Insurance Needs Of Digital Nomads

Digital nomads can work remotely from their home country or abroad. Most digital nomads are either self-employed or independent contractors. Also, with the rise in remote work, the government is now offering visas to digital nomads as long as they meet the financial requirements and have adequate insurance.

Unlike tourist visas where tourists take short vacations each year, digital nomads spend more time a year working and living abroad. They may travel with expensive equipment (laptops, cameras, etc.), participate in adventure activities, and want health insurance for living abroad even though they do not have such coverage at home. The best types of insurance for digital nomads are overseas insurance, international travel insurance, and international health insurance. 

 

The difference between international travel and health insurance for digital nomads

Travel insurance provides financial protection against travel-related losses, such as lost luggage, travel documents, and trip cancellations, as well as cover in the event of an emergency. This is the best overseas insurance for short-haul travelers and digital nomads. 

On the other hand, international health insurance plans are designed for people who have lived abroad for a long time, such as expats traveling to multiple countries, students, and digital nomads. It covers medical issues such as routine medical check-ups or medical emergencies. 

 

What you need to know before a digital nomad insurance plan

A digital nomad is halfway between a traveler (and backpacker) and an expat, but not. If you want insurance while living abroad, you need to consider your needs and what type of coverage you need. You may need medical, car, or travel insurance that includes medical options. Are you planning to visit a single country or are you planning to travel the world? How long do you plan to travel before returning home?

 

Consider

• Worldwide coverage: Most insurance companies require you to select the countries in which you want coverage. In countries like Japan and China, expensive medical care can increase the cost of your insurance. While choosing a plan, keep in mind the country you want to travel to. 

 

• Cover in your home country: You should also consider whether you intend to visit your home country and whether your insurance covers the time you spend in your home country.

 

• Pre-existing condition: Select a plan for a pre-existing condition (if you have one). Regardless of your circumstances, you’ll likely pay more for coverage, and you can also sign up for overseas dental insurance if needed.

 

• Travel benefits: Some travel insurance policies provide travel benefits such as lost personal belongings or stolen equipment (overseas property cover), while others do not. Finding a policy that provides coverage or additional services for individual plans is important for digital nomads.

 

Whether you are a US or Canadian citizen and want to travel to Mexico or anywhere in the world, there is a unique insurance plan to meet your needs. You should speak with an expat health insurance broker or general insurance agent to discuss your expectations and allow them to present you with options. Our partners are one of the leading providers of expat travel insurance and health insurance for those who decide to live in Mexico and any other country.