Last Updated on June 11, 2023 by Jonathan Lopez
Advancements in medical technologies have made healthcare possible and expensive at the same time. A 5-10 lakh insurance coverage is no longer adequate, and that’s why health insurance providers have started offering high-value health insurance plans.
Do you need high-value health insurance? When shopping for an insurance policy, you need to factor in your age, existing medical condition, medical records, and budget. There’s no ideal insurance plan, and the best option is something that is within your budget and offers broad coverage.
What is High-Value Health Insurance?
A high-value medical insurance plan guarantees comprehensive coverage. You can claim up to 1 crore and more. But broad coverage comes with a steep insurance premium. The most significant difference is the sum assured.
As the name suggests, a high-value insurance plan is designed for people with a critical illness or at risk of developing a chronic disease (due to genetics). The plan covers post-hospitalisation coverage, daycare procedures, cancer treatment, organ transplant, etc. Let’s see why you should consider buying high-value insurance for you and your loved ones.
Benefits of High-Value Health Insurance
Here are some significant benefits of high-value insurance.
Comprehensive coverage: Your regular health insurance plans might not cover expensive hospitalisation costs or specific medical procedures. A high-value insurance plan is great for families that want maximum protection in tough times. It offers broad coverage that includes health checkups, OPD expenses, critical illness, maternity costs, and chronic diseases requiring regular hospital visits.
Get treatment in foreign countries: Treatments in other countries are comparatively more expensive than treatments in private or public hospitals in India. With a high-value insurance plan, you can get treatment from your desired hospital in any part of the world.
No limits in room rent: Your insurance company specifies the room rent cap (the maximum amount they are ready to bear for your hospital stay) in the policy. If your room rent cap is below the hospital charge, the insurance company will settle your claim up to the cap amount, and you will be liable to pay the rest. Thankfully, high-value health insurance doesn’t have a limit on room rents.
What should I know about a family insurance plan? If you’re really worried, then go for a health insurance family plan. But if you are looking for an affordable one that is easy to understand, then go for a health insurance family plan.
Who should buy High-value Health Insurance?
High-value health insurance is the most reliable option for the best medical coverage, but it isn’t suitable for everyone. So, before buying this plan, you must consider your health insurance needs and earnings. High-value health insurance is an excellent option for people considering treatment in a foreign country. Add-ons in your healthcare insurance plan are an excellent alternative to high-value health insurance for people who can’t afford high premium payments.
High-value health insurance is for people with a history of hereditary diseases in their family. Buy high-value health insurance if you are at a high risk of developing a critical illness because of family history or past medical records. For example, someone recovering from cancer with a high chance of recurring later should invest in high-value health insurance to cover their medical expenses if cancer recurs.
Your age is another factor to consider when buying high-value health insurance. A middle-aged person, who’s 25-30, has a relatively less chance of falling ill than an elder citizen. Of course, there’s a risk of injuries due to accidents, but insurance offering coverage of up to 5 lakhs will be enough.
If you are considering a super-specialty hospital, you need more comprehensive coverage. Some insurance plans provide coverage only if you choose a hospital from their network. You will have to bear the medical expenses if you get treatment outside their network hospitals.
Before buying manipal cigna health insurance, check if the plan covers all your medical expenses. Also, check if your plan is valid if you seek treatment in another country, and how much premium you will pay per month.
Disadvantages of High-Value Health Insurance
High-value health insurance must look like the best choice, but they have drawbacks. Here are a few of them.
- High premiums: A high sum assured comes with higher premiums, which makes them an expensive option for low-income group people.
- Rigorous Underwriting: The underwriting process for high-value health insurance plans is comparatively more stringent than regular insurance plans.
- High Co-pay for Senior Citizens: Although all health insurance plans include a co-pay for senior citizens, high-value health insurance requires senior citizens to pay more than 15% on the co-payment. It means they have to bear a higher cost of medical treatments than the regular insurance plans.
Health insurance plans for a family cover your whole family and protect you from unexpected medical expenses.
Manipal Cigna health insurance offers high-value health insurance. Check out their website to learn more about the coverage, terms of the policy, and premiums. Before buying, consider your age and health insurance coverage requirements to secure the best deal for yourself. After all, adequate coverage according to your requirements will safeguard you and your family in your tough times.