What Makes A Good Medical Insurer?

When it comes to medical insurance, there is an enormous choice out there and it can be bewildering to select a provider and a policy from the plethora of possibilities.

Here are some of the must-haves we believe are essential for any medical insurance provider worth your consideration.

1. Solid track record and financial strength

It’s important to choose an insurer with a solid track record which demonstrates financial strength and a high claims paying ability. Independent rating agencies such as Standard and Poor’s and Moody’s are a good first point of reference for this and have done all the hard work for you. The criteria they use to assess companies may vary slightly but going for a highly-rated company which has been in business for many years with strong revenue will give you peace of mind that when it comes to the crunch, you will get the financial support you need.

1. Impeccable customer service record

Often the need to make a claim on medical insurance coincides with extremely stressful situations such as getting injured in an accident or finding out you have a critical illness. When you already have trauma to deal with, the last thing you need is to have problems getting hold of your insurer or having to jump through hoops to get the information or authorisation you need. That is why it’s worth taking a little time to research how well rated companies are for their customer service. Trustpilot is a good place to start but also ask your friends, family and financial adviser for recommendations. Obviously with insurance it’s good to find out from those who have had to make claims how the processing of claims was handled. Try to determine for example how quickly calls are handled, how easy it is to access support and whether documents are available in your native language.

1. Global reach and support

Expats should choose an insurer that has global reach with an extensive network of medical providers and partners enabling them to provide a localised service which is in compliance with local regulatory requirements and aligned to the demands of individual customers.

The top insurers will provide round-the-clock phone support 365 days a year so that you can get the assistance you need at any time of the day or night wherever you are in the world.

The best insurers don’t focus solely on claims but are constantly proving their ability to increase value to individual customers and continually improving their health and wellbeing provision with the addition of services such as live telephone or video consultations with a doctor (including specialists in areas such as gastroenterology, orthopaedics, mental health and paediatrics), remote prescriptions and wellbeing apps. These actively promote and improve wellbeing by focussing on disease prevention and health management rather than simply reacting upon the diagnosis of acute conditions. They empower clients to recognise the signs of poor health so that they can access help early and maximise the chances of successful treatment.

1. Nimble approach to changing marketplace

Markets are constantly evolving and companies wanting to stay ahead of the game need to be continually adapting their offering and changing their approach to address the problems their customers are facing in real time. The Covid-19 crisis has put unprecedented pressure on insurers to pivot their services at great speed in the face of a global pandemic. It provides a litmus test of how efficient insurers are at responding to changing customer requirements and adjusting to different circumstances.

Some have taken an admirably proactive approach towards the prevention, testing and treatement of Covid-19 as well as focussing on the need for mental health care to protect vulnerable customers. The best have been actively communicating with clients to provide the latest coverage information during the crisis, fostering engagement at the highest level, removing administrative barriers in accessing care and providing services such as phone consultations to support customers reluctant to leave their homes.

1. Provide ongoing clinical support

We would advise opting for an insurer which has clinical support teams who understand the medical side of the business and provide ongoing, regular telephone support to clients when they need it, throughout their healthcare journey. These dedicated medical professionals act as case managers and coordinate the clinical care customers receive from the moment they need it by guiding customers to high quality and affordable providers, helping to avoid unnecessary treatments, negotiating additional discounts and steering clients to in-network providers so they get first-class care and avoid upfront payments. This can even extend to hospital visits and direct liaison with doctors to check the level of care received. This level of clinical support reassures customers that they will receive the right care at the right time and in the right place, helps to avoid readmissions or complications and improves clinical outcomes.

Infinity works with all the best international insurers but is tied to none, enabling us to select the best plan at the best price for all of our customers. Please do feel free to contact us for further information and assistance in choosing health cover for your family. It really is essential to get this decision right.

We recently held a seminar in partnership with Cigna, a global leader in the provision of insurance and one of our trusted partners, to talk in detail about the services they offer and how they have continued to deliver five star customer service and cutting edge clinical support during the Covid-19 crisis. It’s well worth a listen.