Monaco Health Insurance

The Principality of Monaco has been in the public eye for decades, particularly in the wake of Prince Rainier’s marriage to American film star Grace Kelly in the 1956. The Monegasque royal family continues to captivate the world (and the paparazzi) both with their charitable deeds and jet-set antics and is currently ruled by Prince Albert II, and the House of Grimaldi has been involved in the governing of the principality since the 13th century. Also widely known as a tax haven, Monaco has attracted international stars in the world of film and sport for years. The tiny principality lies on the Mediterranean surrounded by the Republic of France, although Italy (where the royal family claims origins) is less than 10 miles (16 km) away.

With its warm, balmy climate and seaside location, Monaco is highly regarded in quality of life rankings. Life expectancy for men is 78 years and for women it’s 85 years. The country of 33,000 spends just 3.9 percent of GDP on health care, which is a small figure when accounting for the fact that Monaco’s defense is provided by the Republic of France. Total per capita health care spending in Monaco is USD 7,521 annually. Government expenditure makes up 88 percent of overall health expenditure. Among private health expenditure, just over forty percent comes from private Monaco health insurance spending.

Monaco Health Insurance & Health Care Indicators

In the post- World War II era as Monaco’s wealth has increased – largely through revenues from tourism and the famous Grand Casino de Monte Carlo - there has been a serious drop in the transmission of communicable disease within the principality. Tuberculosis has been all but eradicated within the borders of Monaco. According to World Health Organization estimates, about 78 percent of years of life lost in the principality come from non-communicable diseases often associated with lifestyles of excess consumption. As one of the wealthiest sovereign territories in the world, public health infrastructure in Monaco is second to none, with universal access to clean drinking water and sanitation.

Monaco’s public health care system, the Caisses Sociales de Monaco (CSM) provides health care to all citizens and legal residents of the principality. French and Italian visitors may also freely use the system upon presenting proof of payment into their own national health care systems. The system is funded by compulsory employer contributions of about 25 percent along with a proportion of employee contributions of 15 percent of salary for the provision of social services. This contribution also covers dependent family members. Pensioners, the terminally ill and the unemployed are not required to contribute to the CSM. Emigrants relocating to Monaco must show proof of private insurance before receiving a residence permit. Private Monaco health insurance is also available via the mutuelle system, and most residents of Monaco have some form of supplementary private insurance to complement that provided by the state. The standard of care in Monaco’s three hospitals is equivalent to the best hospitals anywhere in the world. Princess Grace hospital in Monte Carlo is regarded as the country’s best-equipped facility.

Monaco Health Insurance for Travellers and Expatriates

With temperatures rarely dipping below 20 degrees Celsius, a glamorous casino, headline-grabbing royals, and world-class sporting events including Formula 1 and professional tennis competitions, Monaco is a magnet for tourism. The principality’s lack of income tax qualifies it as a tax haven popular among Formula 1 drivers and international businessmen alike.

Although Monaco possesses fewer health risks than most destinations, visitors should take a few precautions. Tick-borne encephalitis and leishmaniasis are common to the region, particularly in summer months. Also, as a result of health care subsidies in Monaco, over the counter medication can often be more expensive than prescription pills. Hence, it may be advised to bring aspirin, anti-diarrheal and other over the counter medication from your home country. Traffic accidents are common in Monaco as the ratio of high-powered sports cars to population is among the highest in the world; note that cars drive on the right and observe local traffic rules. Boating accidents are also common in the crowded harbor.

Fortunately for visitors, emergency health care is provided free of charge to everyone in Monaco, but follow-up care will require proof of insurance after the patient has been stabilized. Basic dental care is included in the state-funded health care system, but this does not include even minor treatments such as crowns and x-rays, so supplemental private Monaco health insurance is strongly suggested. In fact, an international health insurance plan is advisable for travelers and visitors planning to relocate to Monaco to ensure a high standard of comprehensive care.

Monaco Health Insurance & International Health Care Plans

Monaco’s generous state-run health care plan is probably second to none in the world, but there are a number of gaps in the system where top-up care will be required. Furthermore, those seeking residency in Monaco will be required to produce proof of private international health insurance before being granted residency. But with so many medical insurance options available, choosing the best option can be a challenge. Expat Medical Insurance has served as a trusted advisor for thousands of clients seeking health insurance abroad. With plans for individuals, families, businesses and tour groups including a full range of coverage options, the representatives at Expat Medical Insurance will help ensure that you select the best plan for your move to Monaco, or anywhere in the world. Our advisors are available 24 hours per day; don’t hesitate to contact Expat Medical Insurance today for further information.