Luxury International Health Insurance Plans for Global Citizens
This article will explore high-end health insurance for multi-residents and HNWIs around the world — focusing on premium coverage and service, free choice of private hospitals and doctors, and additional wellness services.
The expectations of HNWIs and multi-residents towards luxury international health insurance
The expectations of High-Net-Worth-Individuals (HNWIs) and multi-residents are often different compared to expatriates when it comes to private international medical insurance. For an expat, a key consideration to opt for an international health insurance plan is often the fact that medical care can continue to be accessed in the domicile country where he or she lived before going abroad. Surrounded by family and friends, where the expat is more familiar with the healthcare system, has existing relationships with doctors, and can speak their mother language.
Global Citizens, HNWIs and multi-residents mostly have business or private interests in multiple countries. Maybe because the children temporarily study in the United Kingdom or in America. Because their business operates globally and they are travelling for longer periods of time, or because they have different homes scattered around the world. Due to their professional and private activities, their life is truly international and requires adequate global protection when it comes to medical insurance. While many HNWIs live a very international lifestyle, some are also deeply rooted in their home country with their business and family. What they have in common is the prioritization of their health and wellbeing. Wealthy individuals often even prioritize their health over their wealth, realizing that all the assets they have accumulated over a lifetime have very little meaning or relevance when facing a fatal diagnosis.
Fast access to the best and most luxurious medical care globally
For HNWIs in countries with a lesser developed healthcare system, the main reason for acquiring luxury international health insurance is to have fast access to the best medical care globally in the shortest time possible. Affluent individuals from Eastern Europe (eg. Romainia), Africa (eg. Kenya or Nigeria), the Middle East (eg. Saudi Arabia, Oman, or Egypt), India, or Russia typically prefer to access medical care in the United Kingdom, Germany, Switzerland, Singapore or the United States of America because these countries offer better healthcare services. The most advanced treatments, protocols, and the best medical practitioners with the greatest know-how can typically not be found in the home country. For this reason, thousands of wealthy individuals travel abroad every year to achieve better medical outcomes. Celebrities and individuals with a public profile often also travel abroad for their medical care for privacy reasons, knowing that when obtaining critical healthcare services in their home country there is a higher risk of this becoming public.
Accessing medical care in the most advanced healthcare destinations often comes with much higher medical cost compared to the same or similar medical care in their home country. Having a medical insurance plan with one of the best international health insurance companies is a financial safeguard to be protected from such significant expenses. It also ensures that individuals do not need to make a compromise between healthcare quality and cost, knowing that the most advanced treatments are also covered with a luxury international health insurance plan.
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Faster access to medical care with luxury international health plans and medical concierge services
Further to the high cost, such medical tourism comes with additional complexities. It can be difficult for a layperson to know exactly which hospital or doctor is the most experienced and trustworthy specialist for a specific medical condition. And also making all the arrangements for the medical care needed abroad and gaining quick access to doctors that are usually booked out over months. For this reason, HNWIs often combine high-end international private medical insurance with a professional medical concierge service that can help navigate and facilitate access to these professionals.
Global citizen medical insurance plans offer the most comprehensive international cover
The insurance market offers a huge range of medical plans with international cover. Comparing the insurance benefit, terms and conditions from one insurer to another are complex and laborious. However, professional insurance advisors specializing in this product type that do this daily can do it within minutes due to their experience and their insurance benefit comparison tools.
When it comes to luxury private health insurance for global citizens, multi-residents, and high-net-worth-individuals, benefiting from complete free choice of doctors and hospitals is essential. For cost containment reasons, many insurers make it mandatory for the insured individuals to access medical care within their pre-defined medical network. Optimally, the insurance plan offers unlimited coverage for inpatient hospitalizations and outpatient medical care. If not unlimited, the policy should have an overall annual limit of at least the equivalent to USD 3 million and no limitation on the maximum reimbursement of outpatient medical care. The difference in insurance benefits, however, is often not in the hospital cover, but in the outpatient benefits, allowance for preventive check-ups (such as an annual routine physical examination, cancer testing, cardiovascular check-up, and further), maternity cover, or dental cover. The most luxurious international private medical insurance plan will reimburse your annual check-up up to USD 8’500 and your dental work up to even USD 12’500. While private room access in any hospital around the world is a must-have to be able to be seen by the most senior doctors, some insurance plans would even cover the cost of a suite at a hospital.
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High-end service is a must with premium global health plans
When looking for premium health insurance, the service experience that comes with the healthcare plan is key – especially for wealthy individuals that do not have the time or interest to be held up by a bureaucratic service delivery. The service offered by international health insurance companies can vary significantly. The speed of claims reimbursement can be 72h with the best insurance plans, 7 days with others, and 14-21 days with yet other insurance providers. While some private medical insurance providers would only require an itemized invoice for the medical care received, others will require a medical report, a proof of payment, and sometimes even a claims form to be completed before processing a reimbursement request. Luxury international health insurance plans provide fast, simple, and customer-friendly reimbursement processes – most certainly, avoiding that an insured person or their doctor has to complete a claims form every time a medical invoice is submitted for reimbursement.
Also, many insurance companies outsource their services to other countries or companies for cost-cutting reasons, often leading to a decline in the quality of service. Providing high-quality service comes with cost for an insurance company that is ultimately reflected in the insurance premium. This is why it is important to always take the service quality into consideration, when comparing international private medical insurance plans. It is one of the key reasons why high- and ultra-high-net worth-individuals often prefer paying a higher premium and enjoying a seamless experience. Because, like with most other products, also with private medical insurance the saying “you get what you pay for” applies and should be considered.
