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Why should you opt for global coverage in health insurance?

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We travel to foreign countries for various reasons. Some have to go abroad because of their business meetings, for higher education and others may just be tourists. The duration of the stay can also vary as per the purpose of the visit. While we hope everything will go fine, any illness or injury can ruin the whole trip. Given how expensive healthcare services are in other countries, even a brief period of hospitalisation can put the traveller under significant financial strain. That’s why global health insurance coverage must be a priority for those going abroad. Let’s find out its features and benefits.

Comprehending global health insurance cover

Global health insurance is a type of healthcare plan that provides financial security against services and medical treatments done anywhere across the globe. Traditional health insurance plans remain restricted to treatments done in India, while global healthcare policies provide worldwide coverage. It is not limited to a specific country or region.

Difference between global health coverage and international travel insurance

Both global healthcare plans and international travel insurance policies cover medical treatments abroad, but there are some key differences between the two.

1. Scope of coverage:

Global health insurance foreign provides comprehensive protection worldwide. The policy covers medical expenses, preventive care, and even routine check-ups, regardless of where the insured is, whether at home or travelling internationally. Conversely, international travel insurance covers unfortunate events that may occur only during your trip, such as health emergencies, trip delays/cancellations, baggage loss and other travel-related risks.

2. Duration:

Global health insurance is ongoing and provides long-term coverage, while international travel insurance is meant only for a specific trip. The policy starts when you start the journey and ends on your return.

3. Medical services:

Global health coverage is not limited to emergencies; it is more comprehensive, covering preventive care, routine check-ups, and other medical conditions. Travel insurance covers only emergencies during the trip.

You can avail of the benefits of global health insurance anywhere across the globe, including your home country. On the flip side, international travel insurance is applicable only in some countries abroad.

Advantages of global health insurance coverage

Some benefits of global health insurance coverage are:

• If you need to be hospitalised in a different country, global health insurance will bear the costs incurred, such as doctor consultations, room rent, nursing charges, ICU charges, etc.

• In case of an emergency in a foreign locale due to an illness, accident, or injury, global health insurance will take care of the expenses.

• You can avail of advanced healthcare facilities abroad without worrying about the costs.

• You can avail of tax benefits up to Rs 1 lakh for the premium paid towards health insurance. For self and family, the maximum deduction is Rs 25,000. If you are 60 or above, the tax deduction increases to Rs 50,000. If you pay the premium of your parents, you can claim an additional rebate of Rs 25,000 or Rs 50,000 based on their age.

Factors to consider about global health cover

Before buying global health coverage, you should be well aware of the factors listed below:

• Global health insurance either comes inbuilt in the health insurance plan or you can opt for it as an add-on cover. For an add-on cover, you have to pay the additional premium. The inbuilt benefit is usually offered with high-sum insured plans.

• A global healthcare plan may not cover pre-existing diseases and related complications.

• The plan usually doesn’t cover OPD, pre- and post-hospitalisation expenses.

• Some plans may not cover treatments done in Canada and the US.

• There might be a co-payment clause and a limit on the sum insured amount for international treatments.

• In some plans, you can only avail of emergency hospitalisations, not planned treatments.

• International coverage under a global healthcare plan may have a tenure or validity.

• Some plans allow international coverage only for specified critical illnesses.

Purchasing health insurance with global coverage

If you have plans for international travel, buying health insurance with global coverage is the best option, as it will provide added protection. Global healthcare plans are more comprehensive than international travel insurance as they are not restricted to emergencies; you can use them for routine check-ups, preventive care, and treating medical conditions. Also, it offers worldwide coverage, which may not be the case with travel insurance.

Conclusion

Are you travelling abroad? Make sure you have a global health insurance plan, particularly if the stay is for a longer duration. Whether it’s a planned hospitalisation or an emergency, global health insurance will take care of the medical expenses. The plan has much more comprehensive coverage as compared to international travel insurance. However, before buying the health cover, assess your needs, check the coverage limit, and other terms and conditions.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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