India Network Foundation issues travel alert to US visitors on insurance requirements
India Network Foundation, a sponsor of visitor health insurance programmes for visitors to the US, announced a travel alert to seniors visiting abroad to carefully review contract language to ensure they receive the highest level of medical insurance coverage possible that would help in times of need. A recent examination of overseas medical insurance plans offered by India-based insurance companies revealed that very low premiums are unsustainable even with ten per cent loss ratios under actuarial models.
Visitors with any kind of pre-existing condition, known or unknown, should carefully read the policy language of pre-existing insurance coverage before purchasing and embarking on the trip. The company revealed that almost all insurance policies offered in the US have wording in their policy documents such as ‘sudden recurrence’ and ‘acute onset,’ etc. that would reduce claim paying probability close to zero.
India is expected to send more than one million visitors to the US in 2014 and has the distinction of the highest number of business visas issued by US. Any visitor getting on a flight to the US is advised to consider a serious health insurance programme to protect them from unexpected medical sickness problems while visiting family in the US.
The India Network Foundation conducted an evaluation, given the concern that many Indian visitors were unaware of various limitations of the low-cost fixed benefit policies to attract the price-conscious Asian Indian community in the US. The study identified contractual language that denies claims for sickness and hospitalisation due to existing medical conditions identified within the past two to five years as well as high blood pressure and diabetes. Plans that advertise as coverage for pre-existing conditions typically contains language that would eliminate any claim paying liability. Age was another common exclusion with seniors aged 60 and older either denied pre-existing coverage or coverage severely capped.
EH News Bureau
