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Why One Needs Health Insurance with High-risk Cover

By Juhi Walia
08 September 2022, 12:25 PM

Health insurance with high-risk plans is important for individuals with pre-existing conditions or a history of health problems in their past or family. And when you get afflicted by a critical illness, your comprehensive health insurance plan may not suffice even with a critical illness add-on you can add over it at an additional premium. You need a separate critical illness policy wherein the coverage would be for a higher number of critical illnesses. These illnesses include heat & brain ailments, cancer, kidney issues requiring constant dialysis, coma, etc.  Other benefits of high-risk plans are that they allow individuals to see where they stand and manage their finances because they know what is being spent on expenses like medical bills, prescription drugs, and visits to doctors and hospitals.

Third-Party vs High-Risk Health Insurance

We'd like to give a brief to understand the difference between third-party health insurance and high-risk health insurance. High-risk health insurance is the type that provides you with protection for individuals who might be considered to have a higher probability of getting certain diseases due to genetic, lifestyle, or other factors.

Third-party medical coverage is when your employer or spouse's employer pays the insurance company directly for services rendered to you as a client. Although your employer may cover the health insurance payments, if you get diagnosed with a high-risk condition, your employer's health insurance plan may not prove due to the likely less sum insured you may have on the same. The less sum insured results as employers want to cover maximum employees for less by paying less premiums. But a high-risk condition will require having a separate plan for maximum protection against the likely tall healthcare expenses. In its absence, you have to pay a huge sum out of your pocket or borrow money from friends, family, or a bank to get better medication or checkups.

Reasons to Get a High-Risk Health Insurance Plan

Here are some reasons why you need to get a high-risk health insurance plan:

Lifestyle Diseases

Most sicknesses result from a poor lifestyle. Especially for those who might smoke regularly or have an inclination towards alcohol, it would require more and probably more expensive medical attention. If you have health insurance with a high-risk health cover plan, you'll be able to get the help you need to fight a lifestyle disease and deal with the consequences. 

Read more - 10 Death-Dealing Diseases in India You Must Be Aware About

To Deal With Injuries

An accident can happen anytime, anywhere. Even people who are very careful and don't take any risks can still get into an accident completely out of their control. If you have health insurance with high-risk coverage, you'll be able to deal with the consequences of any injury you may sustain due to an accident.

Gentic Predisposition

A significant number of diseases can be genetic. For instance, hypertension, diabetes, cardiovascular issues, and breast cancer are some conditions that can make you more vulnerable if someone in your family, especially a direct blood relative, has had these diseases. In this case, you would be considered a high-risk candidate as you might require this treatment in the future.

To Help You Get a Second Chance at Life

Sometimes, dealing with illness, accidents and debt can devastate a person's physical and mental state. If you have health insurance with high-risk coverage, you can get the help you need to get back on your feet physically and mentally. Sometimes, health insurance isn't just about covering for injuries and illnesses—it's about getting your life back on track and giving yourself a second chance at living it well. High-risk health insurance plans can provide you the protection you need to deal with the above situations and more. But not just that, high-risk health insurance also helps you avoid debt.

Things to Do Before Choosing a High-risk Health Insurance Plan

Following are a few factors to consider and evaluate before deciding on a high-risk health insurance plan:

Know the Type of High-risk Plan You Want to Do

Although there are a lot of high-risk health insurance plans out there, not all of them could help meet your specific needs. For example, you'll need to find out whether you'll be able to get the coverage you want from a particular insurer. You should also consider the cost of the plan i.e., the premium. Is it affordable? In addition, find answers to - how long will it take before you could get benefits? To get started with an effective health insurance plan, do research and compare health insurance plans and find out which ones suit your needs best. Some insurance providers might also have specific policies for certain diseases, which might be useful if you have a genetic or environmental predisposition to any conditions.

Apply for the High-risk Health Insurance After Being Fully Aware

You should apply for your high-risk health insurance with an insurer of your choice, meeting all your needs. You should also ask for any additional information about the type of health insurance plan you're applying for. It is important to disclose any other medical or lifestyle factors that might affect your health to maintain transparency with your provider. Once you have the information that you need, there'll be no stopping you from getting started on your high-risk health insurance plan and enjoying all the benefits that it comes with.

Look to Make Solid Inclusions

You can enjoy the benefits and a sense of security now that you've been approved for your high-risk health insurance plan. You can also add a top-up plan to include coverage beyond what the insurance provides. It is also extremely important to make timely evaluations and renew your insurance accordingly.

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1. What is high-risk health insurance?

High-risk health insurance is a type of health coverage designed to help with paying for medical bills after an accident or illness. The coverage is designed to give you a way to be protected from unexpected expenses and major medical bills that could ruin your life and make it more difficult to get back on track financially.

2. How do high-risk health insurance plans work?

Many people are surprised to learn that high-risk health insurance plans aren't very different from other types of insurance. It simply works in the case of a high-risk medical situation to help aid in cost-effective reduction and treatments.

3. Are there different types of high-risk health insurance?

Of course. Several types of high-risk health insurance policies are available, and some are more useful than others. You've probably heard of the two main types: first-party and third-party coverage. First-party coverage is what many people find themselves with, and it's beneficial because the company or organisation you work for pays for your medical costs directly rather than you having to pay the medical provider from your pocket.

4. What is third-party high-risk health coverage?

Third-party health coverage, also known as "co-pay," is when you have high-risk health insurance and your company isn't paying for your medical bills and other associated costs. Instead, you have to pay a discounted rate upfront and then get reimbursed by the company or organization you work for. Many people avoid this type of insurance because they think it's inconvenient, but it can be very useful and, in some situations, even a requirement.

5. How is high-risk health insurance different from first-party coverage?

First-party coverage is the most common type of health coverage you'll find. It's when your employer pays all your medical bills, and you don't have to worry about paying anything out of pocket at all. This type of protection is great because it allows you to focus on things other than dealing with the financial burden and stress of being sick. High-risk health insurance plans are very useful when dealing with a lifestyle disease or an accident that could be dangerous in some other way.

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