We all know of Mediclaim that can be used in India, and now many companies have launched products that extend coverage outside India too. It means that a policyholder detected with a disease in India has an option to get the treatment either in India or abroad without any conditions attached. Many critical diseases require special treatment or surgery, which may not be available in India. The family feels the need to take treatment from an expert doctor in a foreign country, and in such a situation, global health policies come in handy. Sometimes families like to take an initial treatment in India and go abroad for advanced treatments. Until a few years back, we didn't have plans that covered the cost of treatment abroad, but with evolution in the health insurance industry, the opted Sum Assured can be consumed domestically as well as internationally. The following are essential points one has to bear before buying the policy;
Diagnosis should be in India
The prime condition of the Global plans is that the ailment should be diagnosed in India for the claim to be admissible. The insured should be in India when the first detection of the disease happens and the insured is required to inform the insurance company of his intention to seek treatment out of the country. It is worth noting that one doesn't need to take approval from the insurance company, but intimation is sufficient for the Insurance Company to activate the formalities of the international claim.
Claim Procedure
As mentioned above, the insurance company needs to be informed for them to notify the claim outside their domestic network. The claim is generally settled on a reimbursement basis in Indian currency; however, cashless settlement is also possible through their international network hospital. The international TPAs of Insurance companies handle these claims to give the direction of choosing a hospital to avail cashless claim. The TPAs have user-friendly apps, websites, or apps to guide the formalities required to handle the claim. The insurance companies also have a call center number mentioned in the policy and their website where the representative gives all details to deal with the claim to call the center for intimation of the claim.
It is an expensive product
It is an expensive product- The plan is no doubt costly as it deals with the claims outside India and that are of a high value in nature. The claims are settled in foreign currency, making the treatment expenses for the insurance company expensive. Handling these claims is also through an outside agency which adds to their cost. The health plans covering international treatment might be expensive, but looking at coverages, it is suitable for HNIs.
Other Features
The plan has many other features besides inpatient treatment abroad. The features like pre and post-hospitalization, emergency evacuation, Rehabilitation expenses, repatriation of mortal remains, and many more are necessary expenses that could be required to spend in foreign currency.
For many, it could be a status symbol to have an international plan but it is more important to evaluate a global plan as a need for the family. And those who can afford these plans should grab them sooner than later. The family will not hesitate to spend crores on any family member if needed. This kind of expense can eat away a large part of savings and further dent your net worth. Reach out to your adviser soon to examine the options available in the industry offered by the various Insurance companies.