No Policy, Members Only

We all have taken out insurance policies over the years. Whether it be for our car, home, travel, boat or even pet, we are always paying for polices, year after year. But when people live abroad, quite often the only insurance policy left to buy is that of medical insurance.

This brings up many questions as many of us have never had to purchase medical cover and don’t know what’s good or bad. Bronze (the cheaper one) we guess is minimal whilst Platinum (the expensive one) is good. We wonder what company to use? What we are really covered for? Why it is so expensive? These questions and more confront most expatriates before and during their away-from-home experience and more often than not, people choose the wrong policy and pay far too much it.

Depending on where you settle and for how long, there are many options on offer, some from small internet-based companies, others from local providers and, of course, there are policies available from large, well-known international firms. The range of coverage, exclusions, benefits, and excesses differ greatly but medical insurance policies for expatriates all have at least one thing in common – they are not cheap.

Medical insurance policies for expatriates can be in the thousands of dollars, and if you also need coverage for your partner and other family members, it can cost more than $20,000 every year to feel secure, safe and protected.

There is however an alternative way of insuring yourself and your family through a trust-facilitated benefits program, or, to you and me, a membership program within a trust. They don’t actually sell individual insurance policies but they sell an annual membership and give the member benefits that include free health and travel cover. As you know nothing in life is truly for free so you will have to make an annual membership fee payment to be part of the program but unlike medical insurance this fee will not increase with your age or by this mysterious thing called medical inflation that most medical insurance providers blame for at least a 10% per annum premium increase every year

There are many other reasons to go for this type of scheme over a typical MI policy and price would be a major one. These programs are generally extremely well-priced and include other extra lifestyle benefits for free, something you never get from an Insurance company!


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