Insubuy Insurance

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How WorldMedTM Insurance Works

FIRST
You pay the deductible once per policy period, even for Dr. visits.
THEN
In U.S.: Plan pays 90% of the next $10,000 of covered expenses, you pay 10%.
10% is waived if using in-network providers who bill directly.
THEREAFTER
Plan pays 100% up to the selected plan maximum.

Overview

WorldMedTM is a comprehensive coverage plan for persons traveling outside their home country. You can obtain an instant quote and/or purchase online on this web site. The insurance coverage can start as early as the next day or any future date you specify. As soon as you make a purchase, you will receive a virtual id card in your email.


What is covered and not covered?

The insurance company will generally pay for new medical conditions, injuries (caused either by accidents or otherwise) or sicknesses that may occur after the effective date of the policy. It does not cover any expenses related to pre-existing conditions, preventive check ups, immunizations or maternity. FAQ on pre-existing conditions


Prescription drugs are covered just like any other eligible medical expenses.

Dental pain is practically not covered. For dental coverage, consider a low cost plan from CAREINGTON that provides excellent coverage.


WorldMedTM provides coverage anywhere outside of your home country including travel time as well. It also covers loss of checked luggage.

How do I use the insurance?
Please look at the detailed description.

How much is covered?

First, you will have to pay your chosen deductible once per policy period (varies from $0 to $1,000) before the insurance company starts paying for covered expenses, even for doctor visits. You will need to continue to pay all the money yourself until you have completely satisfied the deductible. The deductible is not just for hospitalization. There is no concept of co-pay.


After that, within the U.S., the plan pays 90% of the next $10,000 of covered expenses, you pay 10%. In other words, you will have to pay maximum $1,000 out of your pocket towards the 10% coinsurance. For outside the U.S., you don't have to pay 10% coinsurance as it is covered 100%. Within the U.S., if you visit the providers within the PPO network and they bill directly, you don't have to pay 10% coinsurance ither.


Then, the plan pays 100% up to the selected policy maximum, ranging from $500,000 to $1,000,000.



Example:
Let's assume that you have purchased a $1,000,000 policy maximum with a $250 deductible for 3 months.
  • Let's assume that the doctor charges you $150/visit and you need to visit several times.


    The first time you visit the doctor, you will have to pay all of that $150 yourself. You still have $100 left towards the unsatisfied deductible.


    When you visit the doctor the next time, and he charges you $150, you will have to pay $100 yourself. You have now completely satisfied your deductible once per policy period. Out of the remaining $50 after your deductible, the plan pays 90%, that is $45 and you pay 10%, that is $5.


    For any subsequent treatment (whether for the same condition or a different condition), you don't have to pay the deductible again. The insurance company will continue to pay 90% for the first $10,000 of covered medical expenses, you pay 10% (that is maximum $1,000).


    After that, the insurance company will pay 100% for covered medical expenses, up to $1,000,000.


  • Let's assume that you were in an accident and are hospitalized for 2 days. The hospital charges $12,000 per day for a total bill of $24,000. Assuming this is the first instance of your needing to use the insurance, you pay your $250 deductible plus $1,000 (10% of first $10,000) and the insurance company will pay the rest.



Disclaimer:

This is a high level description of the insurance plan meant to provide a quick overview. It may not describe all possible scenarios or coverages in all different cases. Please refer to the brochure and the certificate wording for complete details. Even though we have tried our best to accurately describe the plan, if there is any discrepancy between this description and the certificate wording, certificate wording will prevail.


06/18/2013