Global Health Insurance Cover: Why and How to Buy One?
Updated On Dec 09, 2020
Quality healthcare cannot have any kind of boundaries. You may want to get quality treatment for a particular disease abroad instead of the country from which you purchased your health insurance plan.
Is your health insurance plan a waste then?
No. There are quite a few health insurance plans in the market which offer global coverage as an additional coverage feature in order to seek healthcare treatment abroad.
Yes, you read that right. The policyholders having such health insurance plans can avail this benefit of global coverage on a cashless basis across the network of hospitals listed by the insurer.
What is Global Health Insurance?
Global health insurance, also known as global medical insurance cover, is a type of health insurance that you buy from your native country, but get coverage worldwide. Sounds amazing, right?
Global health insurance plans are perfect for:
- People residing outside their native countries
- Those having high net worth and travel frequently
- Medical tourists seeking benefits of another country’s medical services
- Anyone seeking care from any private healthcare facilities.
With a global outlook, there are many health insurance companies that offer a variety of plans that fulfil the diversified requirements of today’s citizens. Some health insurance companies which offer global health insurance coverage under their health insurance plans include
Why Choose Global Health Insurance
Among many factors to consider before buying global health insurance cover, one is whether you need global health insurance cover or not. In case you think the answer to the question is no, then some global health insurance benefits listed below may change your mind.
1. Worldwide cover
Health insurance plans with international coverage allow treatment in many countries across the globe as specified in the brochure.
2. Add-on benefits
Many health insurance plans with global coverage offer additional benefits which the policyholders can opt to add in their regular health insurance plan by paying a little extra premium
3. High limits
Health insurance plans that offer treatment across the globe too in some cases are available with high sum insured limits.
4. A wide network of hospitals abroad
Major insurers offering health insurance plans with global coverage have a wide network of hospitals for quality treatment abroad. Health insurance brokers like Insurancedekho offer support leaving your focus only on getting quality treatment there.
But before you decide on which health insurance policy you must buy, it is important to consider a few tips.
1. Global health insurance cover only includes in-patient hospitalisation expenses. Other pre and post hospitalisation expenses including OPD treatments are not included in the coverage features of the policy.
2. Usually, medical treatments in Canada and the United States are excluded from global health insurance coverage. If you want to include these two states, you will have to pay an extra premium amount.
3. These plans come with a co-payment clause of 10-20%. This means that the policyholders will be required to pay the full amount in advance. Once the insured gets to his/her home country, the insurer will reimburse with 80-90% of the cost.
4. In comparison to a domestic health insurance plan, the cost of global health insurance policy is way more.
5. There is a waiting period for pre-existing diseases of around 2 to 4 years.
6. In the case of planned hospitalisation, the policyholder must inform the insurer before boarding the flight for treatment abroad. The insured person has to submit a certificate specifying the nature of treatment by a verified medical practitioner from the home country.
7. In the case of unplanned or emergency medical treatment, the policyholder must obtain a certificate from a verified doctor from the place of treatment specifying about the emergency.
8. Health insurance companies usually reimburse the policyholders for treatment received abroad. Health insurance companies prefer this as they usually don’t have a vast network of hospitals to provide treatment abroad.
9. As a policyholder going abroad for treatment, you must be prepared for a change in currency in the new state.
10. Always go through the policy terms and conditions as they may be cleverly designed.
We hope the article helps in solving most of your queries related to global health insurance cover. But in case you are still unsure of its benefits or want to find top global health insurance plans in the market, then you must know that InsuranceDekho works the best in finding the most suitable global health insurance solution for you that will not only cover you in your home country but also in any country you visit. Get a quote now!
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