Optimum Global Insurance Company, Ltd. is an insurance provider that aims to address the growing need of the increasing number of expats around the world.
Based in the United Kingdom, Optimum Global offers a range of individual and group health insurance, as well as travel insurance policies to primarily expats who are looking for an international insurance provider for their needs.
This article will provide a detailed review of Optimum Global Insurance, highlighting its offerings, benefits, and if what they provide is right for you.
This post should not be taken as a recommendation or piece of advice. We advise you to seek out the expertise of a financial advisor who is familiar with your objectives if you want further in-depth advice.
If you want to invest or get insured an expat or high-net-worth individual, you can email me (advice@adamfayed.com) or use these contact options.
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What is Optimum Global Insurance?
Optimum Global Insurance Company, Ltd. has established itself as a reputable international insurance provider with over 30,000 customers in 130 countries.
Optimum Global specializes in international insurance coverage and operates with the financial backing of AXA, a leading global insurance company. This partnership ensures that Optimum Global can offer comprehensive coverage without taking on excessive risk.
Optimum Global offers three primary healthcare insurance products: inpatient-only coverage, inpatient and outpatient coverage, and additional optional coverage for dental and maternity.
These policies are designed to cater to the diverse needs of individuals and families, providing coverage for hospitalization, emergency care, outpatient services, doctor visits, lab tests, and prescription drugs.
The policies are customizable, allowing customers to select deductibles and additional coverage options based on their unique requirements.
There is also a travel insurance plan that generally covers trip cancellations, medical emergencies, travel delays, lost or stolen luggage, and personal liability.
Optimum Global Insurance aims to distinguish itself from other insurance providers for its commitment to customer satisfaction and comprehensive coverage.
The company offers numerous benefits and features that ensure policyholders receive the support they need such as 24/7 Customer Support.
Optimum Global provides 24-hour customer support for medical emergencies. This multilingual support ensures that customers can access assistance whenever they need it, regardless of their location.
Optimum Global promises prompt claims assessment, aiming to assess claims within seven working days, ensuring a quick and efficient claims process. This commitment to prompt assessment allows policyholders to receive the necessary reimbursements without unnecessary delays.
Optimum Global takes data privacy and security seriously. The company’s systems and practices are GDPR compliant, ensuring that policyholders’ personal information is protected and handled with the utmost care.
As a regulated insurance provider, Optimum Global operates under the supervision of the Financial Conduct Authority (FCA) in the UK. This regulatory oversight ensures that the company adheres to industry standards and best practices, providing customers with peace of mind.
Who are Optimum Global’s partners?
Optimum Global’s policies are reinsured by the AXA Group, one of the largest financial services groups in the world. This reinsurance partnership provides an additional layer of financial security and reinforces the company’s commitment to protecting its policyholders.
Medical transports, repatriations, and evacuations are provided by top-tier Assistance companies on behalf of Optimum Global. You may rest easy knowing that assistance is close at hand thanks to an extensive network of care centers and highly trained medical professionals.
Optimum Global is able to provide premium life, disability, and income protection insurance because of the advantageous terms negotiated with Lloyd’s of London on their behalf.
When it comes to insurance, no one does it better than Lloyd’s of London. More than 50 major insurance firms, over 200 licensed Lloyd’s brokers, and a global network of more than 4,000 local cover holders send business to Lloyd’s every day, making it a truly one-of-a-kind insurance market.
To its many satisfied customers, Hannover Re has earned the reputation as a top-tier reinsurance firm.
Traditional reinsurance services are provided for lines of insurance like property and liability, life and health, and specialist lines like aviation and marine. Structured reinsurance, insurance-linked securities, and weather derivatives are just some of the other cutting-edge risk solutions provided by Hannover Re.
U.S.-based General Reinsurance Corporation provides a full suite of reinsurance products and services to the global market. The company, which operates largely as a direct reinsurer, has more than 40 offices in all of the major reinsurance markets throughout the world.
MSO International serves over a million contractual lives in the private healthcare and insurance sectors in Africa and South Africa through its healthcare risk management services.
Health insurance companies in Africa can gain a competitive edge from MSO’s approach of offering a full managed care solution across the continent.
Managing claims, cases, and admissions for foreign clients with members in Africa is the responsibility of MSO’s international section, which was established in 2008 and now employs more than 50 people.
MSO International is Africa’s premier healthcare provider, with headquarters in Johannesburg, South Africa and a network of over 6,000 contracted providers across the continent.
