What is Global Health Insurance?

• Written by Mudit Handa

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Medical treatment is no longer limited to one's home country. Consequently, leading health insurance companies in India offer global health insurance. In this blog, we will look at what Global Health Insurance is, how it differs from a travel insurance policy, and its numerous benefits for adults and senior citizens.

Global Health Insurance: An Overview

This policy provides comprehensive worldwide health coverage for both planned and emergency medical treatments. Global Medical Insurance Plans can help cover the cost of medical treatment worldwide.

Global Health Insurance Policies are available as Individual or Family Floater Plans. Most policies include a co-payment clause, which varies by insurer. Additionally, most policies have a mandatory waiting period for Pre-Existing Diseases (PEDs). It is important to consider these factors while opting for the ideal global health insurance policy.

How Does Global Health Insurance Work?

Global health insurance is a safety net for individuals who require medical care across borders. Unlike healthcare plans restricted to a single country, it provides international medical coverage, ensuring access to quality healthcare irrespective of location. Global health insurance plans cover both planned treatments and medical emergencies. These plans offer comprehensive health protection during travel, long-term stays, or overseas employment. Policyholders can also customize plans with maternity coverage, dental coverage, and other benefits to suit their travel needs.

Why Should You Buy a Global Health Insurance Plan?

A global health medical insurance plan is a wise investment for securing your health and finances while traveling internationally or staying abroad long-term. Here are the reasons why you should invest in a global health insurance plan:

• Protection from high medical costs: Healthcare costs in countries like the USA or UK can be very high. Global health insurance ensures you avoid out-of-pocket expenses for critical treatments and hospitalisation.
• Seamless access to the best healthcare: If you become ill or have an accident abroad, global health insurance coverage helps you access the right treatment at the right time. The plans provide access to a reliable hospital network, ensuring a hassle-free treatment experience.
• Comprehensive benefits: Many global coverage plans include advanced care, repatriation of remains, and other benefits. These features ensure a stress-free experience by covering various expenses.

Advantages of Global Health Insurance

Here are some benefits of Global Health Medical Insurance:

Hospitalisation Expense Cover

Medical treatment abroad can be very expensive, particularly in the USA or Canada. Therefore, a comprehensive medical plan covering all related costs is essential. Global medical coverage will cover your hospitalisation bills, including surgery. You gain access to top-tier healthcare facilities worldwide.

Cashless Hospitalisation

Your global health insurance policy offers cashless hospitalisation. However, there is usually a co-payment clause of 20% for claims, and the rest of the amount will be settled on a cashless basis. This is beneficial, as otherwise, you would pay in foreign currency with potentially high exchange rates.

Day Care Procedure

Your worldwide health insurance covers medical treatment for injuries or illnesses not requiring hospitalisation.

Ambulance Services

Ambulance services for transportation or evacuation can be very expensive. Global Medical Insurance Plans also cover the cost of emergency medical evacuation by road or air ambulance, ensuring you get prompt medical attention without worrying about your finances.

Diagnostic Expenses

Medical treatments often include procedures such as tests and examinations. Global Medical Coverage plans cover expensive medical tests required for a proper diagnosis by a doctor.

Preventive Health Check-Up

Your global health insurance Policy will include preventive health check-ups so you can proactively respond to any developing medical condition.

Repatriation of Mortal Remains

In the unfortunate event of the policyholder's death abroad, Global Medical Insurance Plans cover the expenses incurred in repatriating their mortal remains.

Global Health Insurance - Inclusions

Global health medical insurance covers the following:

• Inpatient and outpatient treatments
• Emergency hospitalisation
• Repatriation of mortal remains
• Emergency medical evacuation
• Dental treatments (typically as add-ons)
• Specialised treatments such as organ transplants

Global Health Insurance - Exclusions

Global health medical insurance does not cover claims arising from:

• Pre-existing conditions
• Cosmetic surgeries
• Injuries resulting from adventure sports
• Drug or alcohol-related treatments
• Alternative treatments

Difference Between Global Health Insurance and Travel Insurance Policy

There are several key differences between Global Health Insurance and Travel Insurance.

What to Check Before Buying Global Health Insurance?

Consider the following to ensure you choose the best global medical insurance:

Cashless Treatment

Ensure your policy offers cashless treatment to avoid foreign exchange costs. Confirm your insurer has partnerships with reputable overseas Third Party Agencies (TPAs) for claim processing.

Countries Covered

Some plans exclude the USA and Canada, which may be available as an add-on. Policy terms might also exclude specific cities or suburbs. Review policy documents to understand coverage scope.

Coverage Amount

The sum insured is crucial. Lower coverage saves on premiums but increases out-of-pocket costs, while higher coverage increases premiums. Carefully assess your needs.

Procedures Covered

Ensure the policy covers daycare and dental treatments, which can be costly abroad.

Renewal Benefits

Check for renewal benefits like No-Claim Bonuses and Cumulative Bonuses. Some policies may not apply bonuses to global coverage. Verify this to avoid surprises when filing a claim.

Co-Payment

Most worldwide health insurance policies include a co-payment clause for claims abroad. This can significantly affect your claim amount. Check this before buying.

Restore Benefits

Check if your policy provides restoration benefits, applicable overseas, to recharge the sum insured if exhausted.

Prerequisite

To ensure global coverage, it is important to note that a diagnosis must be made in India for the specific treatment you are seeking. This means you must show proof of the diagnosis in India for your claim to be accepted.

Claim Procedure

Understand the claim procedure thoroughly. Keep essential numbers handy. For cashless settlement, seek treatment at a network hospital and have all documents ready.

Claim Intimation Process

Review the claim intimation process and required documents. Failure to inform within timelines or adhere to the process may lead to claim rejection. Understand the process in advance.

Care Health Insurance offers global coverage with these plans:

• Care Advantage: Offered mandatorily with a Sum Insured of 2 crores to 6 crores and as an add-on with a lower Sum Insured.
• Care Classic: Care Classic offers global coverage as an add-on rider and the main policy benefits.

Note: The Global Cover is available up to the Sum Insured only. No Claim Bonus, No Claim Bonus Super and Recharge Amounts are not applicable.

Global Health Insurance for Senior Citizens

Care Health Insurance offers coverage solutions for everyone. You can choose from excellent global coverage options for senior citizens. Global coverage is particularly beneficial for senior citizens who travel abroad frequently or for extended periods. You can add global coverage to the Care Advantage plan for a sum insured up to ₹1 Cr, or it's included with a sum insured over ₹1 Cr in both Care Advantage and Super Mediclaim.

How to Choose the Right Global Health Insurance?

Focus on your needs and budget, but also consider these factors:

• Coverage: Check the list of countries the plan covers and ensure it aligns with your travel destinations or regions.
• Hospital network: Look for access to a vast network of hospitals to ensure hassle-free navigation in case of emergency.
• Inclusions and exclusions: Consider what is covered and what isn’t to avoid any shocks during claim processing. Make sure that the coverage includes hospitalisations, outpatient visits, and emergencies.
• Claim processing: Assess the insurer's claim process. Check for factors like multilingual support, settlement ratio, customer reviews, etc.
• Optional add-ons: Evaluate if the plan allows you to customise the coverage, such as adding dental care, maternity care, or more.

Wrapping Up!

Global health insurance is essential in today's interconnected world with increased international travel. Compare benefits from multiple insurers before making a purchase.

>> Also Read: What is Global Coverage in Care Advantage?

Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.