Benefits of Opting For Global Coverage in Health Insurance Policy?

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Updated on Jul 13, 2022

Global Coverage in Health Insurance – Know Everything

Do you know what global coverage in health insurance policy means? If so, why do you think you should opt for global coverage in health insurance?  Let’s understand all about it here in this blog.

We already know how important it is to have a health insurance plan in the current scenario. Once termed as luxury, health plans have now become a necessity, especially because of the increasing health care costs and the rising number of new and different ailments.

Further, looking at the growing surge in the health insurance policies, insurers are also coming up with new and different ideas to offer people with all-encompassing and innovative protection all through the policy year.  Global coverage is one such innovative idea that reduces the barrier of location or boundaries in health insurance to make them more useful.

What is global health insurance coverage and how does it work?

Do you want to know the global coverage meaning? As the name suggests global medical insurance coverage signifies the protection against healthcare treatments that can be availed globally in countries outside India. Normally, health insurance policies in India cover illnesses and other medical conditions of the insured within the country. But, the latest addition in the insurance sector has started offering health insurance plans where the insured can avail treatment anywhere across the globe.

These policies serve well for people who do a lot of travelling outside India. So, if they fall sick or suffer due to a medical emergency during their stay in a foreign country, this plan can come to their rescue. Hence, opting for a global medical coverage would help them to protect against such emergencies and cover them for the expenses incurred.

Difference between Global Health Coverage and International Travel Insurance

Yes, international travel insurance is another option of securing a person who is traveling abroad with medical coverage. Like global health coverage, the international travel insurance plans also offer coverage of the same kind. However, there is a vast difference between the two.  The medical coverage offered by international travel insurance plans comes under travel insurance, while it comes under health insurance plans in case of global health coverage.

Below are some other differences between – Global Health Coverage vs International Travel Insurance:

  • In case of international travel plans, you can avail them only when you go on an international trip, while the global health plans do not have any such conditions.
  • In case of travel insurance plans, the coverage is limited for the duration of your travel. On the other hand, in case of health insurance global coverage, you can avail the coverage throughout your life.
  • Your travel plan will not protect against treatments undertaken in the country, while health plans do cover them.
  • Also, with travel plans you cannot opt for planned hospitalization, while some global health plans do provide coverage for hospitalization.

Benefits of Global Health Insurance Cover

  • You get protection against hospital costs –  In case of Global health coverage, the policy becomes active if you get hospitalized as part of your treatment in a city anywhere in the globe away from your country. Here, the policy covers the applicable expenses that you have incurred for your treatment. Some such costs include:
  1. Hospital room rent
  2. ICU charges
  3. doctors fee
  4. Nursing costs, etc.
  • It allows assistance during emergencies – With global health cover, you can secure yourself financially in case of a health emergency. Being in an international city with no support can be a panicky situation if you face a health emergency. But with global coverage, you can get treatment without the fear of incurring costs.
  • You get access to sophisticated healthcare facilities – When it comes to healthcare treatment, many international destinations offer highly advanced and contemporary treatment facilities.  These facilities allow the insured to get the best treatment for even the most critical illness you may face.
  • You also get tax benefits – Also, you get tax benefits under these health plans under Section 80D of the income tax act.

Hence, it is better to avail global health plans to boost the extent of your health insurance with worldwide coverage.

Read More: Health Precautions to Be Taken In Summer Season

Things to know about global health cover

There may be many insurers offering global health insurance coverage under their health plan. However, it is important to remember a few aspects such as:

  • Such coverage is available as an add-on cover or as an inbuilt cover. Inbuilt cover might be more costly as compared to an extra premium as an add-on cover.
  • Some plans may exclude the USA or Canada for availing treatment.
  • These plans do not cover OPD expenses and hospitalization costs for pre and post treatment etc.
  • It also excludes maternity coverage.
  • It might have a co-pay aspect.
  • Some plans might have a limit on the available coverage.

To Conclude

Global health insurance coverage in India serves as a valuable coverage to your health plan, especially for people who travel abroad frequently. Being a health plan, it is more diverse than an international travel insurance plan.

With the help of this cover, one can widen the scope of his/her health policy in terms of geography.  Hence, this plan allows enhanced protection. You can buy a new policy to procure a global health plan that has it as an add-on cover. But if your health insurer does not have such a global health feature, you may port your health plan to a new insurer who offers such coverage under their health plan.

Irrespective of how you buy the global plan, you must go through and compare the policy well before opting for the cover so that you can receive full coverage health insurance plans.

 

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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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