Travelers and expatriates in need of medical attention in Africa can turn to MSO International’s Assistance Division.
MCI’s cutting-edge solution gives Optimum Global subscribers a unique healthcare card is a game-changer. Our members pay a fraction of the total cost of their care to a network of vetted medical professionals using their membership card.
Meanwhile, Healthcase is a TPA (third-party administrator) that serves as a one-stop-shop for healthcare benefit management for businesses, insurers, and hospitals.
Services provided by the company include claims processing and adjudication, management of provider networks, medical and usage monitoring, management of pharmacy benefits, and member engagement and communication.
What should you know about Optimum Global’s insurance products?
In their blog, Optimum Global claims that individuals, families, and businesses who need extensive medical coverage while traveling or residing overseas have increased their reliance on international private medical insurance (IPMI) in recent years.
IPMI has become increasingly important in today’s world, thanks to the proliferation of international trade and the mobility of the working population.
Optimum Global aims to provide international private medical insurance that would meet a special kind of health insurance category that covers medical expenses incurred when living or traveling outside of one’s home country.
IPMI policies cater to the specific needs of foreign workers, travelers, and expats by providing a wider variety of benefits than standard domestic health insurance.
These plans often include coverage for hospitalization, outpatient care, obstetric care, dental and vision care, and even medical evacuations in the event of an emergency. A wide range of options are available to policyholders in terms of coverage, deductible, and maximum benefit.
Optimum Global, alongside the global healthcare and insurance systems, has been profoundly impacted by the COVID-19 pandemic.
Significant changes have been made to IPMI policies and coverage in response to the pandemic.
Providers of IPMI services like Optimum Global have made many policy adjustments in response to the pandemic, mostly to deal with the novel problems posed by the spread of COVID-19. Some examples of these modifications are:
The majority of IPMI organizations now include COVID-19-related hospitalization, diagnostic testing, and therapy in their coverage plans. If a policyholder contracts the virus while living or traveling overseas, they will have access to the care they need.
Coverage limits IPMI providers have had to make changes to their policies to account for the travel restrictions imposed by many nations in an effort to stem the spread of the virus.
Policyholders who are unable to return home owing to travel restrictions may be eligible for coverage extensions, as well as coverage for repatriation and evacuation services.
Insurance for mental health: The epidemic has taken a heavy toll on mental health, resulting in a rise in the need for treatment. As a result, many IPMI companies now include mental health services like therapy and counseling in their standard policy packages.
As a result of concerns about the spread of COVID-19, there has been a surge in the use of telemedicine as doctors and patients look for alternatives to face-to-face contact.
IPMI has been impacted by the growing popularity of remote medical care thanks to the incorporation of telehealth provisions by service providers. Policyholders can benefit from telemedicine in a number of ways, including:
Increased safety and convenience in receiving treatment during the pandemic: Policyholders can consult with healthcare professionals via telemedicine.
Insurance companies and their clients can save money by using telehealth services, as these consultations are often less expensive than in-person visits.
For people who are constantly moving around, telemedicine guarantees that they will always have access to medical professionals no matter where they may be.
The necessity of pandemic preparedness in IPMI policies has been brought to light by the recent COVID-19 pandemic. Therefore, many service providers have started to reevaluate their coverage and make preparations to deal with any future pandemics and global health emergencies. This could entail:
IPMI providers may extend their policies to cover a broader spectrum of pandemic-related ailments, giving policyholders greater peace of mind that they will have access to care in the event of a future health crisis.
Providers may implement more malleable policy revisions in response to the unpredictable nature of pandemic travel limitations, quarantine mandates, and healthcare requirements.
To better inform policyholders of travel advisories, healthcare services, and policy changes in the event of a pandemic, Optimum Global aims to continuously upgrade their communication and support systems.
Changes in coverage, higher demand for telemedicine, and a fresh commitment to pandemic preparedness are only some of the results of the COVID-19 pandemic’s influence on IPMI.
IPMI providers will need to adjust their policies and services to match the growing demands of policyholders as the world continues to navigate the obstacles provided by the pandemic. This will ensure that policyholders have access to high-quality healthcare no matter where they are located.
Who are these products for?
People who move abroad for employment or personal reasons usually need family health insurance that is portable across borders and allows them access to high-quality medical treatment wherever they may be living.
Business travelers, digital nomads, and others who routinely jet set across the globe for extended periods may find international travel medical insurance, or IPMI, to be an invaluable addition to their pre-trip preparations.
