What Do I Do With Insurance At Home?

Marcus Meurer, founder of DNX Global, The Digital Nomad Conference gets asked a lot of questions about health insurance of digital nomad and here’s what we came up with.

This is a typical question between digital nomads but it’s pretty tough to get sound advice from people, especially insurance brokers since they’ll just try to sell you with everything they can. However, here are some points we came up with regarding health insurance.

In United States of America:

  • Obamacare – you basically pay for the whole year. However, if you’re usually out of the country, you can claim that you’re out of the country and you don’t have to pay for it a year. Also, you don’t have to pay for income tax for the first $100,000. If you have a business, some people shuffle their money so it looks like your income sucks and you don’t have to pay for it.
  • World Nomads – it’s a travel insurance and you can have it for six months then you can just renew your plan. It’s relatively cheap but you have to be careful in claiming your insurance because if you’re claiming nonsense, they’re going to require you to present your plane ticket for the last six months. World Nomad does not work in the US and Obamacare does not cover things outside of the US, so they kinda work that way.
  • Taxes – there are a lot of digital nomads who forgot to file their taxes for years and it usually ends up really bad.

It’s a little complicated but it’s doable. Also, keep in mind if you’re traveling through ocean since once you get inside the US territory, it’s considered you’re in the US even though you haven’t stepped into land and it’s a loophole people don’t really know about a lot.

In Germany:

  • Private/Public Health Insurance – usually the best type of insurance for digital nomads is the private insurance though it’s really expensive (about 400€/month) you can have it for six months and you can fly in and out of the country.
  • Integra Global – I got this after my six months health insurance from Germany expired. It works quite well and it’s also cheap but once you get back to Germany, you kind of drop out of the plan. So, you need something else once in your Germany.

The Bottomline:

There’s no perfect system, both of the system have their difference but it’s still doable so you don’t have to worry about it. A lot of travel insurance are also cheap so you just have to be smart about it.