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Local Plan Supplements |
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· One's local 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 making an overseas trip Some International Medical Insurance and HealthCare Plan companies offer 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 supplement plan, the insured person can claim first against the local plan and any excess medical charges against the supplement. The 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 chosen is increased cost of the supplement is decreased. Another reason supplement plans are bought is because some underlying local plans may not extend coverage to overseas claims. If a claim occurs overseas the supplement covers 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 supplement plan 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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