You can never predict medical emergencies. Sudden medical bills and hospitalization charges can give an unexpected blow to your monthly budget. The costs of medical procedures are also increasing day by day due to advancements in medical technology. For instance, a cardiac procedure costing Rs. 10 Lakh today, might cost anywhere between Rs. 20 Lakh within the next few years. Hence, it is important to have a coverage that not only offers competent health insurance benefits for today, but is also able to offer coverage in case of inflated medical expenses in the future. This is where a high-value insurance policy comes into the picture.
What is High-Value Health Insurance
A high-value health insurance policy is specifically designed to cover expensive medical costs. The sum assured for these insurance policies is much higher (up to Rs. 1 Crore) than normal health plans.
Key Benefits of High-Value Health Insurance
- Apart from the basic inclusions for healthcare coverage, these insurance policies offer a more comprehensive cover for hospital costs along with offering maternity and baby care coverage and insurance for organ donations.
- Some medical procedures may require going overseas for treatment as the medical technology might not be available in India. Compared to the treatment costs in India, these overseas procedures may cost a fortune. However, with a high-value insurance, you can file a medical insurance claim that can cover these high expenses.
- High-value health insurance does not have sub-limits on the rents of hospital rooms. However, this feature may apply to low category rooms due to hospital categorization criteria.
Drawbacks of High-Value Insurance
- Since these plans offer a high coverage than normal medical insurance plans, naturally their premium amounts are high. As a result, these plans are not so popular with the middle-class population.
- The underwriting procedure for high-value medical insurance is extremely strict as compared to basic health plans.
- For senior citizens, some plans offer a health insurance copay clause. Under this clause, a senior citizen might need to co-pay 10%-15% of the claim amount from his/her own pocket.
Things to Consider Before Buying a High-Value Health Insurance
- Since the insurance premium is very high for these insurance plans, an individual must take into consideration his/her ability to pay the premium amount over the entire policy term. This includes considering factors such as your age, monthly income, nature of your job, familial responsibilities and any other financial liabilities.
- Since the sum insured on these insurances is high, one can pre-decide on the amount by keeping the specific grade of a hospital in mind. For instance, a hospital in a Tier II city might charge X amount for a medical procedure. However, for the same procedure, a hospital in Tier I city may charge 2X.
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