 

If you enjoy playing sport, ensure choose a policy that covers you should you be injured whilst participating.

Lastly, many policies offer bolt-on benefits such as travel insurance and personal accident cover. Adding these on to your medical insurance can often work out cheaper than having independent cover for these areas so should you require such benefits, look for a plan that offers them.

Where can I get more information about Medical Insurance?
You can get information regarding medical insurance from the websites of all the major medical insurers and financial brokerages.

Who can I talk to about medical insurance? Do I go direct to a medical insurance company or speak to a broker? Who are the major players in the industry?
You can speak directly to the medical insurer but, contrary to popular belief, it is no cheaper to do so and many do not even provide a direct sales force. Additionally, you will have to find and research all the different providers to choose the most suitable policy for you – a time consuming process.

Independent brokerages, such as Candour Consultancy, have already carried out all this research on your behalf and most will advise on the products of all the major international insurers (such as AXA/PPP, Bupa, ExpaCare, Goodhealth, Medicare International and William Russell). Not only will the medical insurance cost the same through a brokerage, most will not charge you for their recommendations.

How much does it cost? And how do I sign up?
The cost of cover is calculated on your age and the benefits you require. Discounts can often be attained by paying yearly rather than monthly and some providers will also discount small groups.

To receive a quotation, just provide your financial adviser with the names and dates of birth of those you wish to insure along with some details of the benefits you require. Once you are happy with a quotation, the application is usually just a couple of pages in length. You will not be required to undergo a medical examination and cover can usually be in place in 24-48 hours.