What is Global Health Insurance?

• Written by Mudit Handa

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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.

Global Health Insurance: An Overview

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.

How Does Global Health Insurance Work?

Global health insurance acts as a safety net for individuals who require medical care across borders. Unlike healthcare plans that are restricted to a single country, this type of plan provides international medical coverage, ensuring access to quality healthcare–no matter where you are. Global health insurance plans are designed to cover planned treatments, medical emergencies and so on.They offer comprehensive health protection during travel, long-term residence or employment overseas. Moreover, policyholders can customise the plans to include maternity cover, dental coverage, and other such benefits, making it more suitable for their travel duration.

Why Should You Buy a Global Health Insurance Plan?

Purchasing a global health insurance plan is a wise move to make sure that both your health and your money remain secure while you travel internationally or are staying abroad for a long. 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 burn a hole in your pocket. Global health insurance ensures that you avoid out-of-pocket expenses for critical treatments and hospitalisation.
• Seamless access to the best healthcare: Should you fall ill or bump into an accident in a foreign country—global health insurance coverage will help you navigate the right treatment at the right time. The plan provides access to a reliable network of hospitals, which can be crucial in making the treatment hassle-free.
• Comprehensive benefits: Many global coverage plans come with benefits, like advanced care, repatriation of mortal remains and more. These features can further make the trip fuss-free by covering your expenses.

Advantages of Global Health Insurance

Given below are some of the benefits of opting for a Global Health Insurance:

Hospitalisation Expense Cover

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.

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 the 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.

Global Health Insurance - Inclusions

The scope of coverage under Global Health Insurance includes the following:

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

Global Health Insurance - Exclusions

No coverage is extended for the claims arising due to:

• 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 a few differences between Health Insurance with Global Coverage and Travel Insurance Policy

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 conversion of foreign exchange can be very expensive, and 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 by 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 daycare 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. Check this before buying your policy.

Restore Benefits

There are various health insurance policies that offer restoration 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:

• Care Advantage: Offered mandatorily with the 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 along with 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.

How to Choose the Right Global Health Insurance?

When investing in a global health insurance plan, it is best to focus on what fits your needs just right—and how much it costs. But is that all?

Here’s a list of factors that you should consider when choosing global health insurance:

• Coverage: Check up on the list of countries covered by the plan, and make sure it aligns with your travel destinations or regions.
• Hospital network: Look for access to a wide 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, and more.
• 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 has become necessary as the world has become a global village, and you travel more frequently to different countries for work.

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.