Visitor Medical Insurance Plan Features
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by: CRaj
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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.
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. Pre existing condition coverage: Usually visitor medical plans will not cover any pre existing conditions. It is a good idea to always find out how pre existing conditions are defined by the insurance providers. Some have very strict definitions and will routinely deny any claims arising out of conditions that they feel were present undiagnosed well before the start of the plan even if the person was never treated for the condition. Some others will only deny claims for conditions that the insured was aware of and received treatment.
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. Underwriter Rating: A.M Best ratings are available for each underwriter. This determines the strength of the company and its ability to fulfill its financial obligations. Select a plan that has a solid underwriting rating.
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. Additional Benefits: Some plans offer only medical insurance while some others may offer a bundle of benefits. Sometimes it may be worth paying extra for those additional benefits like accidental death, evacuation, lost luggage etc. While comparing plans make sure you check all the benefits included.
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.
About the Author
About the Author: C. Raj works in the US Travel Insurance industry. Raj often writes about visitor health insurance and he provides free tips on visitor medical insurance.
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