In this short article, you’re going to discover:
- What Health Insurance is.
- What Health Insurance covers.
“What is Health Insurance?”
Health insurance, also referred to as Medical Cover, is a product designed to cover the costs of an individual’s medical expenses. The insured person can be treated without the burden of paying for the cost of medical treatment.
Here is what most Health Insurance plans will pay for. However, the full terms and conditions of cover will be set out in the product you choose:
- Health insurance plans always have a maximum amount they will pay out in claims per year. Your plan choice determines this threshold, ranging from $500,000 to $2,500,000. The higher the maximum amount, the better.
- It covers Elective Treatment (which is treatment scheduled in advance) and Emergency Treatment, which is treatment for a sudden and unexpected onset of a health condition that requires immediate medical treatment and/or a surgery.
- It covers local and cross-border Emergency Air Ambulance Evacuations including the costs of someone to accompany you if you are evacuated cross-border.
- It will pay for treatment you receive anywhere within your Area of Cover – locally, regionally or internationally. i.e. You can choose where you want Elective Medical Treatment. For Emergency Treatment, you will be taken to the closest appropriate medical facility within your area of cover.
- For treatment related to being hospitalised, it eliminates the financial burden of you having to pay up front as the insurance company places a Guarantee of Payment with the service provider before your treatment starts. They’ll then settle the bill directly with the provider after your treatment.
- It will cover air ticket, transport and accommodation costs when elective or emergency in-hospital treatment is required outside your country of residence, including the cost of someone to accompany you.
- Some products will cover treatment arising from dangerous sports and hobbies, such as snow skiing, skydiving, paragliding, horse riding, moto-x, enduro riding and mountain biking. However, professional sports, where you are paid to participate, are not covered.
- Very few products cover pre-existing and related conditions.
- Regarding out-patient treatment where you are not hospitalised such as doctor visits, prescription drugs, lab tests, dentistry, and so on, you will be required to first pay and send in your claim for reimbursement. A handful of companies will settle the out-patient bill directly on your behalf.
- There are plans that cover Maternity & Childbirth, but many require a waiting period from the day you join before you can claim.
- Last but not least, the vast majority of health Insurance products are portable. In other words, you can take it with you when you change country of residence within your Area of Cover.
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