In the previous article, we discussed real scenarios involving people that used their international health insurance and how this aspect usually goes unseen when forming a family office. Now, we will explain why first-level international health insurance is necessary for any family office.

Who needs international health insurance?

Way too many people ignore the benefits of holding first-level international health insurance. If you have the best tax advice, the best financial licenses, the best offshore bank accounts, the best trusts, the best real estate investments, and the best CBI and RBIs, which are the basic elements of a solid family office, how could you not have the best international insurance? After all, health is the most valuable asset you have.

Individuals and families with high international exposure need international coverage. And it's never too soon to apply. In fact, applying for international health insurance as young as possible is sound financial advice. The risk of falling sick or suffering an accident increases with each year of your life, and with it, your healthcare expenses and the costs of insurances.

Generally, the main clients for these products are family offices, ex-pats, and high-net-worth individuals, which are usually genuinely global citizens.

It will provide you with peace of mind and will incredibly reduce your medical expenses. Cutting-edge treatments and exams are sometimes unaffordable, but international health insurance will give you the necessary financial security to afford the best treatment, with the best doctors, in the best clinics, without breaking the bank.

Maybe you're an ultra-high net worth individual, and you can actually afford whatever treatment you and your loved ones need. But do you also know who's the best specialist and the best facility for the ailment? This type of international health insurance will provide you with that knowledge and with the peace of mind that you're in the best hands available and won't suffer unnecessarily with never-ending treatments and procedures.

Another amazing benefit is that when you move to a new country, these solutions can be effortlessly continued when policyholders change their country of residence – no further formalities, no additional or new waiting times, no medical questions. Regularly, moving to another country means changing insurances, which comes with many questions and paperwork, but we help you avoid that.

The healthcare system, even in the most developed countries, is far from flawless. There is a lack of responsible and knowledgeable specialists, wrong incentives, and extreme information asymmetry. Often the patient's wellbeing, and sometimes even the patient's life completely lies in the hands of one doctor. Financial interests are also driving many of them. It is proven that every year, millions of surgeries are performed, medication is prescribed, and an artificial recurrence of doctor visits is encouraged, which would not be necessary.

Because every treatment is an intrusion into the human system, unnecessary medical action, in the end, creates even more harm instead of healing. With the help of carefully selected independent specialists in every medical field and around the world, the providers aim to rebalance the information asymmetry and to genuinely act in the interest of the patient.

Plan B for CBI and RBI

Many individuals and families consider acquiring second citizenship or residency to maintain or gain a desirable quality of life. For many of them, it is also a security, a "Plan B," which grants them to uphold their lifestyle for themselves and their family in case they want, need, or must exit their home country.

In today's fast and ever-changing global environment, we observe more and more individuals who are confronted with this decision and seek opportunities to reside abroad. Some jurisdictions experience developments that make them especially prone to such cases: Russia, China, South Africa, Hong Kong, the USA, and many others. The fear of expropriation, expulsion, new political movements, and threats to one's life and business are only a few of the reasons why people choose to leave their home country or at least look for alternatives.

Once an individual or a family decides to take advantage of their "Plan B," they must be able to rely on a ready-to-use citizenship or residency solution. It must allow them to continue their life after the relocation with as little interruption as possible. This is what "Plan B" is about.

In fact, it is the keystone if you need to secure your wealth and your financial security for you and the generations to come.

If you want to know about forever free, check out our article right here.

A seemingly rather small, but crucial element in this package is health protection. Once someone has decided to leave their country of residence, often one cannot anymore rely on the health system and insurance from the country of origin.

However, individuals and families must have access to a functioning health system and infrastructure. They must be able to rely on the best experts, advice, and services, also in the country of destination. High-end international health insurance can offer access to required services, knowledge, and contacts globally. For that reason, an investment migration solution must always be paired with adequate international health insurance. If not, the "Plan B" is incomplete. And it is not enough to only have some health solutions.

The solution must be able to deliver on the promises in all countries where the individual or family could potentially reside or seek treatment. And the same applies to the respective advisor or intermediary. Where the insurance policy is the tool to secure the points mentioned, the advisor is the mechanic to unlock the full potential of that tool, as often individuals miss out on many benefits due to not knowing or not being aware of the full range of benefits.

Access to a functioning health system and infrastructure, first of all, means possessing an insurance card that is globally recognized and accepted. Insurance cards from national providers are very often not recognized nor accepted abroad. And no matter how wealthy one might be, if it's an emergency that even if an individual could afford paying for surgery directly, you won't be admitted for treatment in a hospital without an accepted health insurance card or will be in the hands of the public system.

And the admittance to the hospital is only one step. Following that, one must be able to connect with a trustworthy and reliable specialist or doctor. An individual will not have the knowledge nor the experience to find the right contact instantly, which will make this process extremely cumbersome. For that, an experienced and independent advisor is best positioned to organize and facilitate the right contact, which will pave the way to become healthy again as soon as possible.

Being in the hands of a specialist, one must also have the certainty that the medical costs are covered and reimbursed. Experience shows that health insurance solutions from national insurance companies usually are very restrictive in such cases, even if they are labeled as "international coverage."

International health insurance plans very often, at first sight, seem to offer reasonable benefits and services. However, on second sight, one realizes that the policy conditions can be very confusing, the benefits are very limited, and the service capabilities are very restricted. Being in such a situation and not being backed up by a reliable partner can be highly uncomfortable or even life-threatening. This is even more so in a foreign country.

This is why investment migration advisors need to talk about and advise on solid international health insurance plans in order to deliver the client a complete "Plan B" solution. Unfortunately, health issues do arise in everyone's life at some point in time. As soon as it arises, this individual or family will either be grateful for the competent and complete advice, or unhappy because one essential aspect was not considered at all in the "Plan B," or only in a substandard. However, the best is to have the foresight and to get the right health insurance plan in place before it's needed.

Disclaimer: The information contained in this article is for informational purposes only and does not constitute financial advice or recommendations. Investing in financial products or cryptocurrencies involves risks, and you should be aware of the potential risks involved before investing. The content on this website is not intended to be a solicitation or offer to buy or sell any financial products or services. The information provided does not take into account your specific investment objectives, financial situation, or needs, and should not be relied upon as a substitute for professional financial advice. You should seek independent advice from a financial advisor or other professionals before making any investment decisions. Please be aware that the legal status of cryptocurrencies and other financial products may vary in different jurisdictions and may be subject to regulation. It is your responsibility to ensure compliance with any relevant laws and regulations governing the sale and marketing of financial products and services in your jurisdiction.