Local vs. Global Health Insurance Plans
In the contemporary world, the cost of medical services is so high that if you end up catching a chronic disease, you are sure to lose a major chunk of your savings. So, it is always a good idea to shield your health and finances with a proper medical insurance.
How to pick the right plan :
There is an overwhelmingly wide assortment of medical insurance plans available, but it can also leave you rather confused about choosing the right option that suits all your needs. Depending upon your probability to dwell in a single or multiple countries, you should pick a local or global health insurance plan. Health care benefits differ from country to country; the geographical coverage, premium costs and renewability options also vary accordingly.
Geographical Coverage : The local health insurance plan covers your medical expenses in your home country. If you are going abroad for a couple of weeks, a travel medical insurance will do the trick. But if you are going for a longer stay, you should opt for an overseas health Insurance, which will ensure a comprehensive medical coverage you might end up needing in abroad.
Premiums : Both the local and global health insurance companies assess their premiums differently. Local plans are typically experience rated, which means, the premium is based on your medical history, claim history as well as medical inflation. If you have made fewer claims, you will have cheaper premium and vice versa. The health insurance with global coverage is community rated, which means, the premiums are based on your age and medical inflation. Typically younger members with no medical conditions obtain lower premiums than the older members.
Renewability : Once your insurance plan is ready for renewal, the companies review it on the basis of your claim history, age and inflation in the medical industry. Typically, the local and global insurance companies have an age limit, and 65 years is a common cutoff. However, some global companies offer renewal to the people up to an age of 80 years.
While the basic plans of different companies may look similar, you should always read the fine prints to get a better idea of exact health benefits you are going to draw. This way you can pick a right health plan that will cater your needs and cover all your medical expenses.
How to pick the right plan :
There is an overwhelmingly wide assortment of medical insurance plans available, but it can also leave you rather confused about choosing the right option that suits all your needs. Depending upon your probability to dwell in a single or multiple countries, you should pick a local or global health insurance plan. Health care benefits differ from country to country; the geographical coverage, premium costs and renewability options also vary accordingly.
Geographical Coverage : The local health insurance plan covers your medical expenses in your home country. If you are going abroad for a couple of weeks, a travel medical insurance will do the trick. But if you are going for a longer stay, you should opt for an overseas health Insurance, which will ensure a comprehensive medical coverage you might end up needing in abroad.
Premiums : Both the local and global health insurance companies assess their premiums differently. Local plans are typically experience rated, which means, the premium is based on your medical history, claim history as well as medical inflation. If you have made fewer claims, you will have cheaper premium and vice versa. The health insurance with global coverage is community rated, which means, the premiums are based on your age and medical inflation. Typically younger members with no medical conditions obtain lower premiums than the older members.
Renewability : Once your insurance plan is ready for renewal, the companies review it on the basis of your claim history, age and inflation in the medical industry. Typically, the local and global insurance companies have an age limit, and 65 years is a common cutoff. However, some global companies offer renewal to the people up to an age of 80 years.
While the basic plans of different companies may look similar, you should always read the fine prints to get a better idea of exact health benefits you are going to draw. This way you can pick a right health plan that will cater your needs and cover all your medical expenses.
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