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Multiple Plan Levels |
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· Plan Companies have several levels
of plans available in terms of limits and coverage · Groups buy several plans designed to cover various attained positions within the group · It is relatively easy for groups to have plans tailored per desired limits and budgets All International Medical Insurance and HealthCare Plan companies offer a series of plans with different levels of coverage. Plans start with a Top one that covers the highest limits and with the broadest coverage. Other plan are Regular or Standard ones designed more for the budget conscious or buyers not requiring as comprehensive protection. For Group applicants a few plan companies allow plan benefits to be altered when possible to suit the buyer's requirements. These tailored plans differ from the "Off-The-Shelf" series of plans commonly offered. A group (with sub-groups) scheme can include 2 to 4 different levels of coverage to suit a planholder's protection requirement and budget available. A typical group program can be designed to include a Top plan for expat executives, a Standard plan for regular expat managers/consultants and a Tailored plan for locally hired executives or managers. A forth level with even less coverage than the Tailored one will usually be a locally purchased set of plans for local supervisors and regular staff of the company group. In theory the overall group scheme can include 5 different levels of plan limits or benefits based on sub-grouping of employee's positions within the firm. Multiple level group plans should be carefully negotiated. Plan companies commonly look at each sub-group separately when setting premium rates. Thus a sub-group of 5 expat Execs will be awarded a discount related to a group of 5. The next sub-group may have 25 members in it and be awarded a larger group premium discount than the expats. The same will normally apply to other sub-groups within the whole group. For best premiums be prepared to provide some detailed group claims history information experienced. The previous 2-3 year period is usually requested. If there is a current plan, you will be requested to provide a complete copy of the plan documents. Negotiation with a new plan company to replace an existing plan should include a wavier of pre-existing conditions on existing group members which is called "No Worst Terms". Be certain all offered benefits in a new plan are acceptable to you before changing. This is critical. A specialized broker can be most helpful and should be considered. |
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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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