Things to check before going for global health insurance covers

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For better healthcare facilities, patients often rush to foreign lands indicating the evolving needs of Indian customers. For example, the cricketer Yuvraj Singh who survived cancer is a role model for many. He defeated the illness after getting treated overseas. But the trend is no more limited to celebrities, sportspersons or politicians, a growing number of people want to access world-class facilities. Realising the demand in the market, many insurers such as Manipal Cigna and Aditya Birla Health Insurance offer plans that cover medical treatments abroad.

Here are some of the things to consider before buying a global cover:

No of illnesses covered

The vital distinction is these plans do not cover hospitalisation expenses. They offer lumpsum benefits on the diagnosis of the listed critical illnesses. For example, Aditya Birla’s Global Health Secure offers international cover for 16 major acute illnesses, including cancer, heart valve transplant, organ transplant, bone marrow transplant, among others. Similarly, Manipal Cigna’s  Lifetime Health Global Plan covers 27 major illnesses.

Pre-existing illnesses

The insured might already be suffering from illnesses at the time of taking the policy. These are classified as pre-existing illnesses and are covered only after completing a certain waiting period, which may vary 2-4 years depending on the insurer.

Worldwide applicability

One also needs to look at the number of countries covered under the plan. For countries that are not on the panel, such as, USA and Canada, the insurers charge an additional premium. However, a few insurers such as Manipal Cigna also customise your plan where you can choose countries for which you need global coverage, which can in turn lower your premium rates.

Sum insured

The cost of treatment is higher abroad. Hence, this policy is suitable for those who can opt for high sum insured. For example: under Manipal Cigna’s Lifetime Health Global Plan cover starts from Rs50 lakh to Rs 3 crore sum insured plans. The insured is covered up to the sum insured opted under such plans, and there are no specific caps.

Payout method

One should ask the insurer beforehand whether the claim will be paid on a cashless or a reimbursement basis. For reimbursement cases, you need to have funds in advance before going for the treatment. For cashless claims, your medical bills get directly settled by the insurance company with the hospital.

Premium rates

It can be an in-built feature, or you can take it as a rider with your policy. For example, Manipal Cigna’s Lifetime Health Global Plan of Rs 1 crore for the 30-year-old male (including spouse and two kids) costs around Rs 23,000 for the sum insured of Rs 1 crore.

With insurers offering global coverage, you can either opt for the worldwide coverage or customise it as per your needs. While including overseas insurance in your health plan ensure that you go for an adequate sum insured as the cost of medical treatment abroad can be much higher.