Features of Visitor Medical Insurance Policies

There are several visitor medical insurance plans that are available. To understand the pricing of visitor medical insurance plans it is important to understand what makes each plan different. Understanding the characteristics of each plan will assist in an objective comparison of the plans.

Not all plans are created equal. Some important things you must consider while comparing plans:

1. Comprehensive plans and Fixed Benefit plans: There is a big difference in how the benefits are paid between both these plans. The prices also vary widely. Fixed benefit plans guarantee a certain amount for each eligible expense. This amount may not cover the actual expense. The insured will pay the difference between the amount paid by the insurance and the actual expense. Comprehensive plans have less uncertainty built into them. They provide coverage up to the maximum plan limit for covered expenses. Apart from the usual deductible and co insurance the insured will not have to pay anything extra.

2. Coverage for pre existing conditions: Pre existing conditions are usually not covered by visitor medical insurance plans. Pre existing conditions are defined differently by each insurance company. For the plan you are looking to purchase make sure you understand how they are defined. In some cases the definition includes only those medical conditions that the insured was aware of prior to the start of the plan and was receiving treatment or medication. Some other plans may have a broader classification to include all conditions that manifested prior to the start of the plan even if the insured was not aware of their existence.

3. Claims processing: Ideally it is better to find a plan that has a claims processing department in the host country. If the plan is similar to the local insurance plans and has a similar claims procedures the doctors and hospitals will have no trouble sending out claims directly to the insurance and respond to them effectively. If the claims offices are not local, the doctors will most likely have you pay the bills first and then you can get reimbursed by the insurance.

4. Strength of the Underwriter: A measure of the financial strength of the Underwriter is important to gauge its ability to pay claims. Compare the A.M Best rating for each plan. Select a plan that has a rating of A or above.

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: It is the percentage of the covered medical expense that the insured must pay. For example if the plan has an 80/20 co insurance rate, the insurance plan pays 80% of the eligible expenses and the rest is paid by the insured. Premiums can vary widely depending on the co insurance of the plan. Sometimes the co insurance applies only up to a certain pre defined cumulative medical expense amount. Beyond that amount eligible expenses are covered 100%.

7. More benefits: Medical insurance may be the only benefit offered by 1 plan and another may offer a package of benefits. You must decide if you want to pay extra for the additional benefits like accidental death, evacuation, lost luggage etc. Compare plans that offer similar benefits.

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.myaddirectory.com

Author C Nataraj is an insurance professional. He specializes in visitor health insurance and provides advice on visitor medical insurance.

If You want to use this article on your website then select COPY THIS ARTICLE in the Menu on the right side!

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated