Select a global health plan covering planned and emergency hospitalisation

Reliance General Insurance recently launched Reliance Health Global, a policy that offers global healthcare coverage. Several general and health insurers today offer these plans amid growing demand.

“Today, many high net worth individuals (HNIs) prefer to go to the United States (US), United Kingdom, Europe, Singapore, etc., essentially to a destination known to offer the best treatment for the critical illness they are suffering from. Having a global plan allows them to avail of treatment abroad without worrying about the costs,” says Bhaskar Nerurkar, head-health administration team, Bajaj Allianz General Insurance.
 

Besides HNIs, executives who travel abroad frequently, also buy these policies.
 

Distinct from travel plans
 

Travel insurance plans cover two aspects. One is journey-related mishaps, such as flight delays or cancellations, loss of baggage, and so on. They also cover emergency treatments required due to an ailment or an accident while travelling.
 

However, they have limitations as far as healthcare coverage is concerned. Says Nerurkar: “They are essentially short-term policies. They offer coverage if you suddenly develop a condition while abroad. But they will not cover you if you go abroad for the planned treatment of a major pre-existing ailment.”
 

A global health plan can also offer a higher sum insured and several other features. “Our policy offers a sum insured of up to US $1 million, much higher than a travel policy offers. Additionally, it covers travel and visa charges from India, accommodation expenses for up to 60 days, and organ donor-related expenses for both the insured and the companion, which may not be covered by a standard travel insurance plan,” says Rakesh Jain, chief executive officer (CEO), Reliance General Insurance.
 

Buy high sum insured
 

The cost of treatment, especially in countries like the US, is much higher than in India, which makes a large sum insured essential. According to Stanford Healthcare, a US-based healthcare institute, heart procedures can cost between $800,000 and $2.3 million. “Make sure the sum insured is at least a million dollars because big medical procedures can easily cost more than $750,000,” says Nayan Ananda Goswami, co-founder and head of sales and service, Sana Insurance Brokers.
 

Evaluate scope of coverage
 

Check whether the global health policy offers cashless or reimbursement-based coverage. “If it offers reimbursement, then you will need to arrange a large sum of money, which would be a hassle,” says Siddharth Singhal, business head-health insurance, Policybazaar.com.
 

Jain suggests reading the policy document or the customer information sheet carefully to understand the terms and conditions, inclusions and exclusions of the policy. Nerurkar adds that understanding the sub-limits within a plan is critical.
 

“Opt for plans that cover all illnesses rather than only a few critical illnesses,” says Goswami. Emergency hospitalisation and daycare expenses should also be ideally covered.
 

Some plans make it mandatory for you to get diagnosed first in India. “The claim of a customer who gets admitted directly in a hospital outside India would be rejected in such a plan,” says Singhal. Avoid such plans. 
 

Understand the countries where coverage is available. In particular, check whether treatment in the US and Canada, where healthcare costs are among the highest, are covered.
 

Ensure that the list of network hospitals overseas is wide-ranging and the service providers are of international repute. A person diagnosed with a critical illness is usually accompanied by a companion when he goes abroad for treatment. Some policies offer coverage for many of the expenses incurred by the companion. This is a useful feature to have.Make sure you have all-round coverage. “While you may have covered your spouse, children and yourself with a global health solution, don’t omit to add an India cover for 360-degree coverage in and out of India,” says Jain.