Many people come to our country seeking an improved standard of living. Economic migrants share some common characteristics when it comes to their insurance needs.
- They are not covered by social security
- They do not have a high income to begin with
- Government institutions require private insurance in order to issue a residence permit
Unable to engage in long-term financial planning and with the obligation to be insured “somewhere”, economic migrants are most often looking for something affordable to primarily meet the requirements of the residence permit process, and this of course is quite understandable.
Until recently, legislation regarding the required insurance coverage was unclear, which led to ambiguity and provided room for misinterpretation by migrants. Since 21.10.2014, however, a Joint Ministerial Decision has been in force that states clearly what health insurance must cover, thus making matters much simpler.
In particular, a proper insurance policy must cover the following
- 10.000€ Hospital treatment in a public hospital
- 15.000€ Accidental Permanent Total Disability
- 1.500€ Medical expenses
Note 1: Maximum percentage of the insured's deductible: 20% Note 2: Health insurance policies with exemptions and special terms are not accepted Note 3: The insurance must be permanent and renewed every year (unless there is a state insurance by EFKA in the meantime), regardless of whether the residence permit was issued for more than one year. In the next application for a residence permit, insurance policies for earlier years will be requested for review, and one cannot be insured for earlier years even if one can pay the relevant premiums.
