Can Americans Buy Health Insurance Offshore?


Yes, but you can’t reside in the United States although you can elect to take treatment there. Here is an excerpt from an offshore health insurance policy marketing piece:


To ensure that you only pay for the cover you really need, you can choose whether or not you want to include the USA in your Lifeline insurance cover.

Please Note: Due to the extremely high cost of healthcare treatments in North America, coverage which includes the USA is generally an average of three times the cost of cover for other parts of the world. Therefore, unless you will be spending significant amounts of time in the United States, we recommend that you DO NOT select this option.

Some Americans want to self-insure their health risk up to a point. But under current law, Americans can’t purchase a plan with deductibles higher than $6,600. Gone are the days with Americans could purchase $10,000 deductible plans from carriers like Blue Cross. It is now illegal for an American health insurance company to sell you a deductible of $10,0000, $25,000 or more.

Buying health insurance offshore allows a full array of choices in plan design, at costs significantly lower than one would expect.

A LLoyds syndicate, for example,  could underwrite a health policy to be sold to Americans with coverage extended to the USA . However the purchase would necessarily have to be made offshore. To our knowledge no one has come up with such a product yet. The first one that does will do well.

Editor’s Note: Imagine coming back from a trip abroad, going through customs and having to answer the common question we all get asked: “Do you have anything of value to declare?”………..”Why yes, a high deductible health insurance plan from an English insurance company, reinsured through a consortium of carriers from India, China, Singapore, Austrailia and Peru,  which I purchased from while I was in Costa Rica deep sea fishing.”