Four Essential Features Every International Major Medical Plan Should Have

Four Essential Features Every International Major Medical Plan Should Have

One of the most stressful aspects of your move abroad is picking the right global major medical plan. With each insurer claiming superiority what's an expatriate to do? Well for starters, read the fine print. The devil is definitely in the details. While the brochure contains a highlight of the benefits, it often doesn't contain all the exclusions. Don't be embarrassed to ask your agent for the official Policy Conditions. This will contain all the benefits and exclusions in detail.

So what features should you be looking for? There are four essential characteristics that your coverage must have if you are to sleep easy at nights.

1)	Lifetime Renewability - At the bear minimum a plan should offer lifetime renewability. This simply means that the insurer will not drop you from coverage if you develop a chronic condition or reach a certain age. You never know how long you'll be living abroad. Even if you're planning to be overseas for only a couple of years, you may be uninsurable back home if you develop a chronic condition or reach a certain age. Try finding insurance when you are 75 years old! There is peace of mind in knowing that your coverage is extendable indefinitely.

2)	Chronic Illness Coverage - Unfortunately, many expatriate policies do not cover chronic illness or palliative treatments. The British expatriate policies are notorious for this exclusion. This means that they will not cover treatment of a condition that in the insurer's opinion is likely to continue or to keep recurring. Smitten by attractive premiums, many insureds are surprised when their insurer refuses to pay for treatments as common today as dialysis, because the kidney failure is deemed to be chronic. When reading the brochure, do not assume that dialysis is covered even though Kidney transplants are. Fortunately, most of the U.S. expatriate plans offer adequate cover of chronic illnesses. So do some of the European plans.

3)	Outpatient Prescription Medication Coverage - While you may find prescription medication coverage featured in a brochure, often this is only in relation to hospitalization. Unfortunately, some plans do not provide adequate coverage for outpatient prescription medication. This can be a costly oversight, especially if you develop a chronic illness requiring medication.

4)	Insurer Rating - So what's a policy worth if you can't rely on the insurer to reimburse you? Always ask your agent if the insurer/underwriter he represents is highly rated by a rating agency such as Standard & Poors' or A.M. Best. Don't assume that an insurer is in good financial condition because you recognize the name. 9/11 hasn't exactly done wonders for the financial statements of once solid insurers.

Does your current policy have these four essential features? If not, start looking at other options. Feel free to check out our website for a free instant quote: www.globalcover.com/quote.html.

A.J. Levy is President of Global Cover, an international insurance agency specializing in coverage for tourists, expatriates and the internationally mobile.