The new Insurance Act has changed the definition of health insurance from covering risks only in India to providing service worldwide. In other words, now health insurers can come up with plans providing medical coverage outside India as well.
Till now, you would have to buy a travel insurance plan that covered only medical emergencies and evacuation costs. The new plans will provide overseas benefits like pre-diagnosed planned hospitalization, second opinions, outpatient treatments, apart from sudden sickness during travel.
Insurers say that there are many consumers, who for various reasons, prefer to avail certain specialized treatment overseas. Price is not a deterrent in this case and they have no problem in opting for a higher sum assured to avail treatment abroad.
Few standalone health insurers including Max Bupa, Religare health and Cigna TTK Health already provide some kind of international coverage for certain specialized treatments under higher sum insured plans.
However, going ahead, insurers are expected to offer comprehensive coverage. The major difference between a regular health plan and the new plans with international coverage is that these plans will typically have higher sum insured. The premiums will also be higher considering the currency exchange rates.
The new plans will be add-ons or will be incorporated within comprehensive policies with higher sum insured.
Eligibility criteria will require you to be medically fit. These covers may not be easily available to those with pre-existing diseases and critical illnesses.
Also, it will be a regular annual indemnity coverage that covers in-patient coverage. Out-patient expenses will not be covered.
The coverage will be classified under two categories –elective planned hospitalization and emergency treatment. In case of emergency, immediate care will be covered but beyond a certain period the policyholder would have to continue treatment in India to be eligible for claims. In case it is a planned hospitalization, where the patient needs special treatment abroad, mostly you will have to take the reimbursement route as it is very difficult for insurers to have such a huge global cashless network.
But, here question arises whether it is prudent to buy such a plan. Currently, only a handful of insurers provide this option. Till the industry comes up with better and more cost effective coverage, it doesn’t make sense to pay a higher premium for international plans with limited benefits.
Assuming that you want to go for a specialized treatment only for serious ailment, a more economical way will be to purchase a combo of a critical illness plan with your hospitalization plan. If you buy a high sum insured critical illness plan, you will get the full amount as lump sum. And frequent travelers can add a multi-trip travel insurance plan to this.
Visit www.policymantra.com and compare insurance policies not only depend upon it's cost but also on policy features, and buy reasonable one for yourself.
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