What is the age limit for health insurance plans
Pacific Prime is a leading provider of international health insurance plans for people around the world. Many of our clients are in their seniors and in their golden years. As a broker, Pacific Prime works with over 60 different international insurance providers, allowing our clients to receive some of the best coverage available. There is no age limit to the maximum age which a person can obtain health insurance. However, there is some important information you will need to know when choosing the right plan to ensure you receive the best coverage available.
Generally, the international medical insurance plans which Pacific Prime offers are renewable for life. This means that once you’re covered, you will remain covered for rest of the time you wish to stay on the plan. That is one of the many benefits to having international coverage: you do not have to worry about your eligibility to continue your current plan.
Another benefit of health plans with international coverage is that you are not limited to your current country to service your medical requirements. As you become older and older, it is more likely that you will have problems with your health and require more specialized treatment. If you think that your country does not have the adequate knowledge base or expertise to treat your problem at hand, you are free to travel elsewhere to receive your coverage at no extra cost. Some countries or hospitals around the world are known for their specialization in servicing specific health problems and receiving service from these hospitals can be covered under your worldwide health plan. If you are an expat and wish to spend time with family while you are receiving treatment, you can do so because of your international health insurance plan.
As insurance is defined as the “equitable transfer of risk for a predetermined fee”, acquiring an international health insurance policy can be more expensive if acquired later on in life. In addition, premium increases for each year passing may be higher as you get older. Premiums for international policies are calculated on a communal basis. Community rating for plans means that the premiums are determined by all the people with the same age, same location, and same coverage. For example, all the people who have coverage in Rome, Spain, and Hong Kong and are 57 years of age, and have the same coverage will pay the same premium. The risk is pooled and therefore is more diversified. This often provides a lower cost than if someone were to acquire insurance based on an individual’s own risk profile.
Despite the possible higher costs, Pacific Prime is an expert in finding the best coverage for the best value. There are many ways in which the price of a worldwide health policy can be reduced, and one of them is by the use of deductibles. A deductible, sometimes referred to as excess, is where there is a specific amount in which you will need to pay before the insurance provider covers the cost. For example, if your deductible is $400, you will need to pay $400 before the insurance company will pay for the costs. If a medical bill is more than the deductible, the insurance company will cover the difference. Most deductibles are on an annual basis – once you pay the deductible once within the year, you do not need to pay the deductible again. Some deductibles work on a per claim basis, requiring a fixed amount for every claim. Some deductibles work in the form of co-insurance. This is where you are required to pay a percentage of every claim, with the percentages ranging for every type of coverage. Having a deductible can help reduce the cost of a policy.
A health insurance plan with international coverage also has the benefit of not increasing the premiums based on experience. Experience, in the insurance world, is the amount of claims you make within a year. As you become older, the amount of claims you may need to make usually increases. Under a local health insurance plan, this could adversely affect your premiums for the next year. However, an international policy will not raise the premiums, regardless of how many claims you make. This is highly advantageous, especially for those in their senior years.
There is, however, an issue with how your health condition is prior to acquiring the plan. There is something known as a pre-existing condition. A pre-existing condition is a condition with your health that poses or may pose a risk in the future; this includes permanent injuries or chronic conditions, such as a torn ACL or asthma. Having a pre-existing condition can increase the price of the premium, or affect your ability to acquire a policy. The best way to negate or reduce your cost is to acquire a policy as early as possible, before you injure yourself. Another way to counter pre-existing conditions is to acquire a group international health insurance plan with 20 people or more. Insurers may be able to offer a plan which covers any pre-existing conditions that may be present in the group.
Acquiring an international health insurance plan as early as possible also can help you with premiums at an old age. Some insurance providers may offer a flat premium after a certain age to those who have been with the plan before the specified age. This means that once you reach the specified age, and you were under the plan before, your premiums will not rise after that. However, if you acquire a plan after the specified age, your premiums will most likely increase on an annual basis.
Finally, an international medical insurance plan can have reduced premiums by clearly defining the areas of cover. Since premiums are calculated based on the community, having a community with a high risk profile and where the cost of providing health care is high can result in higher policy premiums. If you were to exclude areas which you know you will never go to, you can reduce the cost of the premium significantly.
The international health plans which Pacific Prime offers are diverse, highly flexible and customizable. Pacific Prime offers a wide variety of plans with customizable points of coverage, including:
·Inpatient Health Insurance
·Outpatient Health Insurance
·Dental Treatment Insurance
·Emergency Evacuation Insurance
·Vaccinations and Preventative Healthcare
·War and Terrorism Health Insurance
Choosing the right plan begins with contacting one of our experts in international health insurance. To get started, visit the contact page or fill out the free quote form at the top of the page.
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