Why NRIs Should Plan for Indian Medical Insurance

This is what most of the NRIs miss out – Here is something you should know – how to avoid that costly mistake.

As an NRI residing in the GCC, your organization offers yours as well as your families health insurance at present, which is indeed a great thing for the time being, just take a moment and think, is this my safest safety net - what if I retire or go back to India? How about my family’s health insurance once moved back India?

What will you do in case of a medical emergency, if you are not on pay rolls, on an unexpected long leave, lose employment or your employer sponsored insurance terminates?

Most NRIs disregard the significance of an Indian health insurance policy – its value is generally realized only at the time of a medical crisis.

Why Indian Health Insurance is important for NRIs?

Though you pay premium for health insurance policy, the application is accepted by any insurance company based only on considering good health. In case of any major health issues the possibility of obtaining a new health insurance policy becomes difficult – if not impossible. Which means, once you are out of your employer’s insurance the cost of medical becomes your own responsibility. The best option is to buy an Indian health insurance policy right now when you are healthy.

Health issues don’t come with a warning – That’s why it’s important to plan the right insurance ahead before it matters.

Increased Health Care Expenses – Good medical treatment in India is becoming costly. A proper insurance assists in meeting the unexpected medical expenses. The health care cost in India is rising at a speed of 12-14% per year.

Health care need for parents - Purchasing a policy for elderly parents in India ensures the best possible medical attention without strain on the savings.

Job Loss & Uncertainty – For most of the NRIs, the GCC VISA is employment dependent. The moment you are out of VISA, while changing from one company to another, or during a layoff, or you retire, your company insurance immediately lapses, leaving you exposed.

Your future in India – Majority of the NRIs in the GCC need to return to India, getting a health policy early saves you from waiting periods and pre-existing condition.

Tax Savings – Tax saving is available under section 80D on premiums paid for themselves and for parents. Though the sole purpose of insurance is not the tax benefit.

Key Features to Consider - Indian Health Insurance Plan:

• Cashless Hospitalization – Verify if the insurance company has a good network hospital in your hometown

• Claim Settlement Ratio – Choose insurance companies with proven claim settlement track record.

• Lifelong Renewability – Choose for plan that promises lifelong coverage

• Overseas Coverage – Certain policies offer worldwide treatment benefits

• Pre-existing Illness – Ensure to declare all pre-existing illness if any for a hazel free claim settlement

• Room Limits – Check and understand the type of room allowed in the policy

• Sub-limits – Check if there are any limits attached to your policy to avoid surprises

• Read your policy – Knowing your policy is very important, be informed about your health insurance policy terms.

Most importantly, keep your family informed – Ensure that your spouse and close family knows about your health insurance policy, where to find it, and how to use in an emergency. Last but not the least, share the contact number of the advisor who assisted you in taking the policy – so the family knows who to call when it matters.

Are you ready with your safety net, if not, what is that stopping you? Don’t wait for the moment!

Zap. Insure. Nap Easy.