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What You Should Know Before You Opt For a Global Health Insurance Cover
- DetailsWritten by PolicyBazaar -
- Hits : 754 -
Updated date : 16 January 2019
Travelling abroad is no more a luxury. It is more of 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 lifestyle. 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 a 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 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.
In order 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 your a regular insurance policy. A 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 of time and it does not provide coverage of any medical treatment in your own 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 a comprehensive knowledge about the terms and conditions as well as inclusions and exclusions before you move ahead to sign the deal. It is better you do not hold assumptions and think that they are valid for each and every international medical treatment. A number of limitations and expense are often missed out, which is imperative for you to know.
Key Tips before you buy a Global Health Insurance
Several insurance companies provide a global health insurance only when a huge amount of sum is insured. The required amount ranges from Rs 50 Lakh to Rs 1 Crore. As such buying such global health insurance can be a costly affair. With extravagant expense, 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 are 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. Therefore, it is advisable that you run your eyes thoroughly before you invest in a global health insurance plan. Because they are a significant investment and you wouldn’t want your hard-earned money to go in vain. Below are several points that you must keep in mind before you buy a global health insurance.
- A 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 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 special clause of 10-20 per cent 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 per cent 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 domestic 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 a global health insurance.
Why Buy a Global Health Insurance?
A global health insurance 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. In fact, it is like your guide and companion that help 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 that accompany. 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 cost that you have incurred for treatment on submission of proper documents.
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 a personal accident insurance.
Personal Accident Insurance:
A global health cover also provides a personal health 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 a personal accident insurance. A 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 a personal accident insurance?
These are a few reasons that make it essential to buy a global health insurance when you are travelling overseas. Remember, buying a global health insurance policy may be a little expensive, but it is definitely better than bearing the heavy costs incurred during medical emergencies taking place overseas. So, it is better to be safe than be sorry and avoid the possibilities of tolerating the unbearable costs alone.
Top Insurance Companies Offering Global Health Insurance
In this wide insurance market, it is difficult to choose the insurance company that you should trust to by a safe and steady insurance plan. Each company has a unique reputation and works with different company terms and conditions. As such, picking the best insurance company to invest in is a confusing task. Here is a list of well-known and trusted companies that provide a global health insurance cover at best rates and features to benefit the policyholder. But as mentioned earlier, it is better to read and understand the company policies and terms before you make a pick.
Also, make sure you compare each of them for availing the best benefits. If at any point you are confused with the process of acquiring a global health insurance cover, then you can approach the insurance company’s nearby branch office or contact them online on their official website. The insurance company’s staff will guide you thoroughly about the procedure and will also provide in-depth details of a global health insurance plan,
Cigna Global Insurance:
It is one of the pioneers to introduce a global health insurance policy. And since years has been providing a number of people healthcare benefits during their travel aboard. It stands as a leader in the international market as well.
Aetna International Insurance Company:
Aetna International has over 160 years of experience in the medical and health care industry. It is successfully providing global health care benefits to a vast majority of people for above 55 years. It has been regarded with awards and services for its services worldwide. It has also received the honour of the “Best International Private Health Insurance Provider” and “Health Insurer of the Year.”
Premier Health Insurance Company:
It is run by the PA Group and is a well-known global health insurance provider with years of experience and skills. It offers high-quality insurance cover worldwide and also provides policies to residents with overall coverage in their state (except the state of USA).
International Medical Group (IMG):
This Company provides a wide and extensive variety of insurance products and services. Be it trip cancellation or a long-term global health cum medical insurance policy, it will provide you with one of the best services at exclusive prices. It has an extremely good base of satisfied customers all over the world. With IMG you are free from all the tensions during your international travel trip.
GeoBlue Global Medical:
This Company provides both short term and long term global health plans. It is well-known all around the world for its services and easy and fast claim settlement process. If you have bought a global health insurance from GeoBlue Global Medical, you can enjoy your trip peacefully, with no tension of the future occurrences at all. This is because whatever emergency you may face, the insurance company will always be there for your assistance. You can make the most of your travel by investing in a global health insurance with GeoBlue Global Medical.
So, before you book your tickets for your next trip, make sure you’ve decided which global health insurance you would like to invest in because health is the ultimate wealth.
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