Under this heading we are deeming that the “Expatriates” are Americans working overseas. Corporations regularly send key personnel and their families on overseas assignments, to open facilities, lead operations or work on important projects.
Whatever the reason, these employees require specialized benefit programs. These programs must be designed to retain existing employees and recruit new employees.
Medical coverage comes in all shapes and sizes. There is no “one size fits all”. Employers will often apply their American benefits to the employee on an overseas assignment. The American plan may well cover them but it is not always the correct fit, length of assignment plays a major factor in how the benefits function abroad.
In addition, services rendered overseas could be treated as an out of network expense resulting in more out of pocket for the employee. Additional cover such as emergency medical evacuation is not covered under regular American plans. International medical insurance should be considered for longer term expatriates. See Short Term Business Travel.
Several factors need to be taken into consideration when evaluating your benefit structure.
- Do you need to offer a comprehensive medical plan?
- How long will the employees be overseas?
- Do they need to stay on American coverage?
- What benefits do you need to offer?
- In which countries will your employees be working?
- Is the insurer able to conduct business in all countries you will be working in?
There are also coverage’s to consider that are not staples under an American plan such as the following:
- Emergency medical evacuation
- Repatriation of mortal remains
- International Assistance
- Terrorism, political evacuation and K & R cover
How should we finance the medical coverage?
- Purchase insurance?
- Partially self fund?
- Multi-national pooling? (See Multi-national pooling)
An important coverage wherever you are globally, but can become increasingly so in remote or less stable regions of the world where the employee may go to work. This is a low cost benefit in relation to medical cover.
American insurers tend to afford cover for employees outside of the U. S. providing they are on short term assignments or business trips. Carriers tend to not like to cover employees on overseas assignments for long periods. Selecting an insurer with worldwide reach is essential and prevents problems in the event of a claim.
We will ensure that your carrier is able to offer overseas employees;
- High limits
- High guarantee issue amounts
- Carrier can offer cover in all countries employees will be working in
- Claims can be paid in other currencies than US$, if required
Kent International Group has access to international carriers able to meet any employer need.
An overlooked yet undervalued coverage that no one hopes to utilize. American insurers tend to shy away from covering employees overseas. It is important to seek cover from an insurer experienced in the international disability arena.
Important things to decide when purchasing cover.
- Salary only or include bonuses?
- Terms of coverage?
- Taxation of benefit?
- Can carrier pay and process claims in multiple currencies?
- On or off the job cover or both?
Placing the business with the right insurer is essential. Kent International Group works with insurers both in the U. S. and outside in order to obtain the correct cover.
In the U. S. many employees are covered under the most common retirement vehicle in America; the 401k plan. This can be the right choice when employees are working in America but what about when the employee is overseas? Employees on an overseas assignment tend to be higher paid which means they are looking for alternative or additional savings vehicles. Employers may want to consider offering employees an International Retirement Plan.
- A vast array of investment funds available
- Unlimited contributions (whilst outside of the U.S.A.)
- No discrimination testing
- Accumulation of funds tax deferred
- Custom design for employee retention.
As with any retirement program, a full disclosure and explanation must be reviewed prior to purchase.