Choosing the best global health insurance policy can be a tricky task. In today’s era there are hundreds of global insurance companies offering policies which sound great, but later, you may find that the policy has been marketed with great production and glitz online, while offering poor claims & member servicing along with super high annual renewals. Poor claims servicing is the worst and should be never be accepted. Waiting weeks on end for a claims payment or a response is just not the way to do business. So many global medical insurance companies offer a claim department response which offers no name or direct contact. It’s sad. After all, they are dealing with people’s lives, not a number.
Counting on an international hospital to handle your claims is huge mistake, you may be allowing for medical overcharging which could cost you. Focus on global insurance companies who personable, and who offer friendly with claims & member service management and who can be reached 24-7 by telephone and over the internet. Check online for references and past experiences. Most importantly, contact offshorehealthbenefits.com for advice. We offer highly rated companies and have fired a few companies over the years.
There are certain factors to consider when choosing a health insurance policy. These factors include the following:
The worst-case scenario -When you are choosing a health insurance policy, always determine the overall annual benefit payout with the worst case scenario. Compare the overall cost associated with each plan option, while focusing mostly on inpatient care, such as emergency care, intensive care, and air evacuation emergency care. Add up the total annual premiums and the maximum out of pocket limits, and think about the outcomes. This is where a professional global consulting professional can help, such as the global team at offshorehealthbenefits.com.
Emergency and inpatient claim cost should not be your only focus -Don’t focus only on the cost of claims. These can be negotiated down. Often, we only compare the premium of a policy with the out of pocket savings. This changes according to what medical services and costs are considered U,R,C (Usual, Reasonable and Customary). Focus on reimbursement levels for outpatient care and set your annual deductible higher. Take advantage of local basic care (in most regions except USA, Singapore, Hong Kong, etc)) and only use the global medical plan when actually needed. Do not focus on a dental plan or all of the extras bells & whistles, like massage therapy, chiropractic care, etc. These benefits can easily be self funded. We advise clients to use a plan as more of catastrophic plan when possible.
One size does not fit all – When choosing a health insurance policy, always remember that one plan doesn’t fit all. A “Bronze” plan may be better for someone whose on a tight budget and younger, like a college kid traveling the world. Not everyone requires coverage in the USA, ask if you can omit this and save in premium dollars. We have found that the middle of the line plans, like “Sliver” usually works fine. There is no reason to overpay for global medical insurance. Limit your total overall plan limits to $1 – $3 million per year. $500,000 plans are becoming more and more popular and are typically lower in annual costs.
*Bronze, Sliver, Gold plans are just examples of various plan options, each global medical insurance company offers here own plan names and descriptions.
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