Global Health Insurance

Experiencing a medical emergency in a foreign country can be quite stressful as you might not be familiar with the place. And the last thing you would want is a financial burden while you are travelling abroad. A global health insurance plan is a cover that enables you to seek cashless treatment and get the best medical care without any worries!

In case of an emergency, you can reach out to your insurance provider and connect to a network hospital to prioritise your health. The expenses incurred due to hospitalisation shall be covered by global health insurance. As many of us tend to fall sick due to unfamiliar weather conditions overseas, global health insurance plans ensure sufficient coverage against such medical urgencies even if you are far from home!

Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.

The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918

Medical care in various countries abroad can be expensive if you were to seek treatment. Although you might be able to cover some of the expenses, the healthcare costs in case of severe illness or injury can burn through your savings. To avoid any financial burdens during your overseas trip, a global health insurance policy covers the medical expenses that you may incur. Moreover, when you are visiting a foreign country, it might be difficult to find the right healthcare provider to treat you. But the network hospitals associated with your insurance company give you easy access to quality medical services to help recover soon!

To make sure you have sufficient protection under your global health insurance policy, here are a few pointers to keep in mind while choosing a plan:

• Opt for a global insurance cover that provides cashless benefits where the healthcare bill is directly settled by the insurance provider. This way, you do not have to pay for the expenses incurred.

• Understand the features of the insurance plan and compare them across various policies to get the most benefit.

• As the maximum hospitalisation expenses that you may incur shall be due to in-patient and daycare treatment, you must choose a plan that secures such costs.

• The last thing you would want to experience is a lengthy and inflexible claim settlement process while you are recovering. To ensure smooth and hassle-free processing of your health claims, research about the company beforehand!

• Check the cumulative bonus offered on your global health cover in case you do not make any claims during your travel. You can avail perks such as an increase in your sum insured without any changes in your premium quote.

• Limited Features: Some insurance companies may not cover pre and post-hospitalisation costs or OPD treatment which could lead to out-of-pocket expenses during your travel. Many a time, the coverage amount may fall short in securing the expenses due to international medical care.

• Insurance Coverage: You might find global health insurance plans with high sum insured covers resulting in an expensive health insurance premium. Moreover, the insurance plan could have certain terms and conditions related to the coverage that need to be met to avail the benefits.

• Waiting Period: Similar to health insurance policies, global health covers also have a waiting period for pre-existing ailments and specific illnesses. Make sure you check the initial waiting period applicable after you have purchased the plan.

• Co-Payment Clause: Another crucial point that you must know is that global health covers may also have a health insurance co-payment clause applicable. So, read the fine print thoroughly and avoid high co-payment clauses to limit any financial burdens.

• Claim Intimation: For a successful insurance claim, you must intimate the insurance provider in case of an emergency. Failing to intimate the insurer about a claim within the prescribed time duration can lead to claim rejection. Some insurance companies might also require a certificate from a medical professional for emergency treatment.

Having a healthcare backup while travelling overseas is a must no matter how healthy you are. The weather conditions in a foreign country and other such factors can play a role in developing a health condition. To avoid incurring hefty out-of-pocket hospitalisation expenses while abroad, it is advised to choose the best global health insurance plan.

Similarly, potential health risks are always a cause for concern back home as well. This is why you require sufficient insurance coverage that can cover planned treatment and emergency hospitalisation! Browse through the health insurance plans on Bajaj Markets to avail extensive protection at affordable premiums today.