IPMI insurance provide international students with coverage for medical care, mental health services, and emergency medical evacuations while they are studying abroad for a prolonged period of time.
Companies with a global workforce or whose employees frequently go overseas on business may choose to provide their employees with access to international private medical insurance (IPMI) through a group policy.
IPMI is not like domestic health insurance in a number of ways.
Optimum Global’s IPMI policies, in contrast to domestic health insurance policies, provide coverage both within and outside of the country or region of residence. This makes it so that policyholders can get medical attention wherever they are.
International private medical insurance (IPMI) policies typically include vast international provider networks, giving policyholders access to a diverse array of healthcare facilities and professionals worldwide.
Domestic health insurance, on the other hand, often only covers healthcare services within a given country or region.
IPMI providers frequently provide support for many currencies and languages, making it simpler for policyholders to manage healthcare costs and connect with providers across borders.
Those who have purchased IPMI policies can take their protection with them if they relocate to another nation. Those who regularly move or travel for employment would benefit greatly from this.
To ensure that policyholders can get to the nearest suitable medical institution in the event of a serious illness or injury, IPMI policies often contain coverage for emergency medical evacuations. Domestic medical insurance policies rarely cover this service.
One can make informed choices regarding the best insurance plan by first familiarizing themselves with IPMI and then comparing it to domestic health insurance.
Should you invest in Optimum Global?
Optimum Global Insurance with its comprehensive policies, extensive coverage options, and commitment to customer satisfaction, ensures that individuals and families have access to reliable healthcare solutions while residing or working overseas.
The company’s partnership with AXA, its regulatory compliance, and its secure technology makes it a good, stable choice as a trusted insurance provider.
For those seeking peace of mind and convenience in their international healthcare coverage, Optimum Global Insurance proves to be a decent choice.
However, it is always best to consult a financial advisor who is knowledgeable about your own financial situation and get their advice on the best course of action.
Do you need international insurance as an expat?
If you are an expat, you’ve likely encountered the daunting task of navigating a new healthcare system in a foreign country.
While exciting, living as an expat comes with its fair share of challenges, and one crucial aspect you simply cannot overlook is international insurance.
Whether you’re an adventurous nomad or a corporate professional, having comprehensive coverage that extends beyond your home country is an absolute necessity.
International insurance provides you with peace of mind, ensuring that you and your loved ones are protected against unexpected medical emergencies, accidents, and even legal matters that may arise while living abroad.
Living as an expat can be an incredible experience, but it also comes with its own set of risks and challenges. One of the most significant concerns for expats is access to quality healthcare in a foreign country.
While some countries may offer excellent healthcare systems, others may have limited resources or language barriers that can make it difficult to receive the care you need. This is where international insurance becomes invaluable.
International insurance provides you with the peace of mind that comes with knowing you have comprehensive coverage, no matter where you are in the world.
Whether it’s a routine doctor’s visit, emergency medical treatment, or even medical evacuation back to your home country, international insurance ensures that you are covered financially.
This means you can focus on your health and well-being without the added stress of navigating unfamiliar healthcare systems or worrying about the cost of medical care.
Additionally, international insurance often includes coverage for other important aspects of expat life, such as emergency medical evacuation, repatriation of remains, and even personal liability insurance.
These additional benefits can be crucial in times of crisis, providing you with the support and assistance you need during challenging situations.
Without international insurance, you may find yourself facing exorbitant medical bills, limited access to quality healthcare, and potential legal issues if you find yourself in a legal dispute in a foreign country.
The financial and emotional stress of these situations can quickly overshadow the excitement of living as an expat. Therefore, having international insurance is not just a luxury but a necessity for any expat.
What are the common risks and challenges faced by expats without international insurance?
Living abroad without international insurance can expose you to a variety of risks and challenges that can have serious consequences for your health, finances, and overall well-being.
One of the most significant risks is the lack of access to quality healthcare. Depending on the country you’re living in, the healthcare system may be vastly different from what you’re accustomed to.
Language barriers, cultural differences, and differing medical standards can make it challenging to receive the care you need. Without international insurance, you may find yourself limited to subpar healthcare options or facing long waiting times for essential medical treatments.
Another risk is the high cost of medical care in some countries. Medical expenses can quickly add up, especially if you require specialized treatments or hospitalization.
Without international insurance, you may find yourself burdened with exorbitant medical bills that can have a long-term impact on your financial stability.
