How to choose international health insurance will turn out to be one of the major concerns if you are planning to seek financial support for planned medical procedures in another country.
What to look for in your international health insurance plan? How do we compare international health insurance plans? How to find the best international health insurance provider?
These are a few questions that keep revolving in your mind if you are planning to get medical treatment done in another country.
While there are different types of health insurance plans, choosing an international health insurance product involves careful examination of various factors. Here is a blog that details the steps and guides you in choosing the best international health insurance coverage.
Understanding your International Health Insurance requirements
The first and primary step in choosing the best international health insurance plan is to understand your requirements. It will help in filtering out the best options and choosing the right product. You can consider the following aspects to determine your requirements.
Specific health conditions
Based on your family medical history, analyse your health condition, pre-existing illnesses and other major illnesses. This will help you decide on the extent of comprehensive health insurance coverage required in the event of any planned hospitalisations.
For example, if you havecritical illness insurancein India and are undergoing treatment for a specific condition, you must be aware of the extent of financial coverage required.
Suppose you need to go abroad for better treatment associated with the same critical illness in probably a couple of years. In that case, you can determine the applicable cost in the suggested country for that particular treatment to understand your needs.
Target locations
Suppose you have certain countries in mind where you prefer to receive treatment for any of the planned procedures. In that case, you can consider the quality of treatment offered and the applicable cost for some of the common procedures to determine the required sum insured.
Duration of hospitalisation
If you are suffering from a specific illness or disease for which you might require medical treatment abroad at some point in the future, you can consider the duration of hospitalisation to determine your requirements.
Budget
The final and most important consideration is your budget for the health insurance plan. Determine how much you can afford to pay before choosing the best health insurance overseas.
Now that you know your requirements, research the different types of international health insurance plans available on the market.
Know what Factors Affect the International Health Insurance Premiums
Before you compare the different international health insurance plans, it is imperative to understand what factors affect the premium rates.
Understanding these factors will help you identify the best international health insurance plan that balances your needs and budget constraints.
Age
Age is a key criterion, and younger individuals will pay a lesser premium than older individuals.
Health Conditions
If you have pre-existing health conditions or are suffering from an illness, you will have to pay a higher premium, considering the increased risk of falling ill.
Co-payment
The co-payment refers to the portion of expenses that you have to pay out of pocket. The higher the deductible, the lower the premium.
Policy Option
Premium rates can differ depending on the specific health insurance policy option and the related features and benefits offered.
Compare International Health Insurance Policy Options
Now that you are aware of your requirements and factors that affect the international health insurance premium find the various international health insurance plans and compare their features and benefits to shortlist a few product solutions.
Here is how you can compare the different international health insurance plans.
Products offered and fair pricing
The best international health insurance provider should offer a wide range of product solutions with customisable features and affordable plan options for different categories of people. Compare the different products and services offered and their pricing structure across the various insurance providers.
Global coverage
The best health insurance overseas should extend financial coverage across many countries globally. You should be able to choose between countries based on your preference and the treatment advised by your doctor.
Inclusions
Every insurance provider has a policy document stating the terms and conditions, inclusions and exclusions. It is important to read this document to understand the policy coverage and the applicable limits.
You can consider the following vital medical insurance services for planned medical procedures that a good health insurance plan should cover:
Hospitalisation expenses
Pre-hospitalisation and post-hospitalisation expenses
Treatment for minor ailments and major illnesses
Day Care treatments
Medical evacuations
Repatriation of mortal remains
Exclusions
While examining the inclusions of international health insurance plans, it is equally important to consider the exclusions. Knowing the exclusions will help you raise valid claim requests when you are in extreme circumstances. Claiming for a benefit that is excluded from the coverage can lead to rejections.
Some of the common exclusions in international health insurance plans are:
Cosmetic or Plastic Surgery
Sterility and Infertility
Unproven treatments
Hormonal therapies
Vaccination and Immunisation
Waiting Period
Compare the waiting period for the different types of processes and treatment for listed illnesses and pre-existing illnesses. Some plans may have lesser waiting periods for certain specific treatments, which can significantly help you access timely healthcare services based on your medical condition.
Network hospitals and Claim Options
Compare the claim options, such as cashless and reimbursement options, to identify which is more convenient and efficient for your needs.
Assess the ease of each process and the network of hospitals available under each of these options in the specific countries to make a well-informed decision in choosing the best international health insurance plan.
Determine the Sum Insured, Customisability and Add-on Options
While you compare the features and shortlist the product options, you should also consider a few aspects that can allow you to customise the health insurance policy to your advantage.
