An exclusive global health insurance cover is available for mitigating your expenses when you are undergoing some health treatment abroad. The cover can be purchased for a much ahead planned hospitalization plan in the international country or comes as an add-on cover for covering you against any medical urgency situation that comes up when you are travelling abroad.
So, before you are enticed to buy such a plan for your planned treatment for a particular ailment or life-threatening condition, do account for these factors.
1. Majority of the Indian insurers offering global health cover do not include US and Canada in their list. And if you wish to get the cover exclusively to be catered to in these nations, you need to pay extra amount as premium.
2. The cover is available exclusively for in-patient hospitalization and no compensation is provided against OPD and pre-post consultation and other hospitalization related expenses.
3. Pre-existing illness, have to be dealt with a waiting period of 2-4 years.
4. Premium for such exclusive policies are generally priced over two to three times in comparison to other regular health insurance policies that cover treatment in the domestic market.
5. The compensation is done as part of the co-payment clause; wherein the initial expenditure has to be initially incurred by the insured and upon his visit back to the country; the company would pay 80-90% of the total expenditure.
6. For his pre-planned treatment, the insured needs to well inform the health insurer about his visit which has to be also certified by the doctor.
7. In case the cover is being claimed for some medical urgency abroad, a certificate in lieu of the same has to be obtained by the practitioner abroad and producer here to the insurer.
8. Also, the risk with the plan lies in the exchange rate fluctuation, as the company offering you the global health cover who settles the claim by way of reimbursement makes all the payment in Indian currency.
So, a cautionary stand has to be taken before shelling out a huge sum to buy this exclusive cover for your pre-planned medical treatment abroad.