How to Choose a Health Insurance Plan?
The best health insurance plan is different for everyone, depending on specific needs. So, when choosing an expat health insurance plan, pay attention to the following:
- Is the coverage fixed or comprehensive? Fixed coverage plans are less expensive, but only pay a fixed amount per claim (which in some cases can be too low). Comprehensive coverage plans are more expensive, but the insurance company pays based on a percentage, which can be up to 100%.
- Does the insurance plan cover everything you need? Does it cover you at least for all basic medical emergencies and treatment?
- Will it cover you if you are abroad? If you intend to travel back to the US or to another country, do you have health insurance there? Does the plan have evacuation or repatriation coverage?
- What are the “optional” coverage options? Does it have dental coverage, or do you need to get that elsewhere? What about maternity?
- How much is the policy maximum? Is it on a yearly basis, lifetime, per claim, or unlimited?
- Is it renewable?
- How much is the deductible? How much do you have to pay yourself before the insurance company steps in and covers the rest?
- Does the plan cover pre-existing conditions? If yes, to what extent?
- Does the expat insurance company have a direct-claim procedure? Some insurance companies have agreements with certain hospitals, where the hospital can send the bill directly to the insurers, and you do not need to pay anything yourself. These are usually called “in-network” hospitals.
You can choose an expat health insurance plan that fits your needs best at Insubuy or International Citizens Insurance.
How to Make a Claim With Health Insurance?
All health insurance companies have an emergency hotline, which you can call to ask for assistance. They also have their own determined procedures for processing a claim, which you will learn before you purchase the policy.
Some international insurance companies have a network of hospitals where you can receive treatment and the hospital sends the bill directly to the company – you don’t need to pay anything.
In other cases, you have to pay the bill and then make a claim to be reimbursed.
What Is a Health Insurance Deductible?
A health insurance deductible is a specific amount you pay on your own for your medical costs while your health insurance provider pays for the rest. In essence, if you have a higher deductible, then you pay less for your insurance premium (i.e. lower monthly payments). But, if you need medical services often, you will pay out of pocket more than the insurance pays for your medical costs.
Furthermore, your insurance won’t pay for your medical costs until you meet your deductible.
Here is a brief overview of how a basic health insurance plan with a deductible works:
- You purchase your health insurance policy and set a deductible of $300.
- Your initial premium price is lowered due to purchasing a deductible package.
- You need medical attention for a procedure which costs $1,000.
- Out of the full costs of €1,000, you pay your $300 deductible.
- Your insurance provider pays the remaining $700 of your medical costs.
Deductible VS Premium
The deductible is the amount of money you pay by yourself when you visit a doctor, and an insurance premium is the price of your entire health insurance policy or package. You pay your insurance premium monthly, but you pay your deductible only when you incur medical costs.
For example, say you buy an insurance policy with a monthly premium of $300, but you set your deductible at $500 for this policy. So, every month you pay $300 to keep your health insurance active, but you pay your $500 deductible when you need medical attention. As mentioned above, if you incurred medical costs for over $500 (the price of your deductible in this example), then your insurance policy (for which you pay $300 every month) will pay the rest.