The sum insured in high-value health plans is much higher than that in regular health insurance policy. In these high-value health plans, the sum insured might range from INR 25 lakhs to INR 6 crores, which is well above the coverage that you choose in a regular health plan.
The best health insurance companies offer high-value health insurance policies, but you might wonder whether you need such high-value plans.
The cost of healthcare in India increases at a rate of 14 per cent every year, more than double the overall inflation. Rising healthcare expenses are urging people to opt for a higher sum insured and wider coverage benefits. High-value health insurance plans benefit you as they allow better coverage and prove sufficient to cover your medical costs.
Let’s look at the benefits of a high-value health insurance policy rather than focusing on the best health insurance policy.
Benefits of High-Value Health Insurance
- Sufficient Coverage:
A high-value health insurance policy provides comprehensive coverage, which enables you to meet the expenses of serious and critical diseases such as treatment of advanced-stage cancer, heart attack, strokes, organ donation, major organ/bone marrow transplant, heart bypass surgery, benign brain tumour, etc. Since the sum insured is high, you can get sufficiently covered for advanced treatments. - Wider Coverage Features:
Another advantage of high-value health plans is their comprehensive coverage features. High-value plans tend to include many more features along with the basic coverage features of a low-value health plan. You might get additional coverage for daily hospital cash benefits, air ambulance, cash allowance for accompanying a minor, inbuilt maternity cover, OPD expenses, etc., which makes the plan more inclusive. - International Treatment:
Many high-value plans also extend coverage for international treatments. If you suffer from a medical emergency while travelling abroad, you can avail yourself of treatments at international hospitals, and the plan will cover the expenses incurred. Moreover, international treatments are also allowed for serious illnesses under many plans. - No Sub-Limits:
These high-value plans have no sub-limits on the hospital room rent. You are allowed a single private AC room without any limits. Moreover, under other coverage features too, a higher coverage limit is allowed. For instance, under high-value plans, the limits on maternity coverage can go up to INR 1 lakh for standard deliveries, which usually range from INR 30,000 to INR 40,000 in regular plans.
Do you need high-value health insurance plans?
The best health insurance policy is a saviour that helps you bear the cost of medical emergencies, including critical illnesses. So, opting for a high-value health insurance policy makes sense, especially when medical expenses have become expensive.
However, the premiums of these plans are steep. While the coverage provided by high-value plans cannot be contested, the premiums charged are equally relevant. Hence, it comes down to affordability. If affordability is not an issue for you, buying a high-value plan is beneficial, and you should opt for such plans.
However, if affordability is an issue, you can buy a suitable policy and later add a top-up or a super top-up with your plan, depending upon your insurance needs. The premiums of these top-up and super top-ups are comparatively lower; with these plans, you could afford high-value insurance.
Both top-up and super top-up plans have a sum insured and a deductible limit. The claim is paid when the amount of the claim is more than the specified deductible limit. While top-up plans consider every claim against the predefined deductible, super top-up plans aggregate the claims and measure them against the mentioned deductible. Thus, super top-up plans offer a higher scope of coverage in a year and can be taken to enhance your health insurance coverage.
Who should buy a high-value health insurance plan?
- Individuals who have a family history of critical illnesses which require prolonged and expensive hospitalisations should opt for a big cover.
- High-value health insurance plans are for high-net-worth individuals seeking comprehensive health coverage with wider facilities and hassle-free treatment. The high premium costs of these plans do not deter these people. You can opt for super top-up plans if you are looking for affordable health protection plans with high coverage.
- The best health insurance policy with a low or medium sum insured amount would be inadequate if a patient wants to go abroad for advanced treatment. A high-value health insurance plan would be the right option in such cases.
Conclusion
Deciding the coverage is an important factor before buying the buy health insurance for family as it should be optimal to meet the increased healthcare costs, especially the cost of treating critical illnesses.
Considering the rising medical inflation and the occurrence of critical and dreadful diseases, a high-value health insurance plan seems beneficial. Before opting to buy these plans, however, you should consider certain factors such as your age, income, ability to pay the associated premiums, the nature of your job, the expenses and liabilities that you have, dependents in the family, etc.
Try to opt for the maximum coverage, and if affordability is an issue, choose top-up and super top-up plans to enjoy high coverage at low costs.
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