Visitor health insurance programs for visiting parents include fixed coverage and traditional co-insurance plans. Illness and injuries are covered under these plans reducing the family’s financial burden during a medical emergency.
Important cost factors when considering visitor medical insurance include the policy type, age of the parent, deductible selected and pre existing condition coverage. The cost of traditional co-insurance plan is typically higher than fixed coverage plans for individuals 50 and older because reimbursement levels for in-patient and out-patient services do not have maximum limits. The higher cost of the traditional policy does not insure a lower out-of-pocket expense for any given medical emergency; however, with many costly emergencies, the traditional plans will cap the maximum out-of-pocket expenses at a specific level when MultiPlan (PPO network) providers are used.
Higher deductible amounts can reduce the overall monthly premium from 5% to 25% for the same policy coverage. When evaluating the deductible for parents visiting more than 3 months, selecting the higher deductible can be an effective budget tip. For visitors 65 and older, the scheduled benefits coverage plans are often more cost-effective. When evaluating the scheduled benefits coverage plans, consider selecting a higher deductible with higher coverage limits to provide the most cost-effective coverage for your family member.
Importantly, if either parent has a pre existing medical condition such as diabetes or high blood pressure, consider the Standard Plan or Comprehensive Plan with Pre Existing Condition Coverage.