Life has become increasingly uncertain and volatile. With better and larger-than-life technological changes in the world, humans have evolved, too. Today’s necessities are very different from yesterday’s needs. It is interconnected to each other, the evolution of needs and changes in the world.
People travel to various places for work or for leisurely trips. An open economy, globalisation, and travel opportunities have allowed people to roam around the world. But this does not guarantee a person’s well-being. An individual is supposed to take care of that for themselves, and health insurance is a huge part of it.
With an evolution in the insurance industry, we have various types of health insurance policies, like standard individual health insurance, family health insurance, senior citizen health insurance, and global health insurance.
In this blog, we are going to discuss the global health insurance plan in detail and talk about the difficulties one can face while getting a global health plan.
What is Global Health Insurance?
A global health insurance plan is a health policy that offers coverage for any medical expenses incurred by an individual or a family. But unlike standard health insurance, the person need not be in India to receive the assured sum. The policy is designed so that it provides financial assistance to the person or the family regardless of their location in the world.
Suppose you are a regular traveller, a student moving abroad to study, an entrepreneur who frequents international business trips, etc. It will be an extremely profitable investment. This is mainly because it provides various benefits that feel like necessities when you are living in the uncertainties of a foreign land.
Features of Global Health Insurance
Like any health insurance, global health plans provide financial coverage for any kind of medical expense mentioned in the policy terms and conditions. However, the provision is comprehensive when it comes to health insurance global coverage. The coverage usually includes the following:
- Hospitalisation Expenses
- Treatment Expenses
- Medical Evacuation
- Medical Repatriation
- Daycare Procedures and Treatments
- Pre-existing Medical Condition Coverage
- Diagnosis Coverage
- Check-ups and Preventative Measures Coverage
- Ambulance Services
- Emergency Services
- Maternity Care Services
- Pre-existing Disease Coverage
As mentioned in the above list, global health plans often include pre-existing condition coverage. This might become a challenge for some since it increases the premium amount by a load.
These additions to your policy will allow the policyholder to manage the finances for the illness that they know they possess. This eliminates great stress and fear from a person’s heart.
- Medical Evacuation or Repatriation Coverage
When a policyholder faces a medical emergency while they are out of India, they have to be moved to the country as soon as possible. Global health insurance helps you with all the necessary procedures in this process.
The cost of transportation, treatment, accommodation, etc., is the insurance company’s responsibility. The global plans help with both the procedures, medical evacuation as well as the repatriation of the body.
- Other Medical Expenses
As mentioned above, there are quite a few expenses that are covered under the global insurance coverage. Maternity services, dental care, vision care, etc., are all covered under the policy.
This caters to the diverse policyholders and needs of every individual. Since every policyholder is a unique case in health insurance, every solution is unique, too.
- Premium Healthcare Access
You receive world-class medical attention without having to pay for it yourself (if you have cashless hospitalisation in your policy.) Since the insurance company has a huge network of good hospitals in India and around the world, the healthcare is premium. You also receive expert help and assistance abroad.
Challenges of Acquiring Global Health Insurance
- The premiums of global health insurance plans are usually higher than the standard health insurance. The reason behind this is very evident and self-explanatory. Since the policy has such a diverse coverage and scope, the transactions become risky for the insurance company and, hence, the higher premiums.
- Reading the terms and conditions of the policy is very important for the policyholders. It specifies a lot of important data and statistics that are useful for you when and if you raise a claim.
- There are various exclusions in the global health plans. These exclusions are always written in your policy, and it is very important for you to read the details thoroughly. Exclusions are the parts of health conditions or expenses that are not covered by the policy.
Global health insurance plans are important for individuals who want to be financially safeguarded in difficult and vulnerable situations. With the various features and benefits of this plan, it is safe to say that the policy has stood the test of all the different claims.
By understanding both the benefits and hurdles, individuals can navigate the complex terrain of global health insurance more effectively, securing the coverage they need for a healthier and more secure future.