Expats could lose out on the best private medical insurance deals when they switch employers or retire.
Any expat leaving a job should automatically receive a leaver option to carry on their cover – but the Association of Medical Insurance Intermediaries (AMII) warns the offer may not be the best value for money deal.
Before signing up for continuing cover, expats should take the chance to shop around.
The problem is weighing up cover for pre-existing conditions under the old policy against better value and more comprehensive insurance offered by another provider, said AMII spokesman Debbie Kleiner-Gaines.
She gave an example of a 40-year-old man with a family moving from an engineering firm to a new job in the same area.
Shop around for the best cover
He was offered a leaver quote of £320 month for continuing his existing private medical cover, while shopping around for a new policy with the same cover could have saved him £174 a month.
Another 60-year-old man who retired was offered leaver cover at £280 a month, while another firm quoted £228 a month for a like-for-like policy.
“The leaver option is worthwhile when you are making a claim and need cover to keep running, but once the treatment has ended, it’s worth checking out what the rest of the market can offer,” said Kleiner-Gaines.
She argued apathy was one problem private medical providers preyed on.
“Most people accept what they are given and do not shop around,” she said. “It’s always worth finding out what the other options may be.
Statins and expat healthcare
“In many cases, leavers and retirees are not offered the best options, and even if they have, they have nothing to lose and can gain peace of mind by seeing what else is out there.”
Kleiner-Gaines also spoke out to put expats taking preventative medicines at rest.
With millions of British over 60s taking statins as a preventative measure against the risk of strokes or heart attacks, many expats are worried they pay more for private medical cover even though they have no condition to treat.
“Expats need not be concerned about this,” she said. “Travel insurers are putting up their costs, but this should not affect the price of private medical cover.”
Expats will be asked questions about their medical history and any drugs they are taking, she said, but a premium increase is only likely if the prescription is for a pre-existing condition rather than guarding against something that’s not there.”
