Real Estate Innovation

Visitors Health Insurance 101

Visitors to the US can purchase visitor medical insurance plans designed specifically for them. Every plan is different, so you cannot compare them solely on cost. Before buying a plan you must research all the benefits and exclusions carefully.

1. Comprehensive plans and Fixed benefit plans: This is a big difference between plans. Comprehensive plans are more expensive than the fixed benefit plans. Comprehensive plans provide coverage up to the policy maximum. For expenses up to the plan limit out of pocket expenses are capped to the deductible and the co insurance. Fixed benefit plans have certain pre set maximum that will be paid for each eligible expense. A policy that offers a total $100,000 benefit may have a limit of $2000 for surgery, $500 for x rays, lab work etc.

2. Co insurance: It is the percentage of the covered medical expense that the insured must pay. For example if the plan has an 80/20 co insurance rate, the insurance plan pays 80% of the eligible expenses and the rest is paid by the insured. Premiums can vary widely depending on the co insurance of the plan. Sometimes the co insurance applies only up to a certain pre defined cumulative medical expense amount. Beyond that amount eligible expenses are covered 100%.

3. Deductible: Visitor insurance plans can have deductibles from $0 to above $2500. Al l expenses incurred up to the deductible amount chosen must be paid by the insured before any payment is made by the insurance company. Plans with high deductibles are often cheaper than those with low deductibles.

4. Coverage for pre existing conditions: Pre existing conditions are usually not covered by visitor medical insurance plans. Pre existing conditions are defined differently by each insurance company. For the plan you are looking to purchase make sure you understand how they are defined. In some cases the definition includes only those medical conditions that the insured was aware of prior to the start of the plan and was receiving treatment or medication. Some other plans may have a broader classification to include all conditions that manifested prior to the start of the plan even if the insured was not aware of their existence.

5. Coverage Limit: Plans have limits on the maximum amount they will cover for medical expenses. The limit can be for each sickness or injury or for the entire plan period. Compare plans with similar plan limits.

You can get more tips and advice on selecting the right plan from your visitor medical insurance agent. Plans with the same level of benefits can be compared for price. Do not choose a plan only based on its price.