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Low-Cost Major Medical |
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· Often with fixed deductible & also
can include co-insurance to keep premiums low · Standard plans can be modified to act somewhat like a major medical plan · Supplement a local plan or accept self-insurance on up-front deducted amounts Some International Medical Insurance and HealthCare plan companies offer low-cost Major Medical plans designed to cover only expensive serious accidents and illnesses. Such plans often have a fixed "deductible" amount of $250 or more per claim. This means a planholder must pay initial treatment charges in the amount of the fixed stated deductible before the plan pays charges in excess of it. Some Major Medical plans also have "co-insurance" applicable to excess charges at either 90 or 80%. This means a plan will only pay 90 or 80% of eligible claim amounts filed beyond the deductible and up to the overall plan limit. The 10 or 20% will be paid by the planholder. This plan design is the lowest priced plan available. Plans can have only a fixed deductible without co-insurance applicable but cost more. Obviously, a Plan Company taking a lower share of the claims charges a lower premium. Major Medical plans can be optionally modified by adjustment of deductibles and/or co-insurance. Major Medical plans do not normally cover out-patient, dental, maternity, vision or hospital cash benefits. They may also exclude Medical Evacuation and other emergency assistance benefits that are commonly included in most standard plans. Standard medical plans can be altered through removal of benefits and thus arrive at a plan benefit level similar to that of a Major Medical plan. In many cases this is a better option to consider though the cost can be a bit higher. Major Medical plans are chosen for reasons such as to supplement an inadequate local plan, to cover above accepted self-insured amounts or to keep within a relatively low budget. You must be careful when choosing a Major Medical plan. Some are designed for low medical treatment costing areas of the world whilst others are amply designed to cover treatment costs anywhere globally. Both designs routinely have lower premiums than what is charged for standard plans. |
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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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