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What You Should Know Before You Opt for a Global Health Insurance Cover

Travelling abroad is no more a luxury. It is more of a need in this global market space. Whether you are a businessman, an employee, a travel enthusiast, or a student, flying overseas has become a part of people’s needs and lifestyles. When you are overseas, undoubtedly you love the place and enjoy it to the fullest. But in the back of your mind, you are a little tensed and afraid.

 

The tension prevails as the country is new to you, you are not familiar with the people around, you do not know who to contact in times of help and so on. As such what helps you in times of need is Insurance. You may say then a travel Insurance is more than enough, but there is more to it. A number of options are available to provide bigger and better facilities. One of them is Global Health Insurance.

The popularity of Global health insurance policies is surging with the increase in a number of international-al/overseas trips among corporate organizations and tourists. Not only for travel purposes, but some elite class people also take an overseas flight to avail of medical treatment and care for serious illnesses. Additionally, business owners who send their office employees for international work trips invest in global health insurance plans for their safety.

To suffice the growing needs and demands, several health insurance companies have intro-diced global health insurance policies. Such policies offering a global cover provide enhanced coverage along with a regular insurance policy. Global health insurance provides coverage against any kind of medical/health emergencies when you are flying overseas. Several plans also provide coverage for a planned/fixed hospitalization overseas.

A global health insurance policy is not the same as a travel insurance policy. Travel insurance is taken for a fixed period and it does not provide coverage of any medical treatment in your state. Furthermore, it also excludes coverage of any pre-existing ailments of or a pre-planned hospitalization for treatment in a hospital overseas.

Overseas medical treatment is usually expensive, and bearing it alone can be a financially exhausting task. But, buying an insurance policy that provides coverage for your medical treatment costs seems like an ideal deal. But it is essential that you have some knowledge about the terms and conditions as well as inclusions and exclusions before you move ahead to sign the deal. You should not hold assumptions and think that they are valid for every international medical treatment. Several limitations and expenses are often missed out, which is imperative for you to know.

Key Tips before you buy a Global Health Insurance

Several insurance companies provide global health insurance only when a huge amount of sum is insured. The required amount ranges from Rs 20 Lakh to Rs 1 Crore. As such buying, such global health insurance can be a costly affair. With extravagant expenses, these policies come with clearly mentioned benefits along with strict terms and conditions. Accordingly, this may restrict the insurance to avail complete benefits of the health insurance policy.

Many times, the amount insured with the insurance company is not enough to meet the costs of the international medical treatment, and this surges the amount of money the insured has to bear from his own pockets along with post-hospitalization costs.

Global health insurance only provides coverage for in-patient hospitalization medical treatment and care. Any other pre-hospitalization and post-hospitalization costs along with OPD treatments are mostly excluded from the provisions of the policy.

Generally, medical Treatments in the United States and Canada are not included in a global health insurance policy. If you wish to have insurance coverage in these two states, they will have to shell out extra money for more insurance premium

Such insurance plans carry a special clause of 10-20 % co-payment. This means that the policyholder needs to pay the full amount in the beginning. After which when the policyholder returns to his/her home country, the insurance company will repay 80-90% of the total cost.

For pre-existing ailments/ diseases and illnesses, the waiting period lasts for 2 to 4 years

Global health insurance coverage is approximately 3 to 4 times expensive as compared to a basic health insurance plan.

The policyholder must without fail to inform the insurer before he boards an international flight for medical treatment in times of a planned hospitalization. It is also required to submit a certificate about the treatment by a verified medical practitioner from the home country.

In case of an emergency international medical treatment, a certificate is essential from a verified doctor from the place of the treatment, stating that the medical treatment was a sudden emergency. The insurance claim will be settled by the insurance company only if this document is duly presented to them.

The insurance company generally settles claims on a repayment or reimbursement basis. This is because it is not always possible for the insurance company to have a vast global network of hospitals for providing medical care and treatment. However, it implies that the policyholder has to bear the costs of the medical treatment initially that will be reimbursed by the insurance company at a later stage.

Also, the policyholder may face another disadvantage of the exchange rate system, due to the different currencies used by the insurance company.

Lastly, as mentioned above, the features and benefits such policies are cleverly designed, and as such the insured may not be able to avail the maximum advantage of the policy.

Considering these points will help you make a wiser choice when opting for global health insurance plan.

Why Buy a Global Health Insurance Plan?

A health insurance policy with overseas cover may be a little heavy on your pockets but you certainly cannot deny its benefits. Having insurance coverage when you’re travelling abroad is nothing less than a blessing. It is like your guide and companion that helps you in case of medical/health emergencies that are unavoidable. It not only helps you get a good and satisfactory treatment in due time but also frees you from all sorts of tensions. Below are some reasons why you should buy a global health insurance cover.

