Overlooking private medical insurance can be costly for expats and it can be a financial lifesaver, according to wealth managers.
For expats, seeking medical assistance in an unfamiliar country can be both a daunting and a costly process. Cultural differences can mean that the local health care on offer does not meet expectations and having to call upon it can be a distressing experience, not least if the cost of medical assistance starts mounting up.
Having access to good quality private medical care insurance though or not having that access, can have a significant affect on anyone’s financial position, according to Guardian Wealth Management. And for expats or contractors working abroad this can be magnified, especially where families or individuals are reliant on one income.
These were the messages being received by international financial advice firm Guardian Wealth Management (GWM) from expats. GWM has responded with the launch of a new partnership with market leading private medical insurance provider Bupa.
‘For an expat in a foreign country private medical insurance can quite literally be a financial lifesaver. Yet among the many arrangements expats have to factor in when living and working abroad, medical insurance can be one of those that is overlooked,’ said GWM commercial director Ian Sweet.
‘To ensure that does not happen with our clients we have entered into the partnership with Bupa and we now offer access to private medical insurance packages for both individuals and via company schemes,’ he explained.
‘By taking out private medical insurance through a reputable organization, our clients living or working abroad will know they have peace of mind that in the event of an illness or accident, not only will they receive the treatment they need as quickly as possible but they can be in control of their health care options, with the ability to make their own choices as to when and where they receive treatment,’ he added.
‘For those wanting peace of mind that their health is in safe hands, we highly recommend taking advantage of this new service and incorporating private medical insurance into the overall wealth management planning strategy,’ Sweet said.
Sweet added that the partnership with Bupa is the first in a number of extensions to the firm’s services with the aim of becoming a one-stop shop for expats wherever they may be resident.
Guardian Wealth Management is a professional financial planning service dealing with international workers and expatriate clients across the UK, mainland Europe and the Middle East. It is a founder member of the Federation of European IFAs, the trade body representing English speaking IFAs in Europe.