Things you need know about health insurance
Publisher/Author
: Pacific Cross
Pacific Cross Vietnam administers travel and health insurance benefits for thousands of clients in Vietnam every year. We understand that insurance can be confusing, so here we try to explain some names and terms from our business. We hope this helps you in choosing coverage for yourself, your loved ones, or your staff.
Many people are familiar with flight accident insurance, which pays you a large sum of money if you are killed or seriously injured in an air accident. This type of insurance policy normally does not cover any medical expenses resulting from illness or other types of accidents while traveling.
Travel agencies frequently offer travel protection plans or trip cancellation insurance. These usually cover the cost of travel expenses should you be forced to cancel your vacation due to accident, illness or certain other causes. They often cover travel assistance services, protection for lost or damaged baggage and limited medical coverage. There may or may not be a deductible or co-pay for covered medical expenses.
International Medical Insurance is short or long term insurance designed to reimburse you for medical expenses incurred while traveling or living in a foreign country. Maximum policy coverage is usually large enough to cover major medical expenses such as emergency surgery and extended hospital stays. “American Style” of international medical insurance coverage is usually subject to a specified deductible and co-insurance or co-pay. Plans may include emergency evacuation, reunion, and repatriation benefits as well as other travel assistance services. The plan coverage may be single trip, multi-trip or renewable.
Maximum Policy Coverage: The maximum amount of money that the insurance provider will pay for covered expenses. It may be an overall maximum or an amount for each accident or illness.
Deductible: (also known as excess) This is the amount of medical costs that you must pay before the insurance provider starts paying. It may be an annual amount, an amount for the duration of the policy or an amount for each incident. Example: a $50 deductible would mean that you must pay the first $50 of medical expense before the insurer begins to pay.
Co-Insurance or Co-Pay: This is the percentage or amount of medical expense that you must pay after the deductible is paid. Example: a co-insurance of 20% or an 80/20 co-pay means that the insurance company will pay 80% of the charges and you will pay 20% of the charges after you have paid the deductible.
Exclusions: These are medical expenses that the insurance company will not pay. These usually include expenses arising from the illegal use of drugs, medical conditions that existed prior to the purchase of the insurance, and medical costs arising from participation in dangerous activities or high-risk sports.
Emergency Medical Evacuation: covering the expenses for sending an injured or ill person home or transporting him/her to a place where appropriate medical care can be obtained.
Emergency Compassionate Visit: covers the expenses of bringing a family member to the injured or ill person during a medical emergency.
Repatriation Benefits: cover the cost of returning a deceased person’s body to their homeland.
Single Trip Plans: cover one trip. Annual/Multi-Trip Plans: cover all trips taken within one year.
Individual Plans: cover one person. Family Plans: cover all members of a family traveling together
