My Personal Finance Journey

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Medical Insurance for Visiting Parents

Contributed by mm | November 12, 2003 6:14 AM PST

I'm shopping a medical insurance for my parents right now, who are going to visit my family for three months starting this Christmas. Same as my choice of auto insurance and umbrella policy, my goal is to minimize my risk of massive medical expenses while electing to high deductibles for lower premium. Understandably, this is a specialized insurance that only a few people will need; one cannot look to normal insurance agents for help.

I have checked up information in the following sites:

PSI Service

This site is mentioned by one of the most visited overseas Chinese web site www.xys.org. It offers International Visitor Medical Emergency Insurance for B-2 visa holders. The coverage is up to $50,000 and monthly premium is $96pp with $1,000 deductible (for 50s). It seems the policy is provided by AIG Auto and Home, but I cannot find information directly from AIG's site.

The total premium for the three-month stay will be $576. However, $50,000 maximum is too low for my risk tolerance level.

Travel Guard

This company provides a Worldwide Health/USA plan for non-US citizens traveling outside their home country for up to 6 months. Besides the deductible, the policy also requires 20% copay for up to $5,000. A three-month quote for my parents (two persons):

$1,000 deductible/$50,000 maximum: $678.20
$1,000 deductible/$250,000 maximum: $892.40
$1,000 deductible/$500,000 maximum: $1,014.80
$1,000 deductible/$500,000 maximum: $1,014.80
$2,500 deductible/$500,000 maximum: $896.00

This product is also underwritten by an AIG member, so there is no question about company strength.

International Medical Group

This site offers ExPatriot Plus for non-US citizens traveling outside their country for 3 months to 2 years.

$1,000 deductible/$500,000 maximum: $854.40
$2,500 deductible/$500,000 maximum: $747.60
$1,000 deductible/$1,000,000 maximum: $984.00
$2,500 deductible/$1,000,000 maximum: $861.00

It seems that this policy does not require co-payment above the deductibles.

The policy is underwritted by Sirius International Insurance Corporation, whose AM Best rating is A and S&P rating is A-. It is actually a Sweden company as part of ABB group.

I'm more inclined to buy from IMG for the $2,500/$500,000 policy now.

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