When signing up to our long term expat health insurance, you will be given the option of a voluntary deductible.
What does the voluntary deductible mean for long term expat health insurance?
The voluntary deductible for long term expat health insurance allows policyholders to lower their monthly premiums by agreeing to pay a set amount out-of-pocket before insurance coverage begins. This option can reduce costs for those who expect minimal claims but increases financial risk during claims. We generally recommend choosing no deductible for better coverage, but the deductible option suits those willing to accept upfront expenses to save on premiums.
How does the voluntary deductible affect my monthly premium and out-of-pocket costs?
Your monthly premium is based on factors including your age, chosen plan (basic or premium), coverage region, and whether you select a voluntary deductible.
For example, with no voluntary deductible, your monthly premium might be €189.92 and you pay nothing further when making a claim.
With a €750 voluntary deductible, your premium might decrease to €161.43 per month, but when you submit a claim, you must pay the first €750 yourself. For a €2,000 claim, you would pay €750 and we would cover the remaining €1,250.
Lets say you want the cheapest possible insurance option and don't think you will use the insurance. Then you can select a voluntary deductible which would lower your monthly cost, however, it means that you would be out of pocket for the chosen amount before your insurance would kick in.
How should I decide whether to choose a voluntary deductible?
We recommend selecting no voluntary deductible if you want full coverage with no additional costs when claiming. However, if you plan to use the insurance short term or can afford some out-of-pocket expenses to lower your monthly premium, choosing a voluntary deductible can be a suitable option.