Characteristics of Visitor Medical Insurance Plans
There are many types of Visitor Health insurance plans. A plan that works for one person may not work for another. For an accurate comparison of plans and premium you must be able to distinguish between the most important features of each plan.
These are some important features of visitor medical insurance plans that are different for each plan. Make sure you understand them before you purchase a plan.
1. Comprehensive plans and Fixed benefit plans: This is a big difference between plans. Comprehensive plans are more expensive than the fixed benefit plans. Comprehensive plans provide coverage up to the policy maximum. For expenses up to the plan limit out of pocket expenses are capped to the deductible and the co insurance. Fixed benefit plans have certain pre set maximum that will be paid for each eligible expense. A policy that offers a total $50,000 benefit may have a limit of $2000 for surgery, $500 for x rays, lab work etc.
2. Pre existing conditions: While coverage is usually not available for pre existing conditions, it is still prudent to find out how pre existing conditions are defined by the insurance company. Some plans will exclude coverage only for those conditions that the insured knew about and was receiving treatment before the start date of the insurance. Some others may exclude all those conditions that may have begun before the start of the plan even if the person had no knowledge of the condition.
3. Claims office and insurance provider location: It is advisable to purchase a plan that has a claims office in the country you are visiting. The reason is that some Doctors/hospitals may be reluctant to acknowledge overseas insurance coverage. The medical office can easily contact a local insurance company for clarification, while the same will not be true for an overseas insurance company. In the US for example medical offices will bill known American insurance companies directly. For overseas insurance companies you most probably will have to pay the bill, and then try to get the claim reimbursed from the insurance company.
4. Rating of the underwriter: The strength of the Underwriter is gauged by its A.M Best rating. This measures the financial strength of the company and its ability to pay out claims. Always check the rating to make sure the Underwriter is sound.
5. Physicians and hospital network: Always make sure if the plan you are considering has restrictions on where you can use it. To get the most benefits you may have to visit doctors with a network. Search the network to see if your city has a wide coverage. Plans with networks have a higher chance of direct billing. If you want full freedom in selecting a physician you can purchase a plan that does not have a network or one that does not penalize you if you utilize services outside their network.
6. Co insurance: Co insurance can be defined as a preset proportional sharing of expenses between the insured and the insurance company. Plans have different co insurance percentages. Some may require little or no co insurance and some may require a high proportional payment. For example in a 70/30 co insurance rate plan, the insured must pay 30% of the eligible expenses and the insurance company pays 70%.
7. Extra benefits: Each plan is different in the portfolio of benefits it offers. Some offer evacuation, Accidental death benefit, repatriation, lost luggage, trip delay benefits. Make sure the plan you purchase has the benefits you need.
Comparison of plans cannot be done based on premium alone. There are many factors that influence the price of each plan. Make sure you discuss these with your insurance professional to get the best plan.
Article Source: http://www.search-raven.com
About the Author
About the Author: C Raj works in the US Travel Insurance segment. He often writes about visitor health insurance and provides free tips on visitor medical insurance.
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by: CRaj
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