Caveat Emptor – Buyer beware! It is difficult to stay informed about insurance because there are so many insurance companies and different types of coverage. The modern business climate can make it even more difficult.
You are likely to be familiar with the companies that you call for quotes if you are looking for insurance coverage for your car or home. Insurance companies are known for their trustworthiness and long-standing reputations. They are familiar to you. It pays to be more knowledgeable when a consumer ventures into a new area.
Medical Tourism is one example of a rapidly growing industry. Patients travel to receive medical care.
Patients often travel overseas to save money, and sometimes to access top-notch facilities with skilled surgeons or other healthcare professionals. Cost savings can be made from the ground up. State-of-the-art facilities are constructed at a fraction of the cost of similar buildings in the US. Any surgery can cause complications. Patients who travel to save money on healthcare want to be sure that their savings won’t be lost if there is a problem. To alleviate this concern, specialty insurance can provide coverage for trip cancellations, travel accidents, and complications of surgery.
They can differ widely because they are specialty policies. Consumers should compare coverage to make sure they are getting the right coverage. This is why it’s important to compare coverage side-by-side. Ask about exclusions and coverage periods, deductibles and taxes, as well as fees.
Additionally, there are opportunities for fraudulent offers from insurance companies to take advantage of new industries and trends. They can seem very professional and may even claim to be based outside of the US. This could make consumers believe that the fictitious company they represent is legitimate and real. Although they don’t ruin the whole lot, they can leave a bad taste if they are chosen by mistake.
Insurance companies can’t be established overnight in any country. They are either reviewed or listed by companies that rate insurers like Standard & Poor’s and A.M. Best. Foreign companies can be rated or listed if they are not in business for long enough or don’t meet certain criteria.
Recently, I came across a policy offered to medical tourists. It was a patient’s version Malpractice insurance. Although it is possible, it is very rare for patients to be able purchase malpractice insurance from a doctor. (And I would add that any patient who has suffered a complication during surgery would want coverage regardless of whether it was due to malpractice). The policy also included a claim deposit, which the patient would have to pay in case he had to file a claim. These requirements are unusual and should be a reason for the consumer to verify the legitimacy of the company as well as the policy.
It is important that consumers verify the legitimacy of insurance companies. They can do this through their trusted agent, or by directly contacting A.M. Best ( www.ambest.com ) or any other rating agencies. For complaints, you can also check with your state’s insurance department and the Better Business Bureau. To ensure that they are dealing with an authorized agent, consumers should ask their insurance company about the person who handles their product. Unscrupulous people can make an insurance company look bad. Unfortunately, money paid to a fake company can make it very difficult to recover the money – if it is possible.
Your trusted agent can help you navigate the waters if in doubt. Compare the coverage forms and get quotes from multiple companies.
