If you've searched the web for private health insurance that covers expats in Palau then you are probably for looking for trusted UK based health insurance providers that will cover your medical costs in Palau.
Living as an expat in Palau you want to avoid any nasty unexpected health care costs. In some countries these can amount to hundreds of thousands of pounds for very serious conditions.
Our advice when shopping around for private medical insurance that covers expatriates living in Palau is to speak to a health insurance broker. Health insurance is incredibly complicated and if you want absolute certainty that Palau is covered you should talk with a health insurance broker who can explain which policy providers will cover medical expenses for expatriates in Palau and which will not.
There are many advantages to using a broker but the largest by far is that you're using their industry experience at no cost. They are paid by the insurer (Aviva or Bupa etc) rather than you so it costs you no extra to use their brokering services.
- Do you reside in many different postcodes? Some will give you a cheaper policy premium than offers. A broker will be able to advise whats best.
- Do you have a hobby that may invalidate your insurance policy? A broker will know this vital information.
- If you are a couple and one of you has claimed on your insurance policy this year would it be cheaper to separate you both onto two different insurance policies?
- You've developed a certain condition and want to know which policy provider offers the largest amount of cover for it. A broker will know this instantly saving you huge amounts of time and effort.
You can call around every health insurance provider you can find and ask if they provider cover for expats in Palau, however this will be a very time consuming process. Each insurer will ask for your medical history because its not normally a simple yes or not if a medical condition is covered or not.
Its much quicker to speak to one health insurance broker which will know which providers on the market offer cover for expats in Palau and under what terms they do or don't cover it.
The economy of Palau consists primarily of subsistence agriculture and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the United States. The population enjoys a per capita income of more than twice that of the Philippines and much of Micronesia. Long-term prospects for the tourist sector have been greatly bolstered by the expansion of air travel in the Pacific and the rising prosperity of leading East Asian countries.
Palau's per capita GDP of $8,900 makes it one of the wealthier Pacific Island states. Nominal GDP increased by an annual average of nearly 14% from 1983 to 1990, and by an annual rate of over 10% from 1991 to 1997. Growth turned sharply negative in 1998 and 1999 as a result of the 1997 Asian financial crisis.
Tourism is Palau's main industry. Activity focuses on scuba diving and snorkeling among the islands' rich marine environment, including the Floating Garden Islands to the west of Koror. Major scuba diving sites include German Channel and Blue Corner. The number of visitors—85% of whom come from Japan, Taiwan, and the U.S.—reached nearly 67,000 in 1997, more than quadruple the level of a decade earlier. Tourism earned $67 million in foreign exchange for Palau in 1996, (which is 1,000 dollars per person) accounting for roughly half of GDP. Arrivals from Asian countries dropped in 1998 and 1999 due to the regional economic downturn and the depreciation of many Asian currencies against the dollar, which made Palau's dollar-denominated prices more expensive.
The service sector dominates the Palauan economy, contributing more than 80% of GDP and employing three-quarters of the work force. The government alone employs nearly 30% of workers. One of the government's main responsibilities is administering external assistance. Under the terms of the Compact of Free Association with the United States, Palau will receive more than $450 million in assistance over 15 years, $30 million per year, and is eligible to participate in more than 40 federal programs. The first grant of $142 million was made in 1994. Further annual payments in lesser amounts will be made through 2009. U.S. grants in 1999 totaled $24 million.
Construction is the most important industrial activity, contributing over 9% of GDP. Several large infrastructure projects, including the rebuilding of the bridge connecting Koror and Babeldaob Islands after its collapse in 1996 and the construction of a highway around the rim of Babeldaob, boosted activity at the end of the 1990s.
Agriculture is mainly on a subsistence level, the principal crops being coconuts, root crops, and bananas. Fishing is a potential source of revenue, but the islands' tuna output dropped by over one-third during the 1990s.
The main economic challenge confronting Palau is to ensure the long-term viability of its economy by reducing its reliance on foreign assistance. Palau has created a trust fund to be drawn upon after the cessation of Compact grants, the value of which had grown to $140 million by the beginning of 2009. Also, in the late 1990s, Palau was affected by the 1997 Asian Financial Crisis, and their economy suffered. The island took a huge hit during the COVID-19 pandemic with global travel restrictions putting tourism to a halt. The Asian Development Bank projects that the GDP of Palau contracted by 9.5% in 2020.
In order to tackle mass tourism, the Palau Legacy Project, a sustainable tourism body, created a visa policy for the island of Palau to protect the nation from environmental damage. The "Palau Pledge" was the most awarded campaign of 2018 according to the WARC Creative 100 index.