During any overseas travel, whether it is for business or leisure, travelers take a good degree of risk. Some examples of risks include accidents, illnesses and injuries in a foreign country. International Insurance is the answer to secure you during any emergencies during your trips abroad.
Most of the health insurance plans taken by American citizens and employees are not beneficial outside the US. HMO plans have limited benefits outside the local HMO area and also place lot of restrictions to the insured. PPO plans typically limit the coverage option within the PPT network in the US and are lesser restrictive in nature. Medicare insurance plans do not cover medical expenses for senior citizens above 64 years if incurred outside their home country.
In case of life threatening emergencies, international insurance plans provide coverage for evacuation which could otherwise cost around $90,000. This feature provides immense security to the traveler mentally and financially.
There are two kinds of medical insurance for international travel that are applicable to all international insurance providers. Long term International Health Insurance offers coverage worldwide including the home country. Short term International Medical Insurance offers coverage outside the home country for up to 3 years (very limited home country coverage for incidental trips).
There are various factors to consider while selecting an international health insurance plan. The financial strength of the insurance company is a major concern. One can rely on the insurance company ratings provided by AM Best Company.
AM Best Company is an independent organization which focuses on the rating of various insurance companies and other insurance underwriters. The ratings can vary from A++ to D grades. A good rating given by AM Best assures that the financial strength of this company is quite good.
Larger International Health insurance companies typically have direct billing agreements with the major hospitals in many of the world?s big cities. Such arrangements between the insurance company and the hospitals ensure that payments can be made directly from the insurance company to the hospital without the involvement of the insured.
International health insurance industry has several players and all of them compete to offer plans that meet the needs of international travelers and overseas employees. While some companies focus exclusively on the international segments there are other companies that are beginning to look beyond the local domestic US market. Make sure you compare the various possibilities on the internet before enrolling on an international travel medical insurance plan.
Most of the health insurance plans taken by American citizens and employees are not beneficial outside the US. HMO plans have limited benefits outside the local HMO area and also place lot of restrictions to the insured. PPO plans typically limit the coverage option within the PPT network in the US and are lesser restrictive in nature. Medicare insurance plans do not cover medical expenses for senior citizens above 64 years if incurred outside their home country.
In case of life threatening emergencies, international insurance plans provide coverage for evacuation which could otherwise cost around $90,000. This feature provides immense security to the traveler mentally and financially.
There are two kinds of medical insurance for international travel that are applicable to all international insurance providers. Long term International Health Insurance offers coverage worldwide including the home country. Short term International Medical Insurance offers coverage outside the home country for up to 3 years (very limited home country coverage for incidental trips).
There are various factors to consider while selecting an international health insurance plan. The financial strength of the insurance company is a major concern. One can rely on the insurance company ratings provided by AM Best Company.
AM Best Company is an independent organization which focuses on the rating of various insurance companies and other insurance underwriters. The ratings can vary from A++ to D grades. A good rating given by AM Best assures that the financial strength of this company is quite good.
Larger International Health insurance companies typically have direct billing agreements with the major hospitals in many of the world?s big cities. Such arrangements between the insurance company and the hospitals ensure that payments can be made directly from the insurance company to the hospital without the involvement of the insured.
International health insurance industry has several players and all of them compete to offer plans that meet the needs of international travelers and overseas employees. While some companies focus exclusively on the international segments there are other companies that are beginning to look beyond the local domestic US market. Make sure you compare the various possibilities on the internet before enrolling on an international travel medical insurance plan.
About the Author:
Ray Sondeo often writes about health and travel insurance.
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