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Understanding Complexities Involved in Buying Global Health Insurance

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Visiting a foreign country, exploring its rich culture and devouring its amazing cuisines is one of the greatest experiences. However, one must always keep in mind that our body does not always welcome changes in air, food, and weather. So, staying prepared for any medical emergencies should be on top of your mind when planning your trip. It is also essential because availing of treatment at healthcare facilities is expensive abroad, thanks to the sophisticated equipment and procedures. Many would suggest you buy a global health cover. But is it easy to get and can it really shield your finances when travelling internationally? Let’s find out.

What is global health insurance?

Global health insurance provides medical coverage for both planned as well emergency hospitalisation anywhere in the world. Medical expenses abroad are quite expensive. And if you want to seek the best medical services in a foreign country, global health insurance will cover all the expenses. This will ensure you receive quality healthcare services without losing sleep over the medical bills. Whether you meet with an accident or fall sick during your overseas stay or want to travel abroad for medical treatment, insurance will cover hospitalisation expenses, consultations, diagnostic tests, emergency ambulance charges, OPD expenditures, etc. Global health insurance covers both domestic and international treatments.

How do global medical insurance plans differ from international travel insurance policies?

• Global medical insurance plans cover long-term treatments; if you keep renewing the policy, you can avail of the plan lifelong. International travel insurance is meant only for short trips and covers you only during the trip’s duration.

• Global health plans cover treatments in your home country as well as abroad, whereas travel medical insurance covers you only during your international trip and not domestic treatments.

• Global medical insurance provides comprehensive coverage for both planned and unplanned treatments in any country. Apart from emergency care, it also covers preventive care, routine check-ups, etc. Travel insurance, on the other hand, covers only travel-related risks, such as flight cancellations/delays, loss of baggage, theft of Passport and other important documents, and medical emergencies.

Who should Select a Global Health Insurance policy?

A global health insurance policy is ideal for those who travel frequently to foreign countries for work, expats, or those planning to move abroad permanently. It is also recommended for those who travel abroad for long-term treatment.

Coverage of a Global Health Insurance Policy

The coverage may vary based on the plan, sum insured, and insurance provider. However, broadly a global health plan covers the following:

• In-patient hospitalisation, including expenses incurred on doctor consultations, diagnostic tests, prescription medicines, room rent, nursing care, and OT charges

• Daycare procedures

• Emergency care

• Dental procedures in emergencies

• Dialysis

• Organ transplant

• Maternity care

• Cancer treatment

• Mental healthcare

• Medical evacuation and repatriation

• Ambulance services

Advantages of a Global Health Insurance Policy

Some key benefits of a global health insurance plan are listed below.

• It provides financial security against the high healthcare costs abroad. Whether it’s a medical emergency during your overseas trip or a planned treatment, a global healthcare plan will cover the expenses, relieving you of the financial burden.

• All your in-patient expenses, like consultations, lab tests, nursing charges, medicines, room rent, etc., will be covered, no matter which country you choose for the treatment.

• Due to the vast network of hospitals and seamless processes, claims (whether cashless or reimbursement) are settled without any hassles.

• It covers domestic as well as international treatments.

• It offers tax benefit on health insurance premiums.

Conclusion

Global health insurance is, undoubtedly, the best option for those seeking long-term medical treatment abroad, expats, and frequent travellers to foreign countries. Like any other health insurance policy, global healthcare plans also have exclusions and terms and conditions, which you must be aware of before buying. This will help you make an informed choice.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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