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Does Your Health Insurance Cover Overseas Medical Costs?
Many high-income people consider going abroad for treatment when dealing with critical illnesses to take advantage of the advanced technology and treatments that might not be available locally. In fact, whether it is for a planned treatment or an emergency, seeking treatment overseas can sometimes be the best option. However, the high medical expenses abroad make it essential to know if health insurance covers overseas medical costs.
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- Does Your Health Insurance Cover Overseas Medical Costs?
Are Overseas Medical Costs Covered Under Health Insurance?
Yes, global health insurance plans in India cover overseas medical costs in case of illness or accident. These plans provide coverage for both emergency and planned medical expenses incurred within India as well as abroad.
In case of emergencies, most global health plans cover hospitalisation and day care treatment costs. On the other hand, if you are travelling abroad for planned medical treatments, global mediclaim insurance plans will cover the associated costs, provided you inform your insurer in advance. Additionally, some international health insurance plans cover pre-existing diseases but after a waiting period of 2-3 years.
However, it is important to note that not all health insurance companies in India cover OPD expenses under global coverage, so you may need to carefully review the policy wording to know the exact coverage.
Why is Overseas Health Insurance Important?
Overseas health insurance is important for people travelling abroad, primarily because of the high healthcare costs in foreign countries compared to India. For example, the average cost of treating a heart attack in the US is $760,000 (over ₹6 crore), compared to ₹3.5 lakh in India. This massive cost difference, coupled with unfavourable exchange rates, make it difficult for travellers to bear healthcare expenses in foreign countries.
A mediclaim insurance policy with worldwide coverage provides peace of mind by covering such high medical costs abroad. It even ensures you are prepared for emergencies, such as accidents or sudden illnesses, without compromising on the quality of care due to financial constraints.
Beyond just covering costs, international health plans often include valuable benefits such as cashless hospitalisation, coverage for PEDs, medical evacuation services, etc., depending on the plan.
Who Might Benefit from Health Insurance with Worldwide Coverage?
Global health insurance can be highly beneficial for:
- Frequent International Travelers: Individuals who regularly visit foreign countries for work, leisure, or other purposes can ensure they have consistent medical coverage, regardless of their location.
- Long-term Expatriates: People living in a foreign country for an extended duration, whether for work, education, or personal reasons, can rely on health insurance with worldwide coverage to access quality medical care without worrying about high costs.
- People Travelling for Planned Treatment: People travelling abroad specifically to seek advanced medical treatments, or surgeries can benefit from global health insurance as it covers the associated medical expenses with the prior approval of the insurance company.
Tips for Choosing a Global Health Insurance Policy
When selecting a global health insurance plan, here are some key factors that you should consider:
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Check Coverage Areas
Not all global health insurance plans provide worldwide coverage. Some may exclude specific regions, like the USA and Canada, due to higher medical costs. Ensure the plan you opt for covers the countries you are likely to visit or live in so that you are not left unprotected in those regions.
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Choose the Right Coverage Amount
Ensure the sum insured is sufficient to cover potential medical expenses abroad. A low coverage amount might leave you paying out-of-pocket, while an excessively high amount could lead to unnecessarily expensive premiums. So, strike a balance between affordability and adequate coverage.
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Look for Cashless Treatment Options
While choosing an overseas health plan, make sure you choose a plan that offers cashless treatment facilities abroad. Moreover, check if the insurer has a tie-up international TPA to handle health insurance claims efficiently.
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Understand the Scope of Coverage
International healthcare expenses often include in-patient hospital stays, day care treatments, and sometimes even pre and post-hospitalisation costs. Choose a plan that includes these benefits, ensuring comprehensive coverage for all major expenses during medical emergencies.
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Opt for a Plan with Restoration Benefit
Make sure you opt for a plan that refills your sum insured if it gets exhausted during the policy period. The restoration benefit ensures you have continued coverage for any subsequent medical needs within the same year.
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Look for Renewal Benefits
Choose a global health insurance plan that offers renewal benefits such as cumulative bonus or free annual health check-ups.
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Review Additional Features
When investing in health insurance for worldwide coverage, look for plans that offer added benefits like emergency evacuation, medical repatriation, or PED coverage.
FAQs
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Q1. What is an overseas mediclaim policy?
Ans: An overseas mediclaim policy is a type of health insurance policy specifically designed for people travelling abroad. It covers planned and unplanned medical expenses in case of illness or accident. -
Q2. Can Indian health insurance be used abroad?
Ans: In most cases, Indian health insurance policies cover medical treatments within India only. However, Indian health insurance plans with global coverage can be used to cover medical expenses abroad. -
Q3. Can I claim health insurance outside India?
Ans: Yes, you can claim health insurance outside India if your policy provides global or international coverage. -
Q4. What does worldwide cover mean?
Ans: Worldwide cover refers to a health insurance feature that allows you to seek medical treatment anywhere in the world. It ensures your policy remains valid globally, covering expenses for hospitalisation, day care treatments, or other specialised treatments abroad.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
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*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
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