Today’s growing global business has made international medical insurance a necessity. When employees fly abroad on work assignments they are traveling with a high degree of risk. International travel introduces a higher degree of risk for illnesses, accidents, and injuries in a foreign land. International Insurance can protect against these risks in foreign countries.
Typical medical insurance plans of American citizens and workers will not benefits outside the US. HMO plans are the most restrictive with very limited benefits outside the local HMO area. PPO plans are less restrictive but would typically limit coverage within the US PPO network. Medicare insurance for senior citizens (over 64 years) excludes all medical expenses incurred abroad.
In the event of an international life threatening situation, foreign medical airlifting might cost as much as $90,000. Most international insurance plans can cover these expenses under its medical evacuation benefits. This feature of international insurance provides travelers the peace of mind and financial security that they seek.
There are two kinds of international insurance that are applicable to all international insurance companies. Long term international insurance offers coverage worldwide including the home country. Short term International Health 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 travel medical 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 company that focuses on rating insurance companies and insurance underwriters. The ratings can range from A++ to D grades. A good AM Best rating is an indication that financial health of the company is good.
Larger international 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 Travel 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 health insurance plan.
