Guide to International Business Health Insurance

Table of contents

1. What does corporate international health insurance cover?

2. How much does international business health insurance cost?

3. Benefits of international health insurance for businesses

4. Choosing international group health insurance

5. The difference between corporate international health insurance and corporate travel insurance

There are many reasons why companies should consider international medical insurance for their employees. For example, it may be a legal requirement in certain countries, be a pre-requisite for obtaining a visa, or they might want to attract new talent to their team by adding to their workplace benefits.

Have a look at our guide for a comprehensive overview of what is involved with having an international group health insurance plan.

What does corporate international health insurance cover?

When purchasing a plan for their employees, it’s imperative businesses spend time thinking about what type of cover they want.

Corporate international private medical insurance (IPMI) can provide cover for a wide variety of medical treatment, including:

• Maternity cover: Maternity benefits can comprise of newborn care, complications of pregnancy and the costs of childbirth.

• Cancer treatment: cancer cover can include consultations and diagnostic tests, counselling, chemotherapy and radiotherapy to name a few.

• Hospital treatment: members may receive cover for surgery costs, accommodation and other costs associated with getting medical treatment at a hospital.

• Outpatient cover: employees can get fast access to medical treatment such as MRI, CT and PET scans, diagnostic tests and specialist consultations.

• Mental health: this cover can incorporate therapies like counselling and Cognitive Behavioural Therapy (CBT) when referred by their doctor, as well as some psychiatric services, for example general physician and consultant fees or the cost of prescription drugs.

How much does international business health insurance cost?

If you’re thinking about purchasing a global business health insurance plan for your employees, cost can be an important factor.

The insurance premium amount can vary based on a number of things, such as the level of cover chosen, area of cover, the number of employees covered, and whether an excess is included in the plan.

Having an excess can make the premium cheaper, which is an agreed upon contribution employees have to pay towards their claim. Another option is to add a copayment, where the worker contributes a fixed amount to certain types of healthcare services.

Benefits of international health insurance for businesses

Some of the core advantages of international health insurance for businesses are:

• Recruitment and retention: health benefits are highly sought after by applicants in the modern workforce. Having these in place can help you stand out for competitors and support you in retaining employees.

• Improved workplace productivity: quick access to healthcare can reduce the number of sick days employees take, which could lead to improved productivity in the workplace.

• Employee satisfaction: having international private medical insurance as a benefit in your workplace can result in increased levels of happiness amongst employees, making them feel valued and appreciated.

Read more about the benefits of offering corporate health insurance to your international employees here.

Choosing international group health insurance

It can take time to select the right cover for your business, so we have put together some factors below to reflect on:

• Level of cover: finding the right level of cover for your employees is important for meeting your business needs. If you have a higher level of cover, then your employees will be able to access a wider range of treatment, though the premium could be more expensive.

• Exclusions: when purchasing the policy, check to see if there will be any exclusions in the policy.

• Area of cover: you can choose the area of cover when purchasing a plan, which allows employees to get medical treatment in different countries.

• Cost: the premium amount is an important consideration. Make sure you spend time finding a plan that suits your needs and budget.

• Customer service: take a close look at the customer service standards of insurance providers before making a decision, ensuring they meet your expectations in what they offer.

The difference between corporate international health insurance and corporate travel insurance

The main difference between these types of insurance is that with corporate travel insurance, the member will be covered for emergency medical treatment only and things like flight cancellations and lost luggage. It is typically designed to cover employees for short amounts of time spent abroad rather than extended periods.

Whereas with international medical insurance, employees will be covered for a wider range of medical treatment during their time abroad instead of just emergency treatment.

For those considering expanding your business overseas, check out our blog on the benefits of doing this for some useful insights.