Most international travel insurance plans have a deductible
. Now what are they? And Why does an insurance plan have deductible and coinsurance?
Deductible is the initial amount the insured has to pay before the insurance plan actually starts paying. Insurance companies always design insurance products with a payment from the customer. In regular health insurance plans, it is often called 'Co-pay'. In visitor travel insurance, it is referred to as a 'Deductible'. The main reason that there is a deductible is to dissuade customers from making frivolous claims. Since the insured should pay the ‘Deductible’ amount before the insurance plan starts payment, the insured will use the insurance plan only where there is a genuine need. Without a deductible, the insured can have the tendency to file to misuse the insurance plan by making frivolous claims. Customers have the option of buying a 'Zero deductible' plan at a higher cost, which means the insurance plan covers from the first Dollar.
The Co-insurance in a visitor medical insurance is a percentage of the medical bill that the insured should pay, typically 20% for the first $5000.00 in a bill. One of the reasons that insurance plans have the 'co-insurance' is that it is a mean of influencing where the customer get his/her medical treatment. Insurance companies have working agreements with certain hospitals and medical practitioners, which they refer to as the 'Preferred Provider Organization (PPO)'. Customers are encouraged to get medical treatment within the PPO network, and one of the means of influencing customer behaviour is by having either a lower 'Co-insurance' or 'Zero Co-insurance' if customers use the PPO network.
Senior citizens generally above 60 years are usually confused on which insurance coverage to buy and being older they are more prone to fall ill. Without good medical insurance for older travelers
they will end up in a financially messy situation as the cost of health care overseas is exceptionally high. Many of the older travelers would also have pre-existing ailments. We also offer international travel insurance plans covering pre-existing conditions
which many older travelers look for. Some pre-existing coverage plans have age limits while other cover up to any age with limited coverage. Be sure to check the coverage offered by insurance plans as some diseases like Cancer and AIDS would be excluded from coverage.
To name a few of the international plans that provide coverage for US citizens traveling outside and Non US citizens traveling outside their home country:
This plan is from Tokiomarine HCC
and provides worldwide coverage including and excluding US. This plan has access to international provider network called Equian International Network. This covers acute onset of pre-existing condition.
This plan is from IMG(International Medical Group)
and is a comprehensive plan and provides excellent coverage for people traveling outside their home country.
This plan is from Global Underwriters
and provides excellent coverage when outside your home country.
Liaison Travel Elite plan:
This is a plan from Seven Corners
and provides a comprehensive coverage when outside your home country.
offers coverage for pre-existing conditions.