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Ramalingam Kalirajan |7290 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jun 18, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Jun 11, 2024Hindi

I am 70 years old. I will be visiting UK for 6 months to be with my son. I am a heart patient. Would like to know about the best health insurance policy during my stay in UK which would cover procedures like angioplasty/ heart surgery and the premium I will have to pay for buying such a mediclaim.

Ans: It’s wonderful that you’ll be spending time with your son in the UK. Considering your heart condition, securing comprehensive health insurance is essential. This guide will help you understand your options and the best approach to finding suitable health insurance for your stay.

Understanding Your Insurance Needs
Coverage for Heart Conditions
Given your heart condition, it’s vital to have coverage for cardiac procedures like angioplasty and heart surgery. Not all travel insurance policies provide this, so you'll need a specialized plan.

Duration of Stay
Since you'll be in the UK for six months, you require a long-term travel health insurance policy. Most standard travel insurance policies cover shorter trips, so ensure your policy matches your duration of stay.

Pre-Existing Conditions
Pre-existing medical conditions can complicate insurance coverage. Ensure the policy explicitly covers pre-existing conditions like heart disease to avoid any claim rejections.

Types of Health Insurance Policies
Travel Health Insurance
Travel health insurance is designed for travelers and provides coverage for medical emergencies, including hospitalization, surgeries, and sometimes even follow-up treatments.

International Health Insurance
International health insurance offers more comprehensive coverage, often similar to domestic health insurance plans. These plans are suitable for extended stays abroad and cover a wider range of medical services.

Specialized Senior Citizen Plans
Some insurance companies offer specialized plans for senior citizens, including those with pre-existing conditions. These plans might be more expensive but provide necessary coverage tailored to seniors.

Evaluating Health Insurance Plans
Coverage
Ensure the policy covers:

Hospitalization
Surgeries, including angioplasty and heart surgery
Doctor consultations
Prescription medications
Emergency medical evacuation
Network Hospitals
Check if the insurance plan has a network of hospitals in the UK. Network hospitals often provide cashless treatment, reducing out-of-pocket expenses.

Claim Process
The claim process should be straightforward and efficient. Look for insurers with a reputation for quick claim settlements.

Premium Costs
The premium cost will depend on factors like age, medical history, and coverage. Get quotes from multiple insurers to compare premiums and benefits.

Steps to Secure the Best Health Insurance Policy
Research and Compare
Start by researching different insurance providers and their plans. Use comparison websites to evaluate policies based on coverage, premiums, and customer reviews.

Contact Insurance Providers
Speak directly with insurance providers to clarify coverage details, especially concerning pre-existing conditions like heart disease. Ask about exclusions and limitations.

Read the Fine Print
Carefully read the policy documents to understand what is covered and what is not. Pay attention to terms related to pre-existing conditions and medical emergencies.

Seek Professional Advice
Consult a Certified Financial Planner (CFP) who specializes in health insurance for international travelers. They can provide personalized advice based on your specific needs and medical history.

Insurance Providers to Consider
Comprehensive Coverage Providers
Look for insurance providers known for offering comprehensive coverage, including major medical procedures. These providers often have plans tailored for long-term stays and senior citizens.

International Insurers
Some international insurers specialize in expatriate health insurance, offering extensive networks and comprehensive coverage. They understand the needs of international travelers and provide suitable plans.

Domestic Insurers with International Plans
Many Indian insurance companies offer international travel health insurance plans. These plans are designed for Indians traveling abroad and provide coverage for medical emergencies and pre-existing conditions.

Additional Considerations
Medical History and Documentation
Keep detailed medical records handy. Insurers may require a thorough medical history and recent health check-ups. Providing accurate information ensures appropriate coverage.

Emergency Assistance Services
Choose a policy that includes 24/7 emergency assistance services. These services can help with hospital admissions, medical evacuations, and coordination with local healthcare providers.

Renewal and Extension Options
Check if the policy offers easy renewal or extension options. This is crucial if your stay extends beyond six months or if you plan to travel again in the future.

Case Study: Example Scenario
Scenario
Mr. Sharma, a 70-year-old heart patient, plans to visit the UK for six months to be with his son. He needs health insurance covering procedures like angioplasty and heart surgery.

Approach
Research and Comparison:

Mr. Sharma starts by researching various health insurance plans. He uses online comparison tools to evaluate coverage, premiums, and reviews.
Contacting Providers:

He contacts several insurance providers to discuss his specific needs. He asks detailed questions about coverage for heart conditions and pre-existing conditions.
Consulting a CFP:

Mr. Sharma consults a Certified Financial Planner specializing in health insurance for seniors. The CFP helps him understand the nuances of different plans and recommends a few suitable options.
Reviewing Policy Documents:

Mr. Sharma carefully reads the policy documents of the shortlisted plans. He pays attention to exclusions, limitations, and the claim process.
Selecting the Plan:

Based on the advice from his CFP and his own research, Mr. Sharma selects a plan that offers comprehensive coverage, including hospitalization, surgeries, and emergency medical evacuation.
Finalizing the Purchase:

He finalizes the purchase by submitting necessary medical documents and completing the application process.
Outcome
Mr. Sharma secures a health insurance policy that covers his heart condition, ensuring peace of mind during his stay in the UK. He benefits from comprehensive coverage, a straightforward claim process, and 24/7 emergency assistance services.

Final Insights
Securing the right health insurance policy for your six-month stay in the UK is crucial, especially with your heart condition. Focus on finding a policy that offers comprehensive coverage, including hospitalization, surgeries, and emergency medical evacuation. Consult a Certified Financial Planner for personalized advice and carefully read the policy documents. With the right insurance plan, you can enjoy your time with your son without worrying about medical expenses.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Vedant - Jul 01, 2022Hindi

I am 18-year-old and am migrating to the UK to pursue further studies. If I land up having a health emergency abroad, will my existing health plan in India provide adequate cover?

Ans: First, check your existing health plan to see if it covers worldwide hospitalisation and offers emergency medical assistance for the desired duration and location. Most locally sold policies do not cover hospitalisation costs outside India, except maybe emergency hospitalisation during short-term travel.

Also, students going abroad are asked by their universities to buy a health plan having minimum pre-defined coverages or benefits. Your existing plan may not be sufficient to take care of your university's requirement.

Seek confirmation from your insurer regarding the benefits available outside India to ensure you do not end up with inadequate coverage.

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