Medical Emergencies have to be Treated within Time

When you are in a new state, you are already worried about your safety and security. And in this situation, if you suddenly have to face any medical problems, it will only worsen the scenario. You will be panicked and not know who to ask for help and also worry about the expenses that you will have to incur in case of a medical emergency. If you do not have a global insurance health cover, then you will have to manage everything on your own. It will be a daunting and challenging task your way.

But if you have already signed up for a global health insurance plan, before you take on your flight abroad, then you do not need to stress. If you face any sort of health and medical issues during your international trip, your health insurance company will be at your rescue. The insurance company will help you find a good medical hospital and also recommend the doctor for proper medical treatment. And when you come back to your own country, it will repay you all the costs that you have incurred for treatment on the submission of proper documents.

Daily Allowances:

Some of the insurance companies provide the facility of daily cash allowances to pay the bills in case of hospitalization due to illnesses and also personal accident insurance.

Personal Accident Insurance:

Global health cover also provides personal accident insurance. This means that in case the policyholder dies or gets seriously injured during the travel, the insurance company will repay the costs incurred for treatment or sum assured in regards to personal accident insurance. Personal accident insurance is a must when you are travelling aboard. As such what better than investing in a global health insurance policy to get the same benefits of personal accident insurance?

These are a few reasons that make it essential to buy global health insurance when you are travelling overseas. Remember, buying a global health insurance policy may be a little expensive, but it is better than bearing the heavy costs incurred during medical emergencies taking place overseas. So, it is better to be safe than to be sorry and avoid the possibility of tolerating unbearable costs alone.

Top Insurance Companies Offering Global Health Insurance

Aditya Birla Activ Assure Diamond Health Insurance Plan

  • This plan offers air-ambulance cover in case of an emergency in a foreign land
  • The coverage amount options range between Rs 2 Lakh and Rs 2 Crore
  • It also covers 586 day-care treatments
  • You can also opt for cancer and accidental hospitalization cover

Bajaj Allianz Health Insurance- Global Personal Guard Plan

  • This is a global personal accident plan with coverage amount up to Rs 25 Crore
  • The policy covers accidental injuries and death
  • The policyholder can cover other family members in the same plan

Liberty Health Insurance - Health Connect Supra Plan

  • The is a top-up health insurance policy that offers coverage globally with sum insured options between Rs 3 Lakh and Rs 100 lakh
  • You can select between the Top-up and Super Top-up variant
  • 10% family discount is also provided
  • Max Bupa Health Insurance- Heartbeat Platinum Plan
  • Max Bupa Heartbeat Platinum plan offers worldwide health insurance coverage
  • You can select the sum insured amount between Rs15 Lakh and Rs1 Crore
  • It can cover up to a maximum of 6 members under the same plan
  • It offers coverage for critical illnesses, hospitalization expenses, and emergency medical evacuation

Manipal Cigna Pro Health Insurance Policy

  • The plan offers overseas health insurance coverage in case of emergencies.
  • You can select the sum insured amount between Rs 2.5 lakh and Rs 1 Crore
  • Manipal Cigna Pro health comes in 4 variants - Protect, Plus, Preferred and Premier that offer emergency hospitalization cover
  • 20% co-pay is applicable for insured members above the age of 65 years

National Overseas Mediclaim Policy for Business and Holiday Travel

  • National health insurance provides this overseas mediclaim policy to cover medical emergencies while travelling overseas for holiday and business purposes
  • Sub-limit of 100 dollars applies to the expenses incurred
  • You can also opt for worldwide medical insurance coverage for the USA and Canada as well
  • The policy covers treatment for medical illnesses, medical repatriation and medical evacuation

New India Assurance Global Mediclaim Policy

  • It covers overseas hospitalization expenses up to USD USD 1 million (Lifetime USD 2 million) under Plan B
  • Overseas coverage is available on plans above Rs 8 Lakh
  • The policy also offers medical second opinion cover is also provided under this plan

Oriental Overseas Mediclaim Policy

  • You can buy this comprehensive health insurance plan to ensure the best treatment even when travelling abroad for business or holiday purpose
  • The sum insured options under this plan range between Rs 50,000 and Rs 5 Lakh
  • Health insurance coverage is provided on an individual basis
  • It also offers health insurance coverage to students studying in another country

Religare Care Health Insurance Plan

  • The plan offers global health insurance cover as an add-on benefit. You can also opt for second medical opinion cover
  • The coverage amount ranges between Rs 4 Lakh and Rs 6 Crore
  • You can opt for a family floater coverage along with No-claims bonus benefits

Royal Sundaram Lifeline Elite Plan

  • You can avail global medical coverage, which is further extendable to USA and Canada
  • The sum insured amount ranges from Rs.25 Lakh to Rs 1.5 Crore with deductibles of $1000
  • You can also avail global medical cover for critical illnesses

Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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