International Private Medical Insurance: The Devil's in the Detail

At first glance, many of the international private medical insurance (IPMI) plans in the marketplace seem identical.  However, if you investigate the plan benefits and service standards of the provider, many differences will emerge.  Here are some of the key things to consider when you are buying international private medical insurance:

• In-patient treatment claims: does the provider offer direct settlement for in-patient and daycare treatment?  If so, you will not be out of pocket.  Make sure you choose a provider that offers you access to a 24 hour, multi-lingual helpline so you can get emergency assistance and approval for treatment at all times.

• Out-patient claims: where claims are settled through reimbursement, find out how quickly the provider pays out.  Are there deductions for bank charges or will you be fully reimbursed?

• Emergency evacuation and repatriation: this is one of the most important benefits of any IPMI plan.  It is the “acid test” of a plan.  Look at the small print of the benefit: some providers will pay for you to be evacuated but will not pay for your return airfare back to the country of residence after treatment; some providers cover the cost of a return flight and accommodation for someone to accompany you; the most comprehensive emergency evacuation benefit will cover your evacuation, medical treatment and repatriation back to your country of residence and, in addition, will cover both travel and accommodation costs of your dependants.  Also make sure the plan covers evacuation where and when adequate medical treatment is not available locally.  Not all plans cover this.

• Other medical benefits: are you just looking for emergency and in-patient cover?  Or do you want out-patient treatment, visits to your GP, physiotherapy, complementary therapies, dental treatment or wellness (prevention) tests to be covered?  Are you planning a family?  If so, look at plans where maternity cover is available.

• Chronic conditions: some plans exclude chronic conditions completely; some pay for treatment for stabilisation of acute episodes of the condition; others also pay towards maintenance of the condition so will cover things like routine check-ups and prescribed drugs.

• Non-medical benefits: some plans cover legal expenses if you suffer an injury as the result of a third party; some plans cover a visit to a critically ill relative - look carefully at the small print with this benefit as some providers only pay for a visit back to your home country, while others will pay for a visit anywhere in the world; some providers offer travel and personal accident insurance as add-on plans.

• Area of cover: do you want cover in your home country?  Not all plans offer this.  Also look at whether the plan covers emergency medical treatment outside of the geographic area of cover.  If you are based in an area of instability, you will also want to be covered for treatment required as a result of war or terrorism, provided you are not active participants.  Some plans exclude this so look at the fine print.

• Reducing the premium: some providers offer a no claims discount, special rates for families or the option to select a voluntary excess.

Above all, the most important thing is to make sure you understand the plan and, if in doubt, speak to an independent broker or financial adviser who will be able to analyse your needs and advise you on the best cover for you.

Peter Rousseau

Business Development Director

InterGlobal

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