International Private Medical Insurance: 3 key questions to know if your client needs one
Several studies around the world found that employees give more importance to employee benefits since the COVID-19 crisis. In this context, brokers and financial advisors can respond to these global trends by adding IPMI (International Private Medical Insurance) to their portfolio offerings.
There is a list of compelling arguments that make this type of protection a good addition to insurance offerings. It is an opportunity to address new types of prospects, and this is a way to upsell or cross-sell clients by offering broader coverage than local insurance. An IPMI coverage can better support corporate clients, particularly in the thick of a pandemic.
Interested in adding IPMI to your offerings? Here are key questions that tell you whether your potential corporate client may need this type of health protection:
1. What level of coverage is the client willing to provide to their employees and their dependents?
IPMI, being a comprehensive type of insurance, not only offers a wide range of benefits with high annual limits, but it also provides coverage in multiple countries and emergency care.
• Wide range of benefits : IPMI usually includes outpatient – with the opportunity to benefit from general practitioner’s teleconsultation –, inpatient, wellness, dental, vision, and maternity coverage.
• Coverage in multiple countries : A member may seek elective treatments in his home country or a country that is different from his country of residence. On top of that, IPMI usually provides worldwide coverage in case of an emergency.
• Evacuation and repatriation : This will provide additional protection and support to foreign employees and their families, or to employees that travel
BEYOND MEDICAL COVERAGE
Now more than ever, ensuring mental well-being is taking center stage for employers. In the context of prolonged confinement at home due to Covid-19 and social norms disarrayed, IPMI coverages can assist them in taking care of their employee’s mental health through dedicated benefits: coverage for psychologist therapies, employee assistance programs, or wellness programs.
Indeed, according to a YouGov international study, “Britons are the most likely to say that the virus has negatively affected their mental health. Almost two thirds (65%) say they’ve found themselves more troubled over the course of the outbreak, slightly ahead of Hong Kongers (63%) and Italians (62%).”
From the employee’s perspective, who see s the costs of medical treatment rising every year, having them well covered might be a relief from a financial burden, even more, if they have a family.
Corporate clients can take advantage of IPMI coverage as part of their HR strategy. Indeed, providing comprehensive employee benefits is a way to attract and retain talents, especially for positions that require frequent movements or extensive travelling, or for VIPs and staff of directors.
It also takes away the headache of having to avail different coverages for local staff and expats because some countries do not allow the latter to get local insurance.
2. Does the company operate in multiple geographic and require employee mobility?
Companies of different sizes — from startups to large corporations — may find IPMI beneficial as they expand their business or spread their talents worldwide.
GEOGRAPHY AND MOBILITY
The IPMI provides adequate healthcare coverage for employees and their families either in a specific geographic area (e.g. ASEAN, Europe) or worldwide. It also takes away administrative headache by providing consistent coverage for all employees, regardless if they are locals or expats.
Expats are also assured that they are still covered by the policy should they travel back to their country of origin for a vacation or a short trip.
Then, providers of this type of coverage usually have client services teams covering all time zones and with multilingual capabilities to better serve its members: brochures, digital tools , and customer service, which can support employees wherever they are, in their language, for easier communication.
3. Does the client need highly customized coverage that fit their business particularities and budget?
Indeed, IPMI is flexible in terms of inclusions: companies can customize their coverage based on their needs. They may opt for add-on benefits like wellness, maternity, dental and vision coverage.
Premiums can be adjusted through deductibles and co-insurance options, making it perfect for companies who have a smaller budget or need to contain costs. Premiums also adapt in order to support companies’ growth: the more the company grows, the lower the premium per person, thanks to discounts that are applicable depending on the number of employees covered.
IPMI is a solid product offering for corporate clients, as a way to provide their employees with peace of mind when it comes to health and wellbeing, which is serving their performance at work.
Feel free to contact us should you like to discuss it further!