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Discover the benefits of high-value health insurance plans for family. Ensure comprehensive coverage, peace of mind, and financial medical insurance protection for your family.
In the current ever-evolving world the costs of medical treatments are constantly increasing. Despite efforts having been made to ensure health is a right for every individual or family to enjoy, the expenses incurred in treating an illness are likely to go higher than a family or an individual can afford. In response, the importance of health insurance has evolved in India and offers a cushion to the people in the form of financial cover in case of any medical exigency. A policy that one should consider is a high value health insurance policy that
What is High-Value Health Insurance?
High value health insurance plans for family are mainly developed to cover all the medical expenses of the insurance policy holder and to compensate against hefty bills. In addition to this, these plans offer great sum insured options of at least one crore to ten crores or much more in some cases. The plans also have some elements of preventive medicine like wellness programs and periodic health checkups. These policies work as regular health insurance policies where both cashless and reimbursement claims are allowed.
A lot of factors determine the calculation of these premiums, such as the age of an individual, the amount of coverage and other additional benefits included. The underwriters keep all these factors into account and also as the coverage is higher than the regular policies, the premiums tend to be higher.
Conditions to meet before buying expensive health cover
While choosing medical insurance plans, it makes sense to weigh your medical requirements, your pocket pinches, and your dependency on your family. Here is what to know more:
1. Family size and age: The proposed sum insured depends on the number of people in a family and their ages as well as the proposed coverage. A good example is if you have parents or grandparents in your house, their requirement in terms of medical expenses can be higher and hence the required sum insured tends to be higher.
2. Medical history: People with pre-existing diseases, should buy a higher sum insured because in future they may require for treatments which can be caused by these existing conditions if they or their families have been suffering from such diseases. Some diseases which can lead to complications are diabetes, cardiovascular diseases etc.
3. Geographic location: The expenses of the treatment also differ with the location of the insured, but in general, cities of India’s tier-one tend to be expensive. If you live in such a place, it would help to take a higher sum insured.
4. Income level and financial obligations: The best health insurance plans for family are of course costly and the amount of money you earn is what will determine the monthly premiums that you are willing and able to pay. Further, it is also important to take into account the plan you are choosing and the amount of money you would be able to pay after going through with it.
5. Comparison of various health insurance plans: While investing in spinning high value health insurance plans, you must consider comparing the plans depending on the cashless and claim limit, premium to be paid, high list of network hospitals and types of treatments which are not included in the policy.
The Importance Of Having High Value Insurance
Medical insurance is important nowadays, and there is a way to explain it now too. As the cost of health and medical products and services rises, being under a comprehensive health insurance policy offers financial security and the best quality medical treatment and care to every family member without straining their pocket. Here is what to look for.
1. Financial protection:
Valuable health insurance plans help you and your family members shield yourself from heavy financial burdens due to bills on health facilities. As the cost of treatments rises, a high sum insured means that you now don’t have to feel the pinch with expensive bills.
2. Customisable coverage:
Often, premium health insurance plans enable policyholders to select those plan options that meet their particular needs. This makes it possible for you to take what suits your family in the plan and choose extras such as critical illness or naturopathic care. These high value policies also offer executive health check-ups which ensure that periodic check-ups are done reducing the chances of illnesses.
3. Tax benefits:
The part of the premium paid for health insurance in India that is exempted under the tax is called Section 80D of the Income Tax Act. High value health insurance is, therefore, a good investment to take to get your family covered while you save on taxes.
4. Cashless hospitalisation:
Popular health insurance policies offer great benefits like cashless hospitalisation at the empanelled hospital. That means you can go to a medical facility and seek care without worrying about what happens financially because the insurer pays the sum.
5. Portability and renewal:
Nearly all the premium and quality health insurance programs allow policyholders to move from one insurance provider to another while retaining the benefits they have been granted. This comes in handy when the current insurer’s network hospitals are not easy to access, or if their terms and conditions don’t suit you. Further, most insurers provide what we call lifetime renewability which makes it possible for you to renew your policy regardless of your age.
Conclusion
High value health insurance plans provide the full benefits of medical insurance and a greater sum insured as compared to general health insurance. Although, those medical insurance may have higher premiums and deductibles but are ideal for families with higher medical needs or chronic diseases. When choosing a high end health insurance plan, factors like a medical check-up, medical requirements, associated hospitals, premium amount and deductibles, co-payment and limit and claim ratio, matter. A good health insurance policy offers a shield against these expensive procedures by offering insurance coverage for certain price tags to cater for the costs, offers tax exemption thus saving your hard earned cash before, during and after the procedure, and gives you that priceless corner of peace of mind knowing that you and your family can afford the treatment when the need arises.
FAQs
1. What amount can a person insure for in high-value health insurance?
There is no specific upper limit of the sum assured in high risk health plans. This depends on the insurance provider and the type of plan the insurance company has to offer. High end plans provide coverage with a sum insured of up to Rs.1 crore or less.
2. Is insurance for pre-existing conditions offered under high value health insurance?
There are some high end policies that come with underwriting for pre-existing diseases. However, this remains optional and varies from one insurance company to the other depending on the details of the particular insurance plan. Again, it is important to look at the different annotations of the plan before buying to check for pre-existing medical conditions.
3. Is it possible to obtain health insurance cover for my family?
Absolutely, there are mainly different packages of health insurance plans for family that cover the entire family. Choose plans as good for families with more serious medical requirements or histories of pre-existing conditions.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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