Most people get frustrated about the price they have to pay for health insurance. Many wonder how one plan can be so expensive while the other very affordable. The reality is, all insurance companies use the same risk analysis to determine their premiums and have to make money for their share holders while helping people along the way. Imagine, if insurance companies would be paying 100% of all claims, how many companies will still be here today? It is important to realize that the premium is directly proportional to the coverage you get. A restrictive definition with exclusions may reduce the risk probability to enable someone offer lower premium. Policy maximum, deductible etc look similar but the definitions and exclusions would be drastically different.
Most insurance companies use the same risk models when it comes to premiums, deductibles, and co-pays. The difference between the very expensive plans and the cheapest plans are in the plan design and claims paying and international companies versus domestic insurance companies. Most plans seem to be cheaper than the others because of the number of exclusions they have and the way they define pre-existing conditions etc.. Some may argue that they need a plan that they can afford, but the real question is, why would anyone get a cheap plan when that plan won’t pay for any health expenses or cover very little when the hospital bill arrives?
India Network Offers plans that use policy holder friendly definitions and few exclusions. Notable are
a) Pre-existing conditions are covered in the same way as new problems and accidents (No other plan in USA use this broad definition)
b) Urinary Track Infections are not excluded from coverage (Many plans put this in exclusion list as it is a common problem among elderly)
c) Use US standard in claim processing (6 weeks to settle a claim) and underwritten by American Insurance Companies.
Things to watch out when it comes to visitor health insurance:
Low price isn’t always the way to go. Most people find out about this the hard way. It is important to select a plan that will both be affordable and provide coverage when needed the most. Reliable plans tend to be more expensive because they provide most coverage and pay most of the claims. Cheap plans pay for very few claims due to a number of exclusions.
Coverage and Benefits: Know the insurance coverage and compare the benefits with your visitor’s needs before getting a plan. If your visitor has pre-existing conditions, you should look for plans that will provide coverage for new and pre-existing conditions, emergency care, ambulance, inpatient, and outpatient benefits. Always align your visitor’s needs with the plan you want to purchase.
Exclusions and limitations: Before getting a plan, find out about different exclusions so that you know what will and won’t be covered instead of submitting a claim blindly. It is a heart breaking to get rejected, and be told to go back to the policy to read the exclusions after submitting a claim. Remember that less exclusion equals to good plan.
Insurance descriptions and terminologies: Knowing what an acute onset means can take you a long way. Most plans that have pre-existing coverage have acute onset description that people overlook. Another important thing to consider is the maximum coverage and how the coverage works. Whether benefits are for each sickness or per each coverage period is important to know.
Fixed benefit vs. Comprehensive benefits. Fixed benefit plans will have a fixed amount that the insurance company is willing to pay for different health services. Comprehensive plan will pay a percentage regardless of a procedure and normally have network of health providers which provide discount on different health care services.
Apart from health insurance prices, there are a lot of other factors that needs to be considered. Before purchasing a plan, it is important to read and understand insurance policies.
India Network Health Insurance Plans are not the cheapest ones in the market because they offer broader coverage for new sickness, accidents, and pre-existing conditions with fewer exclusions. Visit our website or call us to speak with a visitor health insurance representative before purchasing a plan.