When we think of some of the most popular computers, electronics, and automobiles, “Sold in the USA.” is quickly replacing “Made in the USA.” like the new norm. While expansion for many US corporations has slowed as a result of the recent recession, business is booming for emerging markets around the world. Multinational corporations competing for global customers have jumped into the fray by establishing subsidiary offices with local sales, manufacturing, and distribution channels.
In the race for global presence, foreign corporations have flooded into the US market to capture the prized US customer; indeed; there are more than 3,000 foreign-domiciled corporations with subsidiary companies, branches or sister offices within the US, according to Uniworld Business Publications.
With a hybrid workforce comprised of US citizens, foreign nationals, and key foreign executives, benefits and human resources directors of foreign corporations are tasked with managing a myriad of benefits in growing geographic areas and at widely varying international regulatory bodies. Benefits managers new to the US market are simply unaware of the many insurance options when insuring foreign nationals working in the US. In an attempt to simplify matters, we found that the majority of employees, regardless of origin or citizenship status, are enrolled in their US company’s group health insurance and benefit plans. But this is rarely the best method.
Seasoned international hiring managers know the difficulties of educating their foreign employees about policy benefits, deductibles, co-pays, PPO and HMO networks. Traditional domestic group health insurance assumes employees are familiar with understanding insurance terminology, locating participating doctors and hospitals, finding referrals, prequalifying, and submitting claim documents.
Foreign employees arriving from countries with national or socialized healthcare are unfamiliar with the intricacies of the US healthcare system and, for good reason, feel overwhelmed by the process of seeking healthcare in the US.
EXAMPLE SCENARIO
Over the next two years, six executives from a major Asian stock exchange will work for six months at the corporation’s branch in a major US metropolitan area. They will return to Asia for three months before returning to the US branch for another nine months. The company’s US health insurance policy is not designed to accommodate the frequent travel schedule of executives. In addition, the additional sign-up and sign-out forms add a heavy, but necessary, task for the human resources department.
The solution to provide the necessary benefits without overloading human resources staff: international health insurance.
TWO AFFORDABLE OPTIONS ARE:
Temporary travel medical insurance: These policies provide short-term coverage from five days to 12 months and are specifically designed to insure foreign citizens visiting and working in the US Most are guaranteed issue, can take effect within 24 hours, and give foreign workers the freedom to choose any doctor or hospital. Ease of use is the most attractive feature for policyholders.
Medical and general travel accident policies: These policies cover all employees and executives traveling abroad without citizenship or country restrictions. A blanket policy ensures that no employee is left without coverage when working and traveling abroad.
As the world shrinks and global businesses grow, accommodating foreign employees will become critical to retaining valuable international workers. If your company doesn’t currently offer international health care policies for your international employees, now is the time to re-evaluate your benefits methods for a faster and more satisfying experience for everyone on your global roster.
