Such a plan not only provides financial security but also peace of mind during challenging times
NRIs should prioritize securing a health insurance plan in India, as it offers numerous advantages in terms of cost, coverage, and convenience. Siddharth Singhal, Business Head of Health Insurance at Policybazaar.com, emphasizes the importance of this decision in Gulf News.
Financial Security and Peace of Mind
Investing in a health insurance plan from India serves as a vital fallback option for NRIs facing unforeseen medical emergencies. Such a plan not only provides financial security but also peace of mind during challenging times.
Affordability
One compelling reason for NRIs to opt for Indian health insurance is the significant cost advantage. Medical treatments abroad can be exorbitantly expensive, with procedures like heart bypass surgery costing approximately $13,000 in the UAE and a staggering $123,000 in the US, compared to just $5,500 in India. Purchasing a health plan from their home country allows NRIs to access quality healthcare without straining their budget due to high insurance premiums.
Coverage for Pre-Existing Conditions
Lifestyle diseases like diabetes and hypertension are on the rise across all age groups. By procuring health insurance from India at a younger age, NRIs planning to settle back in the country can benefit from bypassing the mandatory waiting period, typically around 1-2 years, for pre-existing conditions.
Affordable and Tailored Coverage for Parents
As parents age, having a comprehensive health insurance plan becomes increasingly important to address their growing medical needs. Indian insurance plans cater specifically to senior citizens and can be up to 35% more cost-effective than those purchased in host countries. NRIs can ensure their parents are well-protected by choosing an Indian health insurance plan.
Tax Benefits
Under Section 80D of the Income Tax Act, NRIs can avail themselves of tax benefits when purchasing health insurance in India. The deduction amount varies by age, with Rs 25,000 available for oneself, spouse, and children under 18 years, as well as parents under 60 years. If anyone is above 60 years old, the deduction amount rises to Rs 50,000. Additionally, NRIs can benefit from an 18% GST refund as they are already paying taxes in their residing country.
Continued Coverage
For NRIs who frequently visit India, obtaining health insurance from the country is a prudent investment. It ensures uninterrupted medical coverage during each visit throughout the policy’s duration. Furthermore, if they decide to settle back in India, they will have assured medical and financial protection, preventing out-of-pocket expenses.
Efficient Claim Settlement
Choosing a health insurance provider based in India offers NRIs the advantage of a streamlined claim settlement process. This means that if they fall ill during their visit, they can access cashless facilities without unnecessary administrative delays. The established networks of Indian insurers with local hospitals and healthcare providers further enhance the efficiency of the claim settlement process.
No Medical Check-Ups
Some Indian insurers offer health policies without the need for medical check-ups, simplifying the purchase process for NRIs. This convenience can be particularly valuable for those who may face challenges scheduling medical examinations due to their international residence.
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