Migrating to a foreign country is a life-changing decision wherein you are not just changing a job, but moving to an unknown place, surrounded by strangers. It pays to be prepared for sudden emergencies when abroad. Overseas Insurance gets you a step closer to protecting yourself and your family under such unforeseen crisis.
What does an Overseas Medical Insurance provide?
Overseas or international medical insurance covers yours or your family’s healthcare needs, depending on whether they are covered, while staying abroad. Depending upon the plan, it can include Hospital bills, Surgeon Fees, Physiotherapy, Consultation Charges, Outpatient treatment, Medical Treatment Charges, Rehabilitation, Home Nursing, Maternity etc. Some of the plans provided by global insurance providers also cover critical illnesses like Cancer as well as mental healthcare. The plans are designed by the international medical insurers to provide a complete medical coverage for you and your dependents while you are overseas. It also allows you to choose the facility as per your preference.
Why you need Overseas Insurance?
Many expats often question as to why they need to buy overseas insurance? Many even believe that their health plans often provided by their foreign employer are enough to cover their medical expenses in case of an emergency. However, there are few things to keep in mind.
- Expats and their family are not covered by free healthcare in the foreign country. While it may vary from country to country, but one needs to read the fine-print to ensure whether the insurance coverage entails hospital coverage, accidental death or life-cover etc.
- The health plan provided by the employer may not cover medical treatment or evacuation coverage when you are traveling outside your new home country
Also, it’s a common assumption that the foreign countries will have similar healthcare cost structure as their native country, whereas, medical treatments abroad can actually be a very costly affair. It makes sense to get a tailored expatriate health insurance to meet the health requirements of you and your family. Infact, it is also a visa requirement for countries like Australia or Canada.
Overseas Medical Insurance V/s Travel Insurance
There may be some overlaps between the Travel Insurance and Medical Insurance as both provide financial protection against medical emergencies while overseas.
But, travel insurance may not cover the extended treatment period for certain ailments or conditions. You may have to go back to your home country to get it treated once you are deemed fit to do so or once the travel period expires. Plus there may also be certain other exclusions depending upon the provider and the actual plan.
While considering an overseas medical insurance keep in mind your specific needs. You can also opt for add-on benefits like outpatient treatment, visual and dental treatment as well as medical evacuation, which may not be a part of a standard overseas medical plan.
Also, closely examine the healthcare norms of your new home country before selecting an overseas medical plan to ensure you and your family are sufficiently covered for sudden medical emergencies in a foreign land.