Adventure Travel Overseas

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. Fixed benefit plan vs comprehensive plan: Fixed benefit plans have pre defined benefit limits for each type of covered medical expense. For example, a policy with a $50,000 maximum limit may feature a maximum of $2000 for surgery, a maximum of $500 for diagnostic services (X-rays, scans) etc. Scheduled Benefits Plans have the lowest premiums, but you must be aware that the benefits offered are relatively limited as compared to the Comprehensive Coverage Plans. Out of pocket costs are not pre defined. Comprehensive plans cover you up to the policy maximum and do not have individual sub limits for each expense. Out of pocket costs are pre defined. These plans are usually more expensive.

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. Location of Claims office: For faster claims processing look for a plan that has the claims processing office in the country you visit. The doctors/hospitals can verify benefits and figure out the claims process easily. They will also most likely bill the insurance company directly. If the claims office is located overseas, the doctors/hospitals may not be aware of the claims procedures. They may require you to pay all bills and submit claims to the insurance company for reimbursement.

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. Network of doctors and hospitals: Find out if the plan you are considering is part of a PPO or has no restrictions on who you visit. Plans with PPO networks can penalize you if you get services from a non network provider but they also have a greater probability of settling claims directly with the hospital. Plans without networks are more flexible with your choice of doctors. Select this option if it is important for you.

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.

Contact a licensed professional for guidance on these and other important considerations while buying visitor medical insurance. Compare prices of plans that offer comparable benefits and have similar characteristics.