Here is what World Nomads had to say about my question:
"A Worldnomads policy is travel insurance with the provision for the cover of emergency medical expenses incurred overseas. We are not health insurance.We can howver, offer you travel insurance. Before we can provide you with more information, could you please determine your country of permanent residence.Insurance is purchased based on your country of permanent residence.Your country of permanent residence can be defined as the country where you have your permanent home or principal establishment and to where, whenever you are absent, you intend to return.Your country of permanent residence can also be defined as the country you would wish to be repatriated to in the event of a medical emergency and where you would receive long term medical care, if required. This should also be the country where you are legally defined as a permanent resident (not temporary).Please be aware, however, that your policy does not cover expenses incurred within one's country of permanent residence."
So if anything serious happens they'll bring me "back home" and I'm stuffed / financially on my own without a basic state health insurance.