As the name suggests, an overseas Mediclaim policy is a type of health insurance that covers your hospitalization bills outside India. When you are covered under this policy, your insurance provider will pay for your medical bills and inpatient/outpatient procedures in a foreign country.
Many people travelling abroad view the overseas Mediclaim policy as an unnecessary expense. However, with rising medical costs in all parts of the world, a hospitalization expense in a foreign country can put a serious dent in your budget. Therefore, it is better to get yourself insured before leaving the country and safeguard your finances against unforeseeable medical expenses abroad.
However, before you buy the first overseas mediclaim policy that shows up on your search results, you need to keep the following do’s and don’ts in mind.
1. Do Assess Your Insurance Needs
Most insurance providers offer you basic medical cover in your travel insurance. But sometimes, people have specific needs that make it necessary to buy a separate overseas mediclaim policy. So, be sure to assess your insurance needs to know which product will serve you best and pick the appropriate one accordingly.
2. Don’t Just Buy Any Mediclaim Policy
Since different countries have different insurance requirements, your overseas Mediclaim policy must match those guidelines. For example, if you are travelling to a conflict region, your hospitalization/medical expenses may not be covered the same way as they would be covered in other countries. Therefore, you should consider buying region-specific insurance plans.
3. Do Get Your Vaccinations
Be sure to take all your vaccinations before you take the international trip. The best way to minimize the health risk is to get your shots in your home country. If you do not take these precautions before you travel, you become liable to pay for all the medical costs arising due to failure to take the required medication.
4. Do Reveal Your Medical History
Many people make the mistake of hiding their medical history in the hope of saving some money on their insurance policies. However, failure to disclose all your medical information correctly at the time of buying the insurance makes them ineligible to file for claims.
Any illness on your foreign trip linked to a pre-existing medical condition becomes your financial responsibility, thereby defeating the purpose of investing in a safety net of an overseas mediclaim policy. On the other hand, by declaring your medical conditions, you can be certain that your treatment will be covered if you fall sick on your holiday or business trip.
5. Don’t Give Incorrect Information
Don’t forget to cross-verify all the details you have provided in the online form. It is advisable never to give inaccurate information about yourself or your family when you are buying the insurance plan. Mention all the travel dates, destinations, and other details about your travel correctly.
6. Do Read the Policy Fine Print
Before buying the overseas mediclaim policy, you must read the policy document carefully to know about all the included and excluded things in your insurance plan. For example, your insurer may not cover pregnancy or maternity expenses abroad. Moreover, some policies also refuse claims if you travelled without your physician’s approval.
Additionally, any loss arising due to adventurous sport or activity also remains uncovered in these policies. Most Mediclaim insurance plans will exclude pre-existing medical conditions. It is important to know about these things to buy the right policy
7.Don’t Forget to Check the Cancellation Period
In most cases, you will be able to cancel your overseas Mediclaim policy within 14 days of purchase. You may also be allowed to change the policy for a certain period as long as you haven’t travelled or filed for a claim. However, you will not be allowed to make any changes once this period is over.
An overseas mediclaim policy is an important document that protects you against uncertain conditions, such as illness, injury, or disease contracted on your overseas travel.
At the same time, it also safeguards your finances by paying for the expensive medical bills that arise out of these issues. However, trusted insurance providers, such as Care Insurance, recommend buyers to compare the policies online and read the benefits before making the purchase.