Three health insurers launch products to help Indians travel abroad for treatment.
India is fast becoming a popular medical tourism destination, attracting patients from neighbouring countries and the wider region. However, medical tourism often focuses on cosmetic and dental procedures, many Indians prefer to travel abroad in order to receive cutting edge treatment for more severe diseases.
Travelling abroad is easier said than done, the huge cost is prohibitive for many, and most health insurance plans only cover treatment within India. Realising this, three stand-alone insurance providers – Max Bupa, Religare Health and Cigna TTK – have recently launched products to cover treatment overseas.
“Our research indicates that customers are looking for best health care for their families. The new edition of our health plan (Heartbeat) has been designed to address the evolving needs of customers,” Manasije Mishra, CEO, Max Bupa told Money Today.
While travelling abroad for the best care is ideal, it’s within reach of only the most wealthy individuals. Particularly as the cost of travel, treatment, accommodation, and food will probably be in a currency which is strong against the rupee, points out Money Today. Consequently, these new plans are targeting high net-worth individuals who previously would buy policies abroad to cover this type of care.
People who bought policies for treatment abroad from foreign insurers usually had residency and a bank account outside of India. With the introduction of these plans more Indians will be able to take advantage of international medical care.
“People have been buying insurance policies abroad for years. Generally, these people have a bank account in the foreign country, which helps them buy a policy there,” says Rahul Aggarwal, CEO, Optima Insurance Broker.
As with any insurance policies, not everything is covered and potential buyers should not what is not covered. Select illnesses are covered, for example Max Bupa’s plan covers treatment abroad for nine critical illnesses such as cancer, heart attack, organ transplant and stroke. Similarly, Religare Health’s plan covers five critical illnesses.
Certain countries are also excluded from the plan or require an additional fee, notably the United States and Canada. Max Bupa’s Heartbeat plan provides worldwide cover across Bupa’s 190-country network. Religare Health’s plan includes the US and Canada.
Mishra says, “The customer has the flexibility to include the US and Canada by paying additional premium as the cost of treatment there is much higher than in other countries.”