Risk Management for Medical Travel

While there are no current "gold" standards for members and employers to consider for insurance coverage, there are a number of options to consider that are emerging for both. No-fault medical travel insurance policies can now be purchased by either the employer for the employee/dependent or directly by the medical traveler. These are low-cost policies that cover unintended medical consequences, damages due to travel accidents, and other significant mal-events that may occur in connection with this international medical care.

For employers sponsoring an international medical care option on their self-funded group plan, there are now liability insurance policies available. These products are a melding of professional liability and managed care liability policies intended to protect the employer if they are deemed liable in a medical travel accident. Limits are available readily to $5 million, and excess limits can be purchased in some instances. U.S. employers will have little trouble gaining access to the product, and Canadian employers will need some local representation to assist with the placement of this policy. In any event, select brokers can help guide employers through this process.

In conclusion, whether the accidental injury is a result of a medical procedure, an airplane, or another unforeseen accidental injury, reasonably priced insurance is now available to manage the risk for both employees and employers. Only time will tell if these insurance products are the catalyst that helps moves this trend to the mainstream of U.S employer benefit plans. However, both coverages have helped to eliminate perception barriers.