These factors will align your requirements with the coverage offered, helping you determine the best international health insurance tailored to your needs.
Sum Insured
Based on your requirements, medical conditions and preferred place for treatment, determine an appropriate sum insured for sufficient financial coverage. Extensive coverage can exceed your budget, and lesser coverage can be inadequate to cover the actual expenses.
Keep the worst-case scenario in mind, and get an expert opinion or discuss it with your friends or relatives abroad to determine this figure.
Flexibility
Health insurance providers offer a range of product options to suit individual health and financial needs. Within a product, you can find various plan options covering different levels of coverage. Make use of these flexibility features to customise it based on your needs.
Add-on Options
Health insurance overseas may also offer diverse add-on options, such as waiver of co-payment, voluntary co-payment, and change in waiting period for pre-existing diseases. While these add-ons come at an additional cost, they can become beneficial for your individual circumstances.
Based on the coverage offered, establish comprehensive coverage for all the requirements and customise it to shape your policy. Compare the premium rates for this combination across the shortlisted product options to decide on the best international health insurance plan.
Finding a Reputed Insurance Provider
As you compare and choose the best health insurance plan tailored to your needs, also focus on the health insurance provider’s reputation, for it is a key indicator of their service quality.
Here is what you need to look for in an insurance provider.
Ease of claim process
Know the different steps involved in initiating a claim process with the insurance provider. Spending extensive hours registering the claim and going through excessive documentation can unnecessarily lead to delays in receiving timely medical care when needed. Therefore, ensure that the process is easily accessible, convenient and less time-consuming.
Commendable customer service
A good international health insurance provider will offer commendable customer service by extending their support to the customers at all times. Ensure to check this aspect, as it is crucial to have a dedicated support team, especially while raising a claim.
Brand reputation
An international health insurance provider with a well-established brand reputation will have a good history of offering the best health insurance services for its customers. To understand their brand reputation, you can review their experience in the industry, read customer testimonials and review feedback on social media.
Why is choosing the Best International Health Insurance important?
Get direction for the right treatment
When you are advised for medical treatment, you may need help to approach the right place for the best quality treatment due to financial constraints. If you have the best international travel insurance plan, you can get access to not just timely medical attention but also quality healthcare services at an affordable price.
Get access to private healthcare services
Some people tend to rely on the national healthcare services offered by a specific country. Although this may be sufficient to meet the requirements, private healthcare services for a high standard of care and progressive treatments are essential in extreme cases.
Get coverage across multiple countries
When you choose the best international health insurance plan, you can get financial coverage for medical treatment expenses across multiple countries.
Is Opting for the Best Travel Health Insurance International a Better Option?
Purchasing a travel health insurance policy provides financial coverage for unprecedented circumstances during a trip. For example, it can cover expenses due to a medical emergency during the travel, medical evacuation to extend a better quality of treatment, etc. It offers limited coverage and is significant during travel and for a short duration of stay.
If you plan to have a medical procedure in a foreign destination, it is highly recommended that you purchase the best international health insurance policy.
As both policies, international travel health insurance and international health insurance, serve different purposes, determining your requirements based on the purpose will help you choose the best coverage for your medical needs overseas.
Wrapping Up
If you have been wondering how to choose international health insurance, it is imperative to start by understanding your requirements and the factors that affect the premium. Then, find the different options for international health insurance plans and compare their features and benefits to decide on a suitable policy that will cover your medical expenses overseas and fit into your budget.
Reliance General Health Global offers internationalhealth insurancecoverage options in seven continents for global second opinion and planned medical procedures under Global Cover and global second opinion, emergency treatment and planned medical procedures under Global + India Cover.
With Reliance GeneralInternational Health Insurance, in addition to coverage for wide-ranging illnesses, you can also benefit from additional coverage options, such as coverage for travel expenses, accommodation expenses, visa charges, documentation expenses and other assistance services.
Frequently Asked Questions
Which is the best international health insurance plan?
The best international health insurance plan offers sufficient financial coverage for your planned medical needs abroad, with customisable features offered at an affordable rate. There cannot be one international health insurance policy that is best for every individual. Therefore, research, compare and choose the best international health insurance plan based on your needs.
Can a health insurance policy purchased in India be used abroad?
Generally, a health insurance policy purchased in India does not cover medical expenses abroad. However, it is subject to the insurance providers’ terms and conditions. On the other hand, you can consider purchasing an international health insurance plan that is specifically designed to cover the planned medical treatment expenses incurred abroad.
For how long can I purchase an international health insurance plan?
You can purchase an international health insurance plan for a policy period of one, two or three years.