Things to Consider Before Buying a Global Health Insurance Policy?

When diagnosed with certain complex diseases like cancer, many Indians prefer to go abroad to get access to superior treatment and state-of-the-art facilities. It is a given that since medical treatment abroad is superior, the cost of treatment is also quite high.Apart from the actual treatments and hospitalization costs, one has to consider daily expenses, accommodation, and travel and food costs. Your usual health insurance policy does not cover the cost of treatment abroad. That’s where a global insurance policy comes in. Many insurers nowadays are providing global health insurance policies that cover medical treatment costs outside India.

- Most of these global health insurance policies have a certain insured sum and only certain listed illnesses covered. To avail the full benefits of such a plan, one has to opt for plans with higher insured sums that also require higher premiums.- A global health plan does not cover treatment in all foreign countries. You must find out what countries are included in the policy before deciding on one. Most global policies exclude the US and Canada for foreign treatment. However, these countries can be included in exchange for higher premiums.- Insurance experts advise that if one is to buy a global health policy, they must get one that has an adequate insured sum as medical treatment abroad is expensive.- All global health policies, apart from covering treatment abroad, also cover the cost of treatment within India as well- Even though some global health insurance plans have support for cashless claims, most of them prefer to settle your claims via the reimbursement model, which means you will have to pay the bills first out of your pocket and the insurance company will reimburse your expenses later. The reason for this is that it is difficult for a domestic insurance company to maintain such a huge, global network of hospitals.- For the above reason, experts suggest that if the insured is travelling abroad for treatment, they must inform the insurance provider well in advance (unless there is an emergency).- It must be noted that the emergency medical treatment cover included in travel insurance is totally different from a global health insurance policy. A standard travel insurance claim cannot be made if one is travelling abroad for planned medical treatment. In such a case, a proper global health insurance policy is required for reimbursement.

Thus, a global health insurance policy can let you access the best facilities in the world for treatment like neurosurgery, organ transplant, bone marrow transplant and cancer treatment. So, if you’re planning to buy a global health insurance plan, keep the above points in mind before you zero in on a policy.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.