In addition to healthcare challenges, expats without international insurance may also face legal issues in a foreign country.
Whether it’s a minor dispute or a more significant legal matter, navigating the legal system of a foreign country can be complex and costly.
International insurance often includes coverage for legal expenses, protecting you against potential legal challenges and ensuring you have access to the necessary legal assistance.
Overall, living abroad without international insurance leaves you vulnerable to a wide range of risks and challenges that can have severe consequences for your well-being.
By investing in international insurance, you can protect yourself and your loved ones from these potential pitfalls and enjoy your expat experience with peace of mind.
What are the types of international insurance available for expats?
When it comes to international insurance for expats, there are several types of coverage to consider.
Understanding the options available to you can help you make an informed decision based on your specific needs and circumstances.
International Health Insurance
This type of insurance provides comprehensive coverage for medical expenses, including doctor visits, hospitalization, emergency medical treatment, and prescription medications.
It often includes coverage for pre-existing conditions, maternity care, and mental health services. International health insurance ensures that you have access to quality healthcare wherever you are in the world.
Emergency Medical Evacuation Insurance
This coverage is essential for expats living in remote or medically underserved areas. It provides coverage for emergency medical evacuation to the nearest adequate medical facility or even repatriation to your home country if necessary.
Emergency medical evacuation insurance ensures that you can receive the medical care you need, even if it’s not available locally.
Travel Insurance
While travel insurance is often associated with short-term vacations, it can also be beneficial for expats. Travel insurance typically includes coverage for trip cancellation or interruption, lost luggage, and emergency medical expenses.
If you frequently travel back to your home country or take trips within your new country of residence, travel insurance can provide additional peace of mind.
Personal Liability Insurance
This type of coverage protects you in the event of legal liability for bodily injury or property damage caused to others.
Personal liability insurance is particularly important if you engage in activities that carry a higher risk, such as sports or outdoor adventures. It can provide financial protection in the event of a lawsuit or legal claim against you.
When choosing international insurance, it’s essential to consider your specific needs, budget, and the level of coverage required.
Some insurance providers offer customizable plans that allow you to tailor your coverage to suit your unique circumstances. Consulting with an insurance broker who specializes in international insurance can also be helpful in finding the right plan for you.
How do you choose the right international insurance plan for you?
Choosing the right international insurance plan can be a daunting task, given the multitude of options available. However, by considering a few key factors, you can narrow down your choices and find a plan that meets your needs.
Here are some factors to consider when selecting an international insurance plan:
- Coverage: Evaluate the coverage provided by each plan, considering your specific healthcare needs. Look for plans that include comprehensive coverage for medical expenses, emergency medical evacuation, repatriation of remains, and personal liability insurance, if necessary.
- Network: Check if the insurance plan has a network of healthcare providers in your destination country. Having access to a network of doctors and hospitals can simplify the claims process and ensure that you receive quality care.
- Exclusions and limitations: Carefully review the exclusions and limitations of each plan to understand what is not covered. Pay attention to pre-existing conditions, waiting periods, and any restrictions on coverage.
- Cost: Consider the premium costs and deductibles associated with each plan. While affordability is important, it’s equally crucial to ensure that the plan provides adequate coverage for your needs. Balancing cost with coverage is key to finding the right insurance plan.
- Customer reviews and reputation: Research the insurance provider’s reputation and read customer reviews to gauge their level of customer service and satisfaction. Look for providers with a strong track record and positive reviews from expats.
- Additional benefits: Consider any additional benefits or services offered by the insurance provider, such as 24/7 customer support, telemedicine services, or access to wellness programs. These additional benefits can enhance your overall experience and provide added value.
Looking into these factors and comparing multiple insurance plans, you can make an informed decision that aligns with your specific needs and budget.
Remember, international insurance is an investment in your health and well-being, so it’s crucial to choose a plan that provides comprehensive coverage and peace of mind.
International insurance offers a wide range of coverage and benefits that are designed to protect expats in various situations.
Understanding the coverage and benefits provided by international insurance can help you make the most of your policy and ensure that you’re adequately protected.
International insurance typically covers a wide range of medical expenses, including doctor visits, hospitalization, surgery, and prescription medications. It ensures that you have access to quality healthcare without the financial burden.
If you require emergency medical treatment that is not available locally, international insurance can cover the cost of medical evacuation to the nearest adequate medical facility. This ensures that you receive the necessary care, even if it’s not available in your current location.
