 International private medical insurance: the devil's in the detail
At first glimpse, many of the international private checkup insurance (IPMI) plans in the market seem identical. nevertheless, if you investigate the plan benefits and service standards of the supplier, many differences will emerge. Here are some of the key things to consider when you are purchasing international buck private medical insurance: - In-patient treatment claims: does the supplier offer directly settlement for in-patient and day care treatment? If so, you will not be out of pocket. Make sure you choose a supplier that offering you entree to a 24 hour, multi-lingual helpline so you can get exigency assistance and blessing for treatment at all times.
- Out-patient claims: where claims are settled through reimbursement, find out how rapidly the supplier pays out. Are there deductions for bank complaint or will you be fully reimbursed?
- Emergency emptying and repatriation: this is one of the most important benefits of any IPMI plan. It is the “acid test” of a plan. Look at the small print of the benefit: some supplier will pay for you to be evacuated but will not pay for your tax return airfare back to the state of abode after treatment; some supplier cover the cost of a tax return flight and adjustment for person to accompany you; the most comprehensive emergency emptying benefit will cover your emptying, medical treatment and repatriation back to your state of abode and, in add-on, will cover both traveling and adjustment costs of your dependent. Also make sure the plan screen evacuation where and when adequate medical treatment is not available locally. Not all plans cover this.
- Other checkup benefits: are you just look for exigency and in-patient cover? Or do you want out-patient treatment, visits to your GP, physical therapy, complementary therapies, dental treatment or health (prevention) tests to be covered? Are you planning a family? If so, look at plans where maternity cover is available.
- Chronic conditions: some plans exclude chronic conditions completely; some pay for treatment for stabilisation of acute episodes of the condition; others also pay towards maintenance of the condition so will cover things like routine check-ups and prescribed drugs.
- Non-medical benefits: some plans cover legal expenses if you suffer an injury as the result of a third party; some plans cover a visit to a critically ill relative - look carefully at the small print with this benefit as some providers only pay for a visit back to your home country, while others will pay for a visit anywhere in the world; some providers offer travel and personal accident insurance as add-on plans.
- Area of cover: do you want cover in your home country? Not all plans offer this. Also look at whether the plan covers emergency medical treatment outside of the geographic area of cover. If you are based in an area of instability, you will also want to be covered for treatment required as a result of war or terrorism, provided you are not active participants. Some plans exclude this so look at the fine print.
- Reducing the premium: some providers offer a no claims discount, special rates for families or the option to select a voluntary excess.
Above all, the most important thing is to make sure you understand the plan and, if in doubt, speak to an independent broker or financial adviser who will be able to analyse your needs and advise you on the best cover for you. Peter Rousseau Business Development Director InterGlobal Click to return to Articles Click to return to Homepage
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