Understanding the cost of global health insurance for small businesses

Wondering how much global health insurance costs for small businesses? Getting a cost estimate is about so much more than crunching black and white numbers. It’s, first and foremost, about understanding the needs and circumstances of not only your business, but also the employees you wish to cover (i.e. the grey areas). And since no two businesses or their workforces are exactly alike, there’s no such thing as “one quote fits all” either.

There are, however, consistent factors that influence the cost for every business, which are useful to understand when determining your international employee benefits strategy – and when looking for opportunities to save. The following factors are among the top drivers of costs for small business international health insurance and are, therefore, key topics you can expect to discuss when requesting a quote from any international health insurance provider like Cigna Healthcare ®, Global Health Benefits.   

• Countries and regions covered – whether worldwide or worldwide excluding U.S.
• Number of employees covered – and whether coverage is provided for employees only or also for dependents
• Employee demographics – including age profile, home country and destination country
• Level of benefits chosen – while all plans include inpatient, outpatient, and mental health cover, costs can vary depending on benefit limits and selected plan level, whether optional elements such as maternity and wellness are adjusted
• Excess, deductible, or coinsurance options –  employee cost sharing mechanisms that apply to outpatient treatments and can help reduce overall premiums, depending on the structure selected. 
• Compliance and regulatory requirements – local healthcare regulations, insurance benefit mandates and reporting requirements in certain countries can influence plan design and overall cost.

With these above factors in mind, there are also a number of strategies commonly adopted by small businesses to help manage and minimise the cost of international health insurance.

Some include:

• Choosing worldwide excluding U.S. coverage, where appropriate if your employees are not based in the U.S.   
• Selecting medical benefits first, with optional add-on coverages like dental and vision
• Using excess, deductible, or coinsurance options on outpatient cover to manage premiums while maintaining access to core care.
• Reviewing coverage annually to ensure it continues to meet the needs of your business and employees, while remaining cost-effective.

Needless to say, the answer to how much global health insurance costs for small businesses is not a simple one. But it’s also not one you need to determine on your own. At Cigna Healthcare, Global Health Benefits, we pride ourselves on delivering consultative, personalised support to each global business we support, large and small. And we’d be glad to help you determine the right coverage at the right cost your international employees, wherever their assignments may take them.

You know your business. We know global health insurance

No need for you to figure it all out on your own. Let’s work together to determine the right coverage for your needs. Our advisers are ready to speak with you on international health insurance for small businesses — explaining suitable options and outlining next steps towards cover. Arrange a call with one of our advisers to look at your options and help you find the best solution.