In the unfortunate event of death while living abroad, international insurance often covers the cost of repatriating your remains to your home country. This provides peace of mind to you and your loved ones during a difficult time.
Some international insurance plans include coverage for preventive care, such as vaccinations, annual check-ups, and screenings. This promotes proactive health management and helps prevent future health issues.
If you’re planning to start a family while living abroad, international insurance can cover the costs associated with maternity care, including prenatal visits, childbirth, and postnatal care. This ensures that you receive quality care throughout your pregnancy and beyond.
Mental health support is an essential aspect of overall well-being. Many international insurance plans include coverage for mental health services, such as counseling or therapy, ensuring that you have access to the necessary support when needed.
International insurance can also include personal liability coverage, protecting you in the event of legal liability for bodily injury or property damage caused to others. This coverage can be particularly important if you engage in activities that carry a higher risk.
Understanding the coverage and benefits provided by your international insurance plan is essential to maximize its value.
Carefully review your policy documents and consult with your insurance provider to ensure that you’re aware of the coverage details and any exclusions or limitations.
What are the common misconceptions about international insurance for expats?
When it comes to international insurance for expats, there are several common misconceptions that can lead to confusion or misunderstandings.
Let’s debunk some of these misconceptions and provide clarity on the realities of international insurance.
“I don’t need international insurance because I’m covered by my home country’s healthcare system”
While your home country’s healthcare system may provide coverage within its borders, it’s essential to remember that it may not extend to healthcare services received abroad.
International insurance ensures that you have coverage wherever you are in the world, protecting you against unexpected medical expenses.
“I’m young and healthy, so I don’t need international insurance”
While it’s true that being young and healthy may reduce the likelihood of needing extensive medical care, accidents and unexpected health issues can happen to anyone.
International insurance provides financial protection and peace of mind, regardless of your age or health status.
“International insurance is too expensive”
While international insurance may seem like an additional expense, it’s important to consider the potential costs of medical care without insurance.
Medical expenses can quickly add up, and without coverage, you may find yourself facing significant financial burdens. Doubly so as an expat.
Additionally, there are often affordable international insurance options available that can provide adequate coverage within your budget.
“International insurance is too complicated to understand”
While international insurance may have its complexities, insurance providers and brokers are available to help you navigate the process. They can explain the coverage options, answer your questions, and guide you in choosing the right plan for your needs.
“International insurance is only for long-term expats”
International insurance is beneficial for both short-term and long-term expats. Even if you’re only planning to live abroad for a few months or a year, having coverage ensures that you’re protected during your time abroad.
It’s important to dispel these misconceptions and recognize the value and importance of international insurance for expats. By understanding the realities of international insurance, you can make informed decisions that prioritize your health and well-being.
Final thoughts
Finding affordable international insurance options is a top priority for many expats. While the cost of insurance can vary depending on factors such as age, location, and coverage level, there are several tips and strategies that can help you find affordable international insurance options.
Compare multiple insurance providers. Take the time to research and compare insurance providers to find the best rates and coverage options.
If you are interested in Optimum Global, request quotes from different providers first and carefully evaluate the coverage, benefits, and premium costs associated with each plan.
Consider a higher deductible. Opting for a higher deductible can help lower your premium costs. However, it’s important to ensure that the deductible is still affordable for you in the event of a claim.
Evaluate your coverage needs. Assess your specific healthcare needs and consider the level of coverage required.
It is important to avoid over-insuring by selecting a plan that provides adequate coverage without unnecessary extras that you may not need.
Consider regional or local insurance providers. In some cases, regional or local insurance providers may offer more affordable rates compared to multinational insurance companies. Research local insurance options to explore cost-effective alternatives.
Utilize insurance brokers. Insurance brokers specialize in finding the best insurance options for their clients. They have access to a network of insurance providers and can help you find affordable international insurance plans that meet your specific needs.
Consider group insurance as well. If you’re part of an organization or employer-sponsored group, inquire about group insurance options. Group insurance plans often offer competitive rates and broader coverage.
You could also opt for a higher co-payment. Choosing a plan with a higher co-payment or cost-sharing arrangement can help lower your premium costs. However, it’s important to ensure that the co-payment amount is still manageable for you.
Implementing these tips can increase your chances of finding affordable international insurance options that provide the coverage you need at a price that fits your budget.
Remember, it’s important not to compromise on coverage quality for the sake of affordability. Finding the right balance between cost and coverage is key.
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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
