Medical treatment today is no longer limited to your domicile country. Enhanced connectivity and increased affordability have resulted in a lot of people going abroad for medical treatments. In order to keep up with the demand of the times, the leading Health Insurance companies in India are offering Global Health Insurance. In this blog, we will take a look at what Global Health Insurance is, how it differs from a travel insurance policy, and the numerous benefits it offers.
What is Global Health Insurance?
It is a policy that provides comprehensive World Wide Health Coverage for treatment, both planned as well as for medical emergencies. If you buy Global Medical Insurance Plans, it can help you cover the cost of medical treatment regardless of where you are globally.
A Global Health Insurance Policy may be purchased as either an Individual or a Family Floater Plan. Most Global Health Insurance policies have a Co-payment clause, varying from insurer to insurer. Similarly, most such policies have a compulsory waiting period for Pre Existing Diseases (PEDs). It is important to keep all of these factors in hand while opting for the ideal global health insurance policy.
Difference Between Global Health Insurance and Travel Insurance Policy
There are a few differences between Health Insurance with Global Coverage and Travel Insurance Policy
| Features |
Global Health Insurance |
Travel Insurance |
| Coverage (Sum Insured) |
Customised as per customer requirement |
It is usually the lowest mandatory amount as per the country’s visa requirement |
| Focus Area |
Focuses on providing comprehensive medical cover |
Focuses on multiple aspects that may arise during travel |
| Coverage Type |
Planned Medical Treatment and Health Emergencies too |
Only for Health Emergencies – Does not cover any treatment that may be delayed till return to the country of origin |
| Pre Existing Diseases |
Covered with Waiting Period |
Not Covered |
Global Health Medicare Advantage
Given below are some of the benefits of opting for a Global Health Insurance:
Hospitalisation Expenses
Medical treatment abroad can be very expensive, especially if you are seeking treatment in the USA or Canada. This is why it is important to have a comprehensive medical plan that adequately covers all related costs.. Global Medical Coverage will cover your hospitalisation bills including surgery. You will have access to the best possible advanced healthcare facilities globally.
Wider Coverage
A policy with Global Health Coverage provides you with comprehensive cover in all locations worldwide, including India.Most such policies will offer you an option to include the USA and Canada as add-on riders. In case you require hospitalisation, you may avail of the facilities in any country as mentioned in the policy documents.. This is particularly useful for those of you who travel abroad frequently for work.
Cashless Hospitalisation
Your Global Health Insurance policy comes with the benefit of 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 an extremely useful feature as you will otherwise have to pay in foreign currency at often exorbitant foreign exchange conversion rates.
Day Care Procedure
Your World Wide Health Insurance also provides medical cover for treatment of any injury or illness that does not require you to get hospitalised.
Ambulance Services
In case you ever face a situation where you need the services of an ambulance for transportation or evacuation, you will find out that it can be a very expensive prospect. Global Medical Insurance Plans also cover the cost of emergency medical evacuation either by road ambulance or by air ambulance, ensuring that you get prompt medical attention without having to worry about your finances.
Diagnostic Expenses
Sometimes, medical treatments also include associated procedures like tests, examinations , etc.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 death of the policyholder abroad, Global Medical Insurance Plans cover the expenses incurred in the repatriation of their mortal remains.
What to Check Before Buying Global Health Insurance?
You need to check for the following to ensure you are purchasing the Best Global Medical Insurance for yourself:
Cashless Treatment
You need to ensure that your Global Health Insurance policy offers you cashless treatment benefits, as you will be spending precious foreign exchange otherwise. The expensive conversion of foreign exchange can be very expensive, this might add to the overall cost of healthcare you receive. Also, ensure that your Health Insurance company has a tie-up with reputed overseas Third Party Agencies (TPAs) as your claim settlement abroad will be processed through them.
