a lot of people ask me Andrew how do you
handle health insurance as a nomad
capitalist I'm going to lay out my
entire plan in this video
[Music]
hey I'm Andrew Henderson and in this
video I'm gonna give you my
comprehensive plan for maintaining
health insurance around the world I'm
not gonna promote any particular
companies but I'm gonna tell you how
I've set up my own insurance plans
because whether it's people who are
those of you online who are commenting
and asking for my advice whether it's
people that we're working with one on
one who want to make sure they're
covered even my father you know says
Andrew I think a lot of those of us who
are older really value health insurance
we want to know how we can get good
quality of care and so the first thing I
think is really important to understand
when you're leaving your home country to
become a nomad capitalist is number one
especially if that country is the United
States understanding the realities of
costs of care the United States in
particular is dreadfully expensive in
terms of care and I think one of the
reasons why you would become a nomad
capitalist in the first place or at
least follow some of our tenants is
because you want to pay less for care I
actually in my book I actually devoted
entire chapter six to Nomad health care
in the idea of go where you're treated
best for getting care you don't have to
want tax benefits you don't wanna have
to have a second passport you don't have
to bank overseas you could just follow
Chapter six and you can just go and get
health care overseas and so while people
fundamentally understand that care
outside of their own country is cheaper
and can be just as good if not better
equality it's a hard thing for them to
wrap their head around when it comes to
insurance and and what the need for that
insurance is you're not going to go to
the emergency room in Malaysia and get a
bill for a hundred thousand dollars it's
just not gonna happen
meanwhile in the United States in
particular people routinely go for
pretty benign stuff and get huge bills I
mean I know I I had to go to the
emergency room once or twice again
nothing was really totally wrong it was
kind of preventative in my case I was a
little bit freaked out kind of a
hypochondriac at a younger age and I
would get a bill for $2,000 just for
seeing the doctor now I go and I'll go
to one of the best hospitals in Malaysia
for example when I've had to go to the
emergency room and it might be $100 or
$200 and I see a doctor
oftentimes the doctor was educated in
the UK and I feel the care is just as
good I leave feeling good I leave with
my problem solved
so that's one thing that you have to
understand if you're coming from a place
where insurance protects you from
catastrophic financial loss understand
there's a difference in costs here's
what I've setup number one I maintain
relatively comprehensive coverage in my
main hub countries for me right now
that's Malaysia that would be the main
one I also have coverage in Georgia and
if I set up a base in the future in in
Latin America I would probably get
comprehensive coverage there now I put a
high deductible on that to bring the
cost down because I'm looking for the
best risk transfer one thing is as a
business owner we talked to 7 and
8-figure entrepreneurs I don't want to
be chasing down the insurance company to
get you know 32 ringgit refunded right
so if it's $5,000 I think I think my
deductible is maybe 3 or $5,000 I don't
even know but it's around there I'll
just pay that at a pocket right what I'm
really trying to protect is if something
terrible happens covering me to where I
don't have to pay $100,000 all right or
or more and so comprehensive coverage
provides me that what I what I layer on
top of that is a as a catastrophic
policy that covers they all around the
world X us so obviously the United
States any kind of travel insurance it's
gonna be a lot more expensive if if
you're gonna be needing care in the US
because as we mentioned so much more
expensive I don't go to the US I don't
spend time there and so not an issue for
me I pay a much lower rate for travel
insurance that covers me anywhere and
there are a few companies that you can
basically tell them you know hey here
are the places where I spend the most
time and they'll cover you everywhere
else so I put those two together and so
here's my philosophy and why exactly I
do that catastrophic coverage covers me
if I get hit by a bus or if something
happens that needs immediate attention
so you know a medical evacuation
situation something like that is covered
by the kind of cat
traffic coverage that I would get so if
I'm spending you know two weeks in
Columbia I'm not going to be left out in
the cold
the comprehensive coverage covers me and
I make sure to address this every time I
get a policy my policy Malaysia for
example very good
I can always return to Malaysia and and
get that coverage because I'm covered
all year round right if I if I find out
if I get diagnosed with cancer when I'm
in Colombia
I can go back to Malaysia and get
treated for that I'm a resident of
Malaysia I have coverage there and so
that's not necessarily an urgent thing
obviously it's a very important thing I
don't want to let it wait but it's a
matter and I can wait a couple days to
get in a plane get back and and get the
health care and so you know my general
philosophy is if it's not catastrophic I
want to seek out the best care this goes
along with my entire Nomad capitalist
philosophy of go where you're treated
best you know most people they live in
you know one city they go to the
hospital in that city and they they seek
at the best Hospital nobody's seeking at
the worst care but most people don't
consider I wonder if there's a guy in
Singapore who is a better specialist for
this or wonder if there's somebody in
you know Panama that is like the expert
in the world in this you know super
super niche you know super super rare
medical issue that I have right
most people just keep it in their local
area and I think that the power of the
Nomad capitalist approach is saying I'm
always going to go where I'm going to
get the best care I think Malaysia has
pretty good care and so to maintain a
comprehensive policy there not only
protects me because I do spend a
significant amount of time in the
country it protects me that if I were
one good care that doesn't have to be
done right this very minute I can get on
a plane and I can go there and I can get
care and I can know that I'm getting
some of the best care in the world but
what I also think is important is again
understand the financial attributes of
it I'm looking for good risk transfers
when it comes to insurance if I can pay
I think I pay four hundred dollars a
year to put the risk of a potentially
hundred thousand dollar incident
on someone else I'm all for that it also
happens to be a condition of my
residency and they have a policy so
wouldn't matter anyway but I wanted to
make sure I got the best policy that
said if you are the 7 and 8-figure
entrepreneur understand that I don't
know of too many things that could
happen to you in a country like Malaysia
or even a Singapore that would creep up
beyond the low six figures now I'm not a
doctor I don't know every condition
that's out there obviously there are
chronic conditions that you're always
dealing with but you know from my
perspective when I started asking
questions you know what does it cost to
treat the average cancer you know
Malaysia I don't think there was a
single cancer where the average cost was
was over $75,000 and so to a certain
extent self insurance I think is it's
not a bad thing to do
but I do that in tandem with with making
reasonable risk transfers and so
comprehensive plus catastrophic doing
that in a few different places around
the world where I do spend time as well
as having that that travel layer on top
of it for any other places that you
might go is what I do
hi I'm Andrew Henderson from nomad
capitalists I wrote this book which you
can find on Amazon to distill a lot of
the stuff we talk about in these videos
and a lot of the stuff I've learned over
the last decade plus traveling all
around the world teaching you about how
to legally reduce your taxes build your
personal freedom and create wealth
faster definitely get a copy of this
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