When you run a global company, it’s critical to know that your people around the world are protected. At OnMarket Insurance Associates, we approach international employee benefits the same way that we look at most insurance opportunities, with an in-depth evaluation of your company’s current operations and expected future needs.
Providing benefits to international employees can be a challenging task, especially with the ever-changing PPACA regulations. We review all options available, and work closely with you to develop a plan. Our access to insurance carriers is unparalleled, and we design custom plans to precisely meet our clients’ unique requirements.
Here is a brief overview of how we can help:
Managing Costs
While cost is never the definitive factor in purchasing a legitimate international benefits plan, it is something to think about. The bigger issue is maximizing your premium dollars.
Hard Costs in the First Year
Hard costs include the premium you pay for insurance and services. The initial hard costs will be for insurance (and ancillary products) in the first year. That’s why you need an agent who will look to the broadest number of insurance carriers to buy-in at the lowest prices.
Hard Costs at Renewal
Many clients assume that simply because premiums have increased due to medical trends that nothing can be done to lower costs except to increase deductibles and/or decrease benefits. While worldwide medical inflation is a very real cost, it does not necessarily mean that your renewal must increase. OnMarket Insurance Associates consistently lower our client’s renewals and, in some cases, reverse them entirely.
Soft Costs
There are a number of hidden or “soft costs” with any insurance plan. Such costs include the time spent in managing the plan. Staff time can add up very quickly while figuring out the best way to manage the needs of overseas employees. Issues arise when the purchased international plan does not meet all the expectations of the international staff and their families. If the new international plan does not have parity with the U.S. domestic plan, this results in complaints and time spent finding solutions. In some countries your expatriate employees are expected to meet certain health insurance requirements. Should your expatriates not meet those requirements the penalties can include fines, revocation of work permits and even permanently banning your company from that country.
Managing Compliance
Many corporations in the United States assume that the international insurance coverage purchased also meet Federal and State insurance laws. Unfortunately, the reality of international insurance law can be quite … complicated.
Contact us for a consultation; there is never a fee to talk with us.
Related Services
- Political and Medical Evacuation
- International EAP
- Disaster Preparedness
- On-Site Medical Clinics
- Business Travel Accident
- Security
Any questions?
Do You Review Health Providers too when choosing My Insurance Carrier?
Yes, it is our policy to look high and low for the best policy that fits your needs. Call our office today to set up a chat with one of our team members.
Are You Aware of the Different Compliance Levels offered by International Insurance Carriers?
Not only is the answer to this question yes, but it’s one of the top benefits of working with a brokerage like ours. Our associates immerse themselves daily in the ever-changing rules of insurance and how those changes affect our clients. The goal is to be calling you before you ever even realized you needed something from us.
Learn more about our team and our company code in our About Us section.
Do Our Overseas Employees need to Buy Local Medical Insurance in the Country they are working?
In most cases you should not need to purchase additional medical insurance locally when working abroad. Contact one of our associates today to discuss your specific situation, so that we can offer you a custom solution.
