Monaco Expat Health Insurance
The Principality of Monaco, commonly referred to as Monaco, is a small country bordering France on the French Riviera. Monaco is a wealthy country, having the highest GDP per capita in the world. It also boasts the highest life expectancy rate (of 90 years old), the lowest unemployment rate and is the most densely population country in the world. Monaco is only 2.05 square kilometres, the second smallest country in the world, with a population of approximately 36,000 people.
Monaco is a tax haven. In 1869 the principality stopped collecting individual income taxes from residents of Monaco, this lead to the country becoming a popular home of the rich. Monaco gained independence in 1911 and is governed by a constitutional monarchy with Prince Albert II the current head of state. Prince Albert II is the son of the Prince Rainier III and Grace Kelly the American actress who he married in 1956. Even though Monaco is an independent country, its military is still the responsibility of France. French is the official language of Monaco and the currency is the Euro. Monte Carlo is the capital and primary residential, casino and the resort area.
Monaco’s main source of revenue is tourism as visitors are attracted to the country’s warm summer Mediterranean climate and casinos (Monaco’s residents are not allowed gamble at the casinos). The country experiences warm dry summers and mild rainy winters. A cool sea breeze helps fan visitors during the warmer months. The country expanded its pier in 2001 in order to attract more cruise ships to the country.
The country is famous for the Monaco Grand Prix which began in 1955. The annual Formula One race is held in the streets of Monaco and is one of the most prestigious motor races in the world. The track is very challenging for the drivers, takes six weeks to construct and three weeks to dismantle. Monaco is also home to the Monte Carlo Rally which began in 1911 and has a football club. Many famous football stars have played for the Monaco football club as they are drawn to the country due to its tax haven status.
The casinos in Monaco include Le Grand Casino de Monte Carlo which was opened in 1858 and is still operated out of the same premises today, Le Casino Café de Paris, Monte Carlo Bay Casino, Monte Carlo Sporting Club and Casino and the Sun Casino. The most recent addition to Monaco’s casino mecca, and the first casino to be built in 75 years, is the Monte Carlo Bay Casino which is located on a 4 hectare property.
Wealthy European business people and formula one drivers are attracted to Monaco due to its tax haven status. French citizens who reside in Monaco must still pay income tax in France if their residency started after 1957. To make up for the lack of individual income tax, Monaco has high social insurance taxes paid by employees and employers, company tax , stamp duty and value added tax.
Monaco Health Care and Insurance
Monaco has an excellent standard of state funded healthcare, private and public medical facilities. The medical staff in Monaco are extremely well trained. Medical care in Monaco is available to citizens, residents and citizens from France and Italy who have paid their healthcare contributions and can prove it.
Residents of Monaco have access to healthcare provided by the social security system Caisse de Compensation des Services Sociaux (CCSS). The Caisses Sociales de Monaco (CSM) oversees the health service in Monaco. Employer and employee contributions (which are calculated based on the employees’ salaries) finance CSM for employees. Employers contribute approximately 24 percent of their gross salary and employees approximately 15 percent to CSM. Employers register their employees with CSM when a new employee begins work.
Once registered with CSM, recipients are given a medical card which they need to present at a medical facility each time they visit. Spouses, partners and the children of employees, the unemployed, pensioners, long-term sickness beneficiaries and people on maternity leave who do not have access to their own health scheme and who reside in Monaco or France can also benefit from the scheme. The CSM administers health, maternity, paternity, disability and death benefits. It also provides prenatal and family allowances, housing allowances, education allowances, back to school allowances, Christmas bonuses, holiday cheques and nursery vouchers.
The CSM in Monaco reimburses 80 percent of medical costs and up to 100 percent of other certain medical procedures. The benefits of CCSS are extensive. Residents of Monaco can be reimbursed for general treatment, specialist treatment, hospitalisation, laboratory testing, medications, dental care (checkups and routine visits) and transportation. The medical facilities have 3 categories of rates which they charge users based on the income and size of their family, i) a standard rate, ii) the standard rate plus 20 percent and iii) a fee set with the medical facility.
