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Relevant questions to ask before purchasing a particular insurance product
1. Is the insurance policy 'Comprehensive' or is it 'Fixed benefits'?
Fixed Benefits policy:
These policies are characterized by various benefit limits for each type of covered medical expense. These benefit limits typically are not the same as the policy maximum.
For example, a policy with a $50,000 maximum limit may feature upto a maximum of $3000 for surgery, upto a maximum of $500 for diagnostic services (X-rays, scans) etc. The maximum amounts for different situations are detailed in the policy brochure. Typically you are required to pay an initial deductible for each injury or sickness and then the plan pays for the rest of the covered expenses.
Scheduled Benefits Plans have the lowest premiums, but the consumer must be aware that the benefits offered are relatively limited as compared to the Comprehensive Coverage Plans.
Examples of Scheduled Coverage Plans include 'Inbound USA' offered by Specialty Risk International and 'Visitors Care' administered by International Medical Group.
Comprehensive Coverage Plan:
These policies typically do not have benefit limits based on the type of medical expense. Usually benefits for covered medical expenses go all the way upto the policy maximum (less deductible and co-insurance).
Typically for all covered medical expenses during the policy period the insured pays the deductible plus 20% of the first $5,000; and then the plan pays 100% of the eligible medical expenses upto the policy maximum.
The details for each policy such as the policy maximum, medical expense eligibility etc. are listed in the policy brochure.
Comprehensive Coverage Plans have relatively higher premiums, but in turn offer better benefits than the Scheduled Benefits Plans.
Examples of Comprehensive coverage plans include 'Diplomat America', 'Atlas America', 'Liaison International' and 'Patriot America'.
2. Is the insurance policy renewable ?
Not all insurance policies are renewable. This factor can be relevant if there is a chance that the visitor can extend his travel period. The renewability factor is important in the following manner. If a product is renewable, any ailment that occurs during the initial coverage period will be covered even when the policy is renewed. However if the policy is not renewable, while you can still purchase the same policy a second time, any ailments that occured during the first coverage period will be interpreted as a 'pre existing ailment' and will not be covered in the second coverage period.
3. Does the policy have a provider network, or can you go to any medical practicioner ?
This information will be available in the policy brochure as well as in our compare engine (anchor to visitor compare engine).
4. What is the AM rating of the insurance company ?
The insurance companies are rated by an independent rating company A.M.Best rating. For all the plans, each insurance company's A.M. Best rating is displayed in our compare engine. (anchor to compare engine)
5. Will I get a refund if I cancel the policy ?
Some companies do not give any refunds while other refund on a pro-rated basis. This can be important is the visitor cuts short this travel period.
Visitor Medical Insurance Guide disclaimer:
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NRIOL has tried to expertise to the best of our knowledge. However we make no guarantee regarding the accuracy of our answers. The exact answers for some of the questions can change periodically as insurance companies change their policies. NRIOL is not liable for any problem resulting from the content on this Guide.
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