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Local Plan Supplements |
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· Local group medical plan can be topped
up with a low-cost supplement to combine protection · Modified standard or major medical plans can act as supplements to inadequate local plans · Deductibles can be chosen to tailor closest to one's need to cover local & overseas claims · Per-trip travel insurance may also be necessary when group members make an overseas trip Some International Medical Insurance and HealthCare Plan companies offer group plans with varying up-front deductibles than allow such coverage to act as a "supplement" protection on top of an existing plan. This second layer is considered necessary when the first layer has inadequate benefit limits. This lack of ample protection exists in many local plans sold in developing countries. With a group supplement plan, the insured group members can claim first against the local group plan and any excess medical charges against the group supplement. Result is combined protection of both plans to an adequate overall limit. Supplement plans are not usually named as such. Most are called Major Medical or are simply standard "Off-The-Shelf" plans with a fixed front-end deductible applicable on each and every claim. The deductible can also be fixed on a per-annual basis. This means that any claim or series of claims reaching the deductible amount satisfies the plan requirement. Any excess can then be claimed against the plan. To decide what deductible a supplement plan should have depends on how and to what limit the underlying local plan benefits are payable. Deductibles can range from $500 to $10,000. As deductible is increased, cost of the supplement is decreased. Multiple level group supplement plans may be arranged, too. Another reason supplement plans are purchased is because some underlying local plans may not extend coverage to overseas claims. If a supplement plan is in place, it will cover eligible medical charges to plan limits after subtracting the fixed deductible. A supplement plan with a large deductible may necessitate the additional purchase of Trip Travel insurance to cover medical charges not refundable. It is often impossible to match perfectly the second layer (supplement) benefits to take over exactly where the first layer stops. However, because the cost of supplement plan benefits is generally cheap, an imperfect matching of the two plans becomes irrelevant. Also, no one has ever complained about being over-insured after experiencing a serious medical claim. Purchasing a group supplement plan or series of plans is best accomplished with the help of a specialized medical plan Broker. |
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OMNI is an active member of: American Chamber, Canadian Chamber, European
Chamber, Australian-New Zealand Chamber, Lighthouse Club, Le Club, British Business Association. |
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