Most Monaco resident’s take out additional private insurance to cover the services and fees not paid for by CSM, called a mutuelle. The amount a Monaco resident pays into the mutuelle depends on the coverage they require. Mutelle is sometimes provided by employers to employees as a work related benefit.
Doctors in Monaco are known as médecin traitant. Not all Doctors are registered with CSM and patients of non CSM Doctors will need to pay for the cost of Doctors visits themselves. Monaco has three hospitals located in Monte Carlo. The Princess Grace Hospital (telephone: 377 97 98 99 00) is equipped with the latest technology, has a 24-hour emergency department and has specialist hospital departments to treat thoracic illness, cardiac illness and kidney failure. Another recommend medical facility located outside of Monte Carlo is Institut Monegasque de Medecine & chirurgie Sportive (telephone: 377 99 99 10 00). Travellers should ensure that they have medical insurance for Monaco to cover the cost of medical treatment should they require it.
Monaco has private medical clinics which fall outside of the scope of CSM. The country also offers excellent dentists, however they are expensive and CSM will not cover extensive dental work such as bridges and crowns. Prescription medications are often priced lower than non prescription drugs in Monaco. Travellers should ensure that they bring sufficient medications with them to Monaco as over the counter drugs such as aspirin can be expensive without a Doctor’s prescription.
Monaco is not a Member of the European Union (EU) and therefore EU reciprocal medical arrangements do not apply. The European Health Insurance Card does not provide entitlement to health cover in Monaco. Travellers to Monaco should be aware that foreigners living or visiting Monaco who are not employed (or self employed) in Monaco do not have access to CSM and require private medical insurance. Foreigners applying to become residents of Monaco are required to prove that they have medical insurance.
Monaco Travel Advice
Monaco is a safe country for tourists to visit. It has little crime, a large number of surveillance video cameras and a high police presence. Travellers to Monaco should ensure that their childhood vaccinations are update to date including vaccinations against measles/mumps/rubella (MMR), diphtheria/pertussis/tetanus and polio. It is also advisable to be vaccinated against hepatitis B.
In case of emergency, the emergency telephone numbers in Monaco are 17 (police emergency), 18 (fire department) and 15 (emergency medical/paramedic team/ambulance).
Monaco Expat Health Insurance
Travellers to Monaco should ensure that they have comprehensive medical insurance as they will not be covered by the state system if they require treatment. Medical facilities are of an extremely high standard, however the cost of treatment is also expensive in Monaco. Expat health insurance can provide coverage with high benefit levels, meaning that expensive hospital bills will not be a burden on the finances of you and your loved ones in the case of a medical emergency. . For peace of mind knowing you and your family will be covered please contact Global Health Insurance today and one of our medical insurance professions will assist you. We work with many of the world’s leading expat health insurance providers and can provide you will a range of options that meet your needs at no cost to you.
Recent Questions / Comments:
| Click Here to Read the Answer | |
| Hi, My mom will be coming from north africa to visit me in the USA and stay for acouple of weeks. Recently she has been having a heavy hand and legs feeling. She has been prescribed a medication that is usualy prescribed for patients with mild parkinson's. I would like to get some second opinion and test(scans) performed on her in the USA. I don't think that she has parkinson's and I would like to confirn this in a center/hospital that I trust. My mom has an inssurance coverage with mutuelle Maroc,which is a partner with SwissLife and AXA. I wonder if she can get an international coverage with your company that will covers specialist evaluation, MRI, and oether scans if necessary. Thank you | |
| Click Here to Read the Answer | |
| Hi, We (Doanldson Europe BVBA in Belgium) are looking for a hosptal & medical insurance for one of our families (family van den Enden) we are relocating to Brockville, Canada. Up till now we haven't found an insurance compay willing to cover the pre-existing condition of Mrs. van den Enden which is bronchial asthma. Would you be able to offer us a solution with an insurance who is willing to cover also the pre-existing condition. Thanks in advance for your reply, Veerle Matthijs | |
| Click Here to Read the Answer | |
| do you have any insurance plan for Ivf treatment? Like if the first attempt is not successful then is there any plan to cover the next attempt? | |
