Visitor Medical Insurance plans are available for visitors who visit the US. There are several plans one can choose from. You cannot compare two plans solely on cost; there are different features in visitor health insurance plans that make each plan different. You must understand the plan details before you purchase a plan.
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. 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%.
3. Deductible: It is the amount that must be paid by the insured before the insurance company pays for any covered service. Once the deductible is met the insurance will cover eligible expenses. The higher the deductible, lower the premium.
4. 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.
5. Plan Limit: The price of a plan also depends on the maximum amount the plan will pay for all claims for the insured. A plan that offers maximum 50K coverage will be cheaper than one that offers 100K coverage. Some plans may offer per incident/per injury maximum and some offer a maximum coverage for the entire policy period.
Talk to your visitor travel health insurance specialist for more tips and advice on selecting the right plan for you. Compare prices for plans that offer the same level of benefits. Do not end up without health insurance.
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