Cuenca Ecuador

Update: Best travel insurance for the semi-expat

Update: Best travel insurance for the semi-expat

Finding solid medical coverage should be the Expat’s top priority when assessing overseas living costs. A report has come out that 1/5 of GDP spending in the US will be on healthcare by 2020. Reducing these medical costs is one of the beauties of overseas living and with the right Expat medical plan you will reduce your medical costs.

While complete expatriation might seem ideal to most, lolling days away on tropical beaches and leaving all healthcare woes behind, obligations such as work, family and otherwise might keep you rubber-banding between Ecuador(or wherever) and the US. For us rubber-banders, we need to seek out a healthcare plan that will adequately cover us for both our time overseas and back home.

Usually I am home for short stints but as I had not been back for the holidays for over 9 years, I promised Thanksgiving and Xmas with the family. This extended stay had me reassessing my health care needs and I found myself on the web seeking out new coverage. My criteria were as follows: maximum coverage for temporary to extended stays in the US, full coverage abroad, full indemnity of hazardous sports, low cost (of course) and any dental plan thrown in would be just gravy. My search through the databases of about 20 expat insurance websites led me through plans that provided cheap per annum premiums (about $1000/year) for overseas plans, but throw in any length of stay in the US and  premiums took a hike of about 250%.

I finally stumbled upon a unique little plan by the people at Seven Corners. 7C’s Reside Prime plan delivers maximum coverage and flexibility to any world citizen who will spend no more than 6 months out of the year in the US. Basic indemnity will provide you with full coverage while overseas.

With Full coverage you will pay nothing out of pocket, once your deductible has been met, for any illness, operation, amputation, etc. while outside the US. Further, Reside Prime will provide, once the deductible has been met, 80% of the first 5k spent and 100% thereafter, for any expense while in the US. The all important catch, though, is that YOU RESIDE NO MORE THAN SIX MONTHS OF THE YEAR IN THE US. Just thought I’d drill that in. They will check your passport’s visas and will want proof of your time outside the US before paying out any claim.

If you will definitely be residing the majority of your time overseas, Seven Corner’s Reside Prime is ideal.

Of interest to overseas residents is coverage for emergency evacuation. Should you be stuck in a place without adequate medical facilities, you will be airlifted to the nearest hospital for treatment. Also, Seven Corners will provide travel expenses and lodging for anyone you specify to assist you during a medical emergency. Another perk is the emergency dental. Fall and lose a tooth, you’ll get a new one right away (gravy).

A base plan for adults 25-46 is about $1100 per annum.

Reside Prime is a long term solution for overseas residents and their medical needs. Reside Prime can be renewed every year until the age of 75. You cannot be denied ever for renewal as long as you keep your plan active.

Payment for the plan is flexible as well. If you can’t fork out your base premium all at once, RP allows users to opt for semi-annual, quarterly or monthly payment plans for a slight incremental fee. And Reside Prime is a sound bet. Underwritten by Lloyds of London, a solid UK financial institution, Reside Prime is guaranteed to be here for years to come.

I love Reside Prime’s plan for it’s strength, flexibility and it’s price tag. But for a bit more, you can strengthen the plan with a few add ons. I chose dental (provides annual coverage for dental exams and surgery), hazardous sports (covers you for diving, surfing, skiing, etc.) and a hospital rider (boosts your daily maximum for hospital stays while outside the USA).  Also offered is term life insurance, good for those with dependents. When all was said and done my plan came out to be $1840 per annum ($2060 paying quarterly). For what it has to offer, my Reside Prime is valued at $113/month.

Reside Prime does have a few drawbacks. I didn’t say it was perfect, just comparatively better, in my opinion, to other plans on the market. RP offers no prescription coverage and will limit your coverage for pre-existing and congenital conditions. I suggest you look closely at this plan and see if it is the one for you. It sure was for me.

Check out Reside Prime here:

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