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Low Cost & Limited Budget |
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· Chose from a series of plans one with
frill/s coverage removed for lowered premium cost · Groups can have plans tailored in design to meet company budget and coverage limits · Some locally available plans can provide basic protection and also fit within one's budget Most International Medical Insurance and HealthCare plan companies offer a series of plans with varying limits of coverage. Usually a plan within the series and can be stripped of optional frills and end up being a "Low Cost & Limited Budget " plan. Removed "frills" of medical plans can be items as out-patient, dental, maternity, vision, medivac, personal accident, hospital cash, organ transplants and others. People choose low-cost plans for various reasons including a desire to self-insure specific areas of medical treatments. They are willing to accept sizable deductibles, co-insurance and co-pay. Buyers also believe the lower plan limits are adequate in the country they now live in. They may have national HealthCare benefits back home and only need limited cover while overseas. Some expect to buy travel insurance when visiting a higher-costing area of the world. Others simply have a budget that can not be exceeded. Plan companies will even tailor-make a budget plan for a sizable group of people to supplement self-insured company medical benefits or to meet minimum requirements set out in the employee's working contract or collective bargaining agreement. Budget medical plans can be referred to as "Standard", "Major Medical" or "Basic". Some plan companies offer options to remove selected items of cover from regular plans for a discount in premium rate. Plan companies try to sell only their brochure-illustrated plans and any modifications must be specifically asked for. They do not openly advertise such modified plans due to the work involved in getting final approvals of such from their associated underwriters. A few companies only sell low-cost and limited plans. They prefer to avoid insuring to higher levels that buyers can electively seek full cover for treatment in high cost locations such as N. America. They target a market within a geographical area having lower average costs for medical treatment. In most countries locally registered and administered plans are available and can be considered budget plans for foreign and local resident buyers. However, they usually restrict cover to treatment obtained within that country only. Some extend to overseas claims but with limits. One must understand clearly and accept any plan restrictions before purchasing it. |
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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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