In this era of
globalization, international countries are becoming more accessible to the
common man. The tourism industry is booming as people traverse the globe
exploring new cities and drinking in their wonders with their own eyes. It
requires a lot of expenditure and for the most part people are very open to
spending vast sums of money on their travel plans. However, what most tourists
are ignoring or glossing over is the issue of medical travel insurance.
The likelihood is
rare, but if you are travelling in a foreign country, you could have the
misfortune of encountering some sort of medical emergency. Your trip to
paradise will turn into a nightmare as you see the astronomical medical bill
that you will have to pay in such an event.
Why should you
buy International travel Insurance?
First of all,
this insurance plan will cover your medical expenses both within India and
abroad. Secondly, you mal alter the plan according to the country that you
choose to visit. In short, you may customize it according to your needs. These
plans cover medical treatments, accommodation for medical emergencies. The
coverage of the plan depends on your requirements. It could be as shirt as five
days or as long as a whole year. It is indeed advisable to take up some kind of
travel insurance if you are travelling abroad.
The advantage of
a medical life insurance cover is that not only does it provide you a boon in
terms of medical emergencies but its coverage also extends to flight hijacks,
loss of your passport, delay of your flight and loss of your checked in
baggage.
For frequent
flyers:
There are
specific travel insurance policies offered for those businessmen who have to
take frequent trips abroad due to the nature of their job. Does that mean that
you will have to purchase an insurance policy every time? Not at all. There is
an option called the multi-trip travel insurance policy that covers either
insurance up to a year or a set number of days. This kind of insurance is
definitely more pocket friendly. There are several benefits such as hassle free
cashless hospitalization, as well as quick settlement claims.
An important
reminder is that you should purchase a medical travel insurance even if you
have medical insurance within your native country. The reason for this is simple.
Your medical cover may not be applicable abroad. And even if it is, the costs
could escalate considering the value of the rupee against the foreign
currencies like the dollar or the pound.
Visa Requirements
When you travel
to countries like the USA, a medical insurance is advisable due to the reasons
mentioned above. However, many countries themselves make a medical insurance a
compulsory requirement in order to visit their country. This is because your
medical emergency could be a liability for their institutions.
For example, you
cannot travel to Europe’s Schengen area without an insurance cover that costs
around €30,000 which is around 23 lakhs in Indian currency. The guidelines for
visiting Germany strictly state that any visitor to the country for however a
short period of time must have health insurance.
For Gulf
countries:
Gulf countries
like Saudi Arabia, UAE and Qatar have made medical travel insurance a
compulsion for tourists coming to stay in their nations. Other countries like
Thailand which is a very popular destination for Indian tourists are also
considering such a policy.
Russia, Turkey,
South Africa and Cuba have followed in the UAE’s footsteps and insist in
medical insurance for their visitors.
For the Elderly:
In the present
day and age when the youth move abroad to re-settle, they often invite their
elderly parents to their homes for a visit. There is definitely more risk in
the travelling of an older person and so factors such as pre-existing medical
conditions must be kept in mind before purchasing a medical insurance. If such
conditions do exist, there are very few options available. However, one can
always go to an US insurer that factors in these medical conditions.
Factors you must
look out for while purchasing Medical travel insurance:
1.
Pre existing medical conditions: An important fact is that Indian medical
insurers usually provide for decent cost effective policies with reasonable
coverage for people who have no pre-existing medical conditions. However, for
those who do suffer form some kind of ailment, the insurance policies available
are scarce. So, while purchasing a plan enquire about the coverage. A hospital
overseas should not be rejecting your insurance because of the medical
condition.
2.
Sub-limit clauses: When you are purchasing an insurance plan, especially for the
elderly, make sure you opt for one which does not have any sub-limit clauses.
In case it does, you may be liable to pay additional amounts. So, if you opt
for one without this sub-limit, even if the medical expenses are astronomical,
you don’t have to pay anything out of your pocket. There may be sub-limits for
those in the age group of 55 and above.
3.
Add-ons: When you purchase a policy look for one that has add-ons. This means
that the policy has additional coverage for instances like medical evacuation,
outpatient treatment, repatriation of mortal remains, and accident-related
hospitalisation.
Your over-all sum
insured will not reduce if you make a claim under any one of these categories.
Questions you
must ask while purchasing a plan:
1.
What is the structure of the pricing? What kind of coverage will you
get?
2.
Is your insurer a reliable source? Does he have a good reputation?
3.
What kind of documents will you need for the insurer to grant you the
policy?
4.
How big is the approval list for the insurer? Is his network wide
enough to include the places that you are travelling to?
Asking these
relevant questions will help you choose the correct medical travel insurance
policy to suit your needs. So travel the world and fulfil your desire but also
stay safe and make sure you have made allowances for any medical emergency.
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