Playing it safe

Victoria Hartley looks at the pitfalls out there for the health insurance policy buyer.

Finding the right medical healthcare insurance is the first step to taking care of yourself and - if applicable - your family abroad. But as with many things in life there are always a million and one external factors likely to affect the level of treatment you receive if anything does go wrong.

Firstly, who knows where your company may choose to send you, but whether you or your company secure top flight medical insurance or not, the state of health provision in terms of hospitals and doctors varies enormously from country to country.

There are some revealing statistics out there. The US, unsurprisingly, has the highest healthcare expenditure on the globe as a percentage of GDP, followed in second place by Nicaragua, then Germany, with Switzerland and Argentina in fourth and fifth position. France and Israel both appear in the top ten, with the UAE at number 25 and the UK is nowhere to be seen.

For those with upcoming postings to Bermuda, Mozambique or Oman, the bad news is that that these countries spend the least on the planet, as a proportion of GDP, on healthcare.

But the fact is, in each and every country, a good health insurance provider will understand the nature of what's on offer and make sure this knowledge works for you. You can never assume anything it seems. Take Bermuda, which has an air of sophistication, the second highest GDP in the world and happens to proportionately spend very little on its healthcare.

Health insurers should be your guides through this maze.

But choosing that provider is not as straightforward as it may initially appear. Last year was apparently an extremely strong year for the international health insurance market, witnessing the introduction of new players into the market, effectively increasing competition and so choice for the consumer.

As such, many more people are turning to brokers like Medibroker.com or Independent Healthcare Consultancy for guidance through the policy maze. But if you're on your own, what to look for? Policies are increasingly expensive year on year so value for money is at the top of anyhow can you ensure you are getting value for money?

Many people will opt for a household name or larger provider because that in itself offers a sense of security. The insurer should also be financially solvent and in a position to offer you the broadest range of benefits giving you the level of coverage you need without quibbling over the settlement details in the event of an emergency.

Single providers like Bupa International or Interglobal, which concentrate purely on health insurance, have the advantage of specialisation. But may also have less of a financial cushion than those providers with ther strings to their bows in other sectors like investments to provide ballast when times get tough for health insurers.

Dr. Damien Marmion, head of marketing at BUPA International reasons that much of their fiscal solidity emerges from the fact they underwrite their own policies.

" We are an insurer and not an agency which passes off risk to an underwriter. Our assets in building stock have been built up over time and keep us solvent, not an agreement with an underwriter."