I have over 40 years experience in international travel and service. I saw first hand the positive impact that a good overseas health insurance plan had on a family. And I also saw the reverse – how an inadequate health insurance plan could hurt a family. So in 1997 I established my own insurance brokerage company.

People often ask me, “What insurance plan should I buy?” I realize few of us really want to take the time to research the multiple health insurance plans out there. This is especially true when trying to read the “small print” of a policy. There is an adage that goes like this: THE LARGE PRINT GIVETH AND THE SMALL PRINT TAKETH AWAY!

So, I have developed a few questions that you can ask any insurance agent or broker.
By getting answers to these simple questions, you will be well on your way to buying a good health insurance plan that fits you.

First, begin with the end in mind:
o What kinds of coverage will you need? Will you need maternity, preventive care, medical evacuation, and so on.
o You want to make sure it is really “health insurance” and not a “caring” or “sharing” plan. These plans have worked for some, but many participants have been disillusioned.
o If you are going to live overseas, will this health insurance policy cover furlough in your home country? What kinds of travel insurance will it cover, if any?

Second, rate the effectiveness of the insurance company:
o Check out the A.A. Best Rating for the company that underwrites the plan. An A+ is a good rating, but a B+ is often acceptable for health insurance companies.
o Ask what the annual prince increase is. A reasonable increase would be somewhere in the 8-15% annual increase.
o Find out which company administers the plan. These companies are called “Third Party Administrators” (TPAs). Some TPAs that have been around for a while and have grown large give poor service, while younger and smaller TPAs give good service. So don’t turn a TPA down just because it is small.
o How good is the company at paying claims? The bottom line is that insurance is only as good as the claims-paying ability of the company.

Third, get more specifics about each plan:
o Do they offer the deductible you desire? Remember, the most cost-effective deductible is generally $1,000.
o Understand the “exclusions.” Another way to ask this is, “What WON”T be covered?”
o How do they handle co-insurance? Do you pay co-insurance overseas or only in the USA?

Finally, find an insurance broker who can help you. It is best to work through a broker who represents several companies. In this way you will have the assurance that he or she will find the best plan to suit your needs.

Jeff Gulleson is the President of Good Neighbor Insurance that represents 10 international health insurance companies and provides international health and travel insurance for every country in the world. Email us or get an international health insurance quote.

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