Do You Need a High-value Health Insurance Policy?

High-value health insurance policy is just like a regular health insurance plan with added benefits. 

The sum insured in high-value health plans is much higher than the regular health insurance plan. 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. 

Though health insurance companies offer high-value health insurance policies, you might wonder whether you need such high-value plans or not.

The healthcare cost in India is increasing at the rate of 20 percent every year, which is more than double of overall inflation. The rising healthcare expenses are pushing individuals to opt for a higher sum insured and wider coverage benefits. High-value health insurance plans are, in effect, beneficial for you as they allow better coverage and prove sufficient in covering your medical costs.

Let’s have a look at the benefits of availing of a high-value health insurance policy. 

Benefits of High-value Health Insurance

1. 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, insure organ donation, benign brain tumour, major organ/bone marrow transplant, heart bypass surgery, etc. Since the sum insured is high, you can get sufficiently covered for advanced treatments.
2. Wider Coverage Features- Another advantage of high-value health plans is their comprehensive coverage features. High-value plans tend to include much more features along with the basic coverage features of a low-value health plan. You might get additional coverage for daily hospital cash benefit, air ambulance, cash allowance for accompanying a minor, inbuilt maternity cover, OPD expenses, etc. which makes the plan more inclusive.
3. International Treatment- Many high-value health insurance plans also extend coverage for international treatments. If you suffer from a medical emergency when you are travelling abroad, you can avail of treatments at international hospitals and the plan would cover you for the expenses incurred. Moreover, under many plans, international treatments are allowed for serious illnesses too.
4. No Sub-Limits- There are no sub-limits on the hospital room rent in these high-value health insurance plans. 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 health insurance coverage can go up to INR 1 lakh for normal deliveries which are usually up to INR 30,000 to INR 40,000 in regular health insurance plans.

Do You Need High-value Health Insurance Plans?

Health Insurance is the saviour which helps you bear the cost for the treatment of medical emergencies including treatment of 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 that are charged are equally relevant. Hence, it comes down to affordability. If affordability is not an issue for you, buying a high-value health insurance plan is quite beneficial and you should opt for such plans. 

However, if affordability is an issue, you can buy a suitable health insurance 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 and with these plans, you would be able to 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 exceeds the specified deductible limit. While top-up plans consider every claim against the deductible, super top-up plans aggregate the claims and measure them against the 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?

1. Individuals, who have a family history of critical illnesses which require prolonged and expensive hospitalisations should opt for a big cover.
2. High-value health insurance plans are for high net worth individuals, who look for comprehensive health cover, with wider facilities and hassle-free treatment. These people are not deterred by the high premium costs of these plans.
3. If a patient wants to go abroad for advanced treatment, a health insurance policy with a low or medium sum insured amount would be inadequate. In such cases, a high-value health insurance plan would be the right option.

Conclusion

Deciding the coverage is an important factor before buying a health insurance policy 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 to be beneficial. Before opting to buy these plans, however, you should take care of certain factors such as your age, income, ability to pay the associated premiums, nature of your job, the expenses and liabilities that you have, dependents in the family, etc.

 Try and 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.