What is high-value health insurance and how much coverage do I need?

In a world full of uncertainty, you must plan for unforeseen events such as medical emergencies and hospitalizations. People have become more aware of health insurance and health insurance, which is an encouraging sign. The recent trend in health insurance shows that health insurers offer quality health insurance. What distinguishes these plans from regular plans is the amount insured. In these health insurance plans, the insured sum increases from Rs 1 crore to Rs 6 crore, which is much more than Rs 2 lakh to Rs 5 lakh. Let’s compare the pros and cons of these guidelines. The choice of health insurance coverage for the insured is an important factor.

Advantages of high-quality health insurance:

They offer complete coverage:

With rapid advancements in science and medicine, healthcare has grown by leaps and bounds, as have the costs of medical treatments. Some medical cases, such as advanced cancer treatment, can cost more than Rs 10,000,000. Basic insurance couldn’t cover this.

International treatments are covered:

Travelers who travel abroad frequently may also find quality health insurance as the most suitable option. The cost of medical treatment abroad is much higher than in India. Therefore, a regular plan might not cover medical expenses for traveling abroad. In such cases, it is more beneficial to obtain quality health insurance.

No lower limits:

High-quality insurance policies do not have lower limits for the rent of hospital rooms. However, lower category rooms may be allowed due to the categorization system.

Disadvantages of high-quality health insurance:

High premium:

This is obvious. High Sum Assured comes with a higher premium. Paying higher health insurance premiums is completely out of reach for already underinsured SMEs. These plans are best suited for wealthy individuals who can pay higher premiums for a higher insured sum.

Despite the high premium, there is no interruption of waiting time:

High-quality health insurance does not have a driver who waives waiting time conditions. They still have this provision despite a higher premium. The exclusion list that applies to regular health insurance also applies to this high-quality health insurance. A medical check-up is required prior to admission and any illness detected will be included in the exclusion list.

Plans are offered by strict subscription:

All health insurance policies are only issued after strict underwriting, but even stricter underwriting procedures apply when purchasing high-quality health insurance. A 20% copayment clause may apply to seniors.

Should You Choose Good Quality?

We have to consider the rise in medical inflation and the emergence of terrible diseases such as cancer, tumors, heart attacks, and strokes. Good quality health insurance appears to be beneficial. However, the individual must consider the following factors.

• Your age
• income
• Expenses and responsibilities
• job type
• Number of family members
• Medical facilities you want

What health insurance coverage do you need?

Health insurance is the savior when it comes to saving us from the tremendous costs we incur in managing medical emergencies, including treating serious illnesses and outpatient costs. The factors to consider when choosing the health insurance you need are listed below.

Premium payment possibility:

One of the first criteria to remember is the ability of the person to collect premiums on a regular basis since the premium is directly proportional to the insured amount chosen. Not everyone can afford the premium for Rs 20 lakh coverage because it will be huge.

Income percentage:

You must have health insurance that covers 50-100% of your annual income. If he has spent more than 3 lakh on medical expenses in the last 3 years, the person must add 3 lakh more to the insured amount.

So if the person’s annual income is 4 lakhs and medical expenses are 3 lakhs in the last 3 years, the total amount insured is 7 lakhs.

Family history:

If the person’s family has a history of lifestyle disorders, they are more likely to be passed on to the next generation. All people in the genetic high-risk category should obtain more comprehensive health insurance coverage at a young and healthy age.

Age:

The age factor is a crucial factor in determining the extent of coverage. If you are 25 years old, you can get coverage from Rs 5 lakh to Rs 10 lakh, while for a middle-aged person almost 45 years old, you have to buy high coverage due to the options for purchasing insurance.

Consider certain hospitals:

Depending on the particular hospital, people can also decide the amount insured for medical insurance. For a hospital with a similar treatment, A charges X Rs, while for Hospital B the charge is 2X. Depending on the type of hospital or the grade of the hospital, the amount of medical insurance required can be determined.