Countries Covered
Some Global Medical Insurance Plans exclude the USA and Canada. In certain policies, these countries can be included with an add-on rider. Further, the terms and conditions of the policy may also exclude certain cities or suburbs. You should also go through the policy documents to understand the scope and limitations of your coverage.
Coverage Amount
The Sum Insured of your Global Health Insurance Policy is the most important aspect of the health plan. A lower coverage amount will save the premium amount, but at the time of settlement of a claim you will end up with higher out-of-pocket expenses. Alternatively,opting for a very high Sum Insured will result in high premiums. You need to understand your requirements very carefully before purchasing your policy.
Procedures Covered
Receiving day care treatments abroad can be a costly affair. This is why you should make sure that your Global Health Insurance policy covers all associated costs. Further, you should also see if the policy covers dental treatment, as they can also be fairly expensive.
Renewal Benefits
Before purchasing Global Medical Insurance Plans do check for renewal benefits like No Claim Bonus, Cumulative Bonus and Annual Health Check-up. Some Global Health Insurance policies offer global cover on the basic Sum Insured only, ignoring any bonus accrued such as No Claim Bonus or Cumulative Bonus. Please ensure to check this to avoid any undue surprises when filing a claim!
Co-Payment
Most World Wide Health Insurance policies incorporate a co-payment clause in case of claim settlement abroad. Such clauses can have a significant effect on your claim settlement amount. Do check on this before buying your policy.
Restore Benefits
There are various health insurance policies which offer restore benefits like a recharge of the Sum Insured in case you exhaust it. Do check whether your Global Health Insurance Policy offers restore benefits and whether the same is also applicable overseas.
Claim Intimation Process
Please check the process for intimation of claims and the supporting documents required. Your claim may be rejected if you fail to intimate within defined timelines or do not adhere to the laid down process. This will leave you in an extremely uncomfortable situation overall and you need to be sure that you understand the process in advance.
Care Health Insurance offers global coverage along with the following plans:
1. Care Advantage: Offered mandatorily with the Sum Insured of 2 crores to 6 crores and as an add-on with a lower Sum Insured.
2. Care Classic: Care Classic offers global coverage as an add-on rider along with the main policy benefits.
Let us compare the basic differences between these two policies with focus on the Global Medical Coverage:
| Plan Benefits |
Care Advantage |
Care Classic |
| Basic Policy Type |
Comprehensive Health Insurance offers a higher Sum Insured at an affordable Premium |
Comprehensive Health Insurance for Hospitalisation with Zone-based pricing |
| Coverage Type Provided |
For Sum Insured 25 lacs, 50 lacs and 100 lacs: Add on– Policy Protect Plus
For Sum Insured 2 Cr, 3 Cr and 6 Cr: Included by Default
|
Add on – Policy Protect Plus |
| Geographical Coverage |
World Wide - optionally including USA and Canada |
Worldwide – including USA and Canada |
| Limits on Room Rent and ICU |
No Limits |
No Limits |
| Global Health Coverage on Planned Treatment |
Up to Sum Insured |
Up to Sum Insured |
| Day Care Treatment Coverage |
Up to Sum Insured |
Up to Sum Insured |
| Advance Technology Methods |
For Sum Insured 25 lacs, 50 lacs and 100 lacs: Up to 10 % of Sum Insured
For Sum Insured 2 Cr, 3 Cr and 6 Cr: Upto Sum Insured
|
Not Available |
| Pre-hospitalisation and Post hospitalisation medical expenses |
For Sum Insured 25 lacs, 50 lacs and 100 lacs: 30 days and 60 days
For Sum Insured 2 Cr, 3 Cr and 6 Cr: 60 days and 120 days
|
Not Available |
*Do check the Care Health website for further details.
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.
Wrapping Up!
As the world becomes a global village and you travel more frequently to different countries for work, Global Health Insurance has become a necessity.
Multiple Health Insurance companies are offering a Global Health Insurance Policy and you should check the benefits offered by each before buying one.
>> 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.
Home
Diseases
