Should NRIs buy health insurance in India?

It makes sense to buy health insurance in the country you live in. But when you are an NRI, should you consider buying health insurance in India for you and your family? Before pondering the reasons for buying health insurance, let's discuss the availability of health insurance. 

Most of India's leading insurance providers offer NRI health insurance plans. These plans cover medical costs for NRIs when they get medical treatments in India. You can pay the insurance premiums using your NRE accounts and enjoy all the benefits when you are in India. 

Health insurance is cheaper in India 

The health insurance you usually have in your country of residence is good if you get treated in that country. Often, these policies don't cover your medical expenses when you travel to your home country. If you visit India frequently, you should prepare yourself for medical expenses when you get sick in India. Accidents are prone to happen on Indian roads, and when you get injured in India, your foreign health insurance will not be of help. 

Compared to many other countries, health insurance premiums are said to be cheaper in India. Medical costs too are much cheaper than in other countries too. For example, an open heart surgery in India would cost you around $4500 in India, while it costs more than $18,000 in the US and takes 9-11 months to wait for a potentially life-saving surgery. This is one of the main reasons for medical tourism flourishing  in India. A valid medical insurance in India will cover the medical costs for as long as you are in India. 

Insurance for NRIs' parents 

When your family and parents live in India, they need financial support for medical emergencies. Many NRIs pay for senior health insurance to protect their parents' health. Adding a family health insurance policy will ensure that your spouse and kids have high-quality healthcare and access to specialist hospitals in India. The family health insurance also offers coverage for yourself when you visit India. 

Indian insurers have no geographical restrictions and offer health insurance benefits for NRIs in any country. 
Comprehensive coverage with add-on riders enables NRIs to treat health issues requiring extended hospitalisation or treatment easily.

(By arrangement with livemint.com)