Impact of Covid19 on expats and need for good expatriate insurance
Expats living outside their home country due to their work are understandably very anxious about the current situation. Many companies looking to expand operations in new markets deploy expatriates as they prefer someone that has already delivered results with highly specialized talent for the business and project. Expat visas of all foreign nationals while on employment and project visa are popular in this situation.
Expats however cost more than what they would cost in an equivalent position back home which is making it more difficult than the current global situation. The added expenses like travel, host or home-country tax differentials, immigration requirements, work permit and relocation allowances creating greater risk for businesses as the lockdowns will affect visa processing. Thus making it more difficult and dangerous to travel.
The global economy is in an unstable mode and international travel is now increasing tense thanks to the COVID-19 pandemic. Relief flights are being sent by countries to evacuate their nationals back to the home country. Expats living outside their home country are perhaps feeling extra isolated and insecure about their current situation. International assignments can be stressful even in normal conditions, in the wake of the covid-19 an immense uncertainty, being far away from their families and friends are making them impatient to return home.
It is understandable that there is need for expats to return to the relative security of home, this might take time and you are worried of your safety and wellbeing. The need for good expat insurance. By having proper expatriate insurance you are protecting yourself for all unexpected emergencies while you are stranded outside the home country. The Expat insurance will cover all medical expenses incurred for the treatment provided to the expat. Without insurance it will be very difficult to pay for expensive treatment. To be stress free it is recommended to get the best Expat insurance.
The following companies are offering Expat medical insurance which includes coverage for coronavirus.
GeoBlue offers Xplorer Premier insurance
with Covid19 coverage. Diagnostic testing for COVID-19 is covered without copay or other member contribution.
Treatment for COVID-19 is covered as an Illness under the policy, unless a member failed to depart a country within a reasonable time from the date the country became subject to a level-3 travel warning by the CDC, or similar travel warning from that country’s government. Members remaining in a country in that circumstance would not be covered for COVID-19, but otherwise would retain all coverage under the policy within its normal terms and conditions.
Preventive quarantine in a hotel, cruise ship or any other location would not be covered. The plan would cover medical evacuation if deemed medically appropriate for the illness/injury, subject to the usual plan provisions.
For existing members with long-term coverage, they retain all coverage under the policy within its normal terms and conditions. In addition, the plans are waiving copay and other member contribution for diagnostic testing for COVID-19 and for covered treatment once diagnosis occurs.
International Medical Group offers Global medical insurance
with Covid19 coverage for international expatriates and global citizens. It may provide coverage* for COVID-19 related care if the expats have purchased and entered the destination country prior to either: 1) the CDC issuing a Warning Level 3 (avoid nonessential travel) for their Destination Country; or 2) a government agency of their Home Country publishing or issuing a Travel Warning or Emergency Travel Advisory regarding your Destination Country. Eligible Medical Expenses that may be considered for coverage include, but are not limited to, charges for illness, injury or medical evacuation.
*This is a summary of a selection of plan benefits offered only as an illustration and does not supersede in any way the Certificate of Insurance and governing policy documents (together the "Insurance Contract"). The Insurance Contract is the only source of the actual benefits provided.