Over half of the HR directors noticed an increased demand for health and wellbeing benefits from their overseas workers since 2012, which was also reflected in the responses from the employees, with a quarter saying that they expected more from their employer in this area than they did five years ago. While the statistics show that some employers are changing to accommodate their workers, many more are not; only a third of HR directors said that they met this need by providing such improved benefits.
In particular, there was a requirement for flexible working hours and quality international private medical insurance (IPMI), and the desire for these looks like it will continue to rise. This is because a third of the HR directors responded that they anticipate the number of their employees working overseas will grow over the next five years, with most (80%) expecting their employees to travel to a European destination.
What’s more, two-thirds of those receiving IPMI viewed the insurance as absolutely essentiall when moving overseas, saying that they would not have gone to live abroad without it, and nine out of ten believe that their employer has the responsibility of looking after their health while they’re abroad.
Sheldon Kenton, the managing director of Bupa Global, summarised the report, saying that he felt businesses with overseas employers are experiencing a change in the attitude of employees. “Employees are becoming increasingly engaged with their own health and wellbeing, and are calling on their employers to take an active role in it too,” Kenton said
Of course, you don’t have to have moved overseas for work to understand the importance of quality medical insurance. All expats should have access to high-standard healthcare in their chosen destination, whether they’ve moved for business or for retirement. There are also other insurance products that, like IPMI, enable you and your loved ones to cover all your “what-if” scenarios. For instance, providing expat life insurance is one way Blacktower helps our clients safeguard their future.
Quality Life insurance for expats
A good financial adviser aims to offer clients complete peace of mind in their financial dealings. One way in which we do this at Blacktower is by offering a special life assurance product to expats in Portugal. Our Private Wealth Portfolio is an effective expat life insurance policy that provides you and your family with a range of benefits.
Reduced tax liability, exclusion from Portuguese Stamp Duty, and no inheritance or gift tax to pay are just a few of the benefits of this fantastic Portuguese expat life insurance policy.
For employers in the UK, we also offer advice on purchasing group private medical insurance, as well as a multitude of other suitable products for businesses so that they can offer their employees the most robust protection and financial security.
To discuss your options, contact a Blacktower adviser today.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
There is a lot I have learned over more than three decades in the financial services industry and while this period of managing client investments was made possible by my education and enthusiasm, the years have taught me that there is no substitute for experience. There is a big difference between knowing something theoretically and having first-hand, practical experience of it.
A survey by Old Mutual Wealth has found that 38% of international financial asset management professionals would like a review of the new QROPS pension transfer scheme rules. Only 20% said they were happy with the new rules, while 40% described themselves as “unsure”.