OVERSEAS MEDICAL INSURANCE: Frequent travelers need global coverage; for treatment in the US or Canada, be prepared to pay a higher premium – Insurance News

Frequent foreign travelers or those planning to undergo certain medical procedures abroad should opt for an India health insurance policy that offers international coverage, including for destinations like the United States and Canada. These policies, offered by a few insurers, differ from regular travel insurance which includes medical coverage but may have limits.

Health insurance policies with international coverage provide emergency treatment, inpatient and outpatient care, prescription drugs, air ambulance and some elective treatments abroad, apart from domestic hospitalization. A policyholder can select a sum assured of up to 6 crores and access cashless medical treatment worldwide.

Insurers set in the policy the maximum limit of international coverage as well as the number of claims that can be made during a policy year. Additionally, some plans may also cover expenses related to obtaining a medical visa and offer a round-trip economy class air ticket to an immediate family member accompanying the insured person.

Rakesh Goyal, director of Probus Insurance Broker, says international health insurance offers more comprehensive and extensive coverage for medical needs, making it suitable for those who frequently travel abroad. For frequent travelers abroad, it is advisable to consider international health insurance policies that specifically cover medical care abroad, he explained.

Similarly, Siddharth Singhal, Head of Health Insurance at Policybazaar.com, says opting for global coverage or global health insurance provides comprehensive medical coverage in case of emergency treatment or against planned hospitalization for illnesses serious such as cancer, heart surgery or kidney transplant, etc. Many global health insurance plans also offer the benefit of an emergency air ambulance and cover the costs of the accompanying person.

What to consider

Before purchasing a comprehensive health insurance plan in India, individuals should keep in mind several factors such as pre-existing conditions and waiting period. Additionally, the policies have certain prerequisites for seeking treatment abroad. When considering a specific health insurance policy for international medical treatment, individuals should evaluate factors such as coverage limits, in-network hospitals, and coverage for pre-existing conditions.

For certain procedures planned abroad, insurers will insist that the first diagnosis of serious illness be made in India. Additionally, some insurers impose restrictions on treatment in certain countries. Individuals have the option of choosing global coverage outside the United States and Canada which will then have lower premiums. In certain policies, the insured will have to obtain compulsory approval for palliative treatments.

As the conditions vary from one insurer to another, look at all the details before opting for such coverage and understand what is excluded from the coverage. For example, some global health insurance plans only cover critical illnesses, while others may cover any type of illness that may occur abroad.

Since policy premiums can vary widely between insurers, it is essential to compare quotes and choose a policy that fits the individual’s travel habits and health needs. Premiums can be affected by factors such as age, medical history and extent of coverage. Some insurers increase the amount of international coverage provided to cover all international travel needs, especially for countries like the United States and Canada.

Amount of coverage

Medical expenses abroad mainly concern hospitalizations and day care. Make sure you opt for a plan that covers both scheduled and emergency care within the sum assured to ensure complete coverage.

Opting for a lower sum assured could result in higher charges, while going for a sum assured that is too high could result in high premiums. It is advisable to choose a sum assured of at least 1 crore or more, says Singhal and adds that a policyholder should look for health plans offering cashless treatments abroad rather than a refund policy .

Claims settlement

To ensure smooth settlement of claims regarding a health insurance policy purchased in India for medical treatment abroad, the policyholder must follow certain steps. Keep detailed records of medical expenses and obtain all necessary documents, such as medical reports, invoices and receipts. Inform your insurer as soon as possible and submit a claim form along with the required documents. Following the insurer’s claims process and maintaining open communication will help expedite the claims resolution process. It’s also wise to understand the deductibles and copayments that may apply to your policy, says Goyal.