10.2 C
New York
Monday, April 22, 2024

Buy now

High Value Health Insurance: Making sure your Health Insurance plan keeps pace with your needs

Technology is making lives simpler for all of us in more ways than one. From better gadgets to easier commute, from online banking to online shopping and from better lifestyle to improved healthcare, there is no field untouched by technology.

Along with the convenience and change that technology brings, it also affects the pricing of the product or service. One such example is healthcare.

With the introduction of modern treatment methods, investment in research, and the overall increase in the quality of healthcare in the country, it is also becoming increasingly expensive. This makes having health insurance even more important in today’s day and age.

But where till a few years ago, a 3 – 7 lakh cover would be enough to get you through hospitalisation expenses, there has been a shift in terms of the coverage amounts that one may need today, especially for treatment of chronic diseases that require long term medication. 

This is where a high-value health insurance plan comes into play. A high-value insurance plan gives you higher and wider coverage for expensive healthcare treatments for critical health conditions. The coverage offered on a high-value plan can be as high as Rs. 1 crore but then premiums too are proportionately higher. Not just that, since the risk covered is high, the underwriting process is also stricter and more stringent.

Before you decide on whether you should choose a standard or high-value health insurance plan you must first ascertain how much coverage you need so that your health insurance actually adds value to you. Let’s see some factors to consider before you choose.

Defining your health insurance needs

  • Age:

A key factor to consider while choosing a health insurance plan is your age. The younger you are, the lesser chances of being diagnosed with a critical or chronic disease so it may be fine to have a lower coverage. However, let’s say you are between 35-40 years old, you may see changes in your health parameters plus changing lifestyle will also bring with it some health conditions. At this point it makes sense to opt for a higher coverage so that any onset of a disease that requires medical attention can be treated without any compromise. Similarly, basis your age, you should make a fair evaluation of your health and choose a plan with foresight. 

  • Medical history of your family:

Having knowledge about any illnesses in your immediate family would be a fair indicator of any illnesses that you may face in life, given that heredity would play a role in your health. For example, if your parents suffer from Hypertension or High BP, chances are that you may also face this condition as you age. Similarly, if there are multiple people in your family who suffer from Diabetes, it can be fairly assumed that you may face this issue at some point as strains of the disease are present in your family.

If you are aware of any illnesses in the family that require extensive medication, it makes good sense to choose a higher coverage so that your medical expenses can be covered. 

  • Premium payment capability: 

You must remember that coverage or sum insured of your health insurance plan is directly proportionate to the premium you will pay. It makes sense to first check the premium amount that you will need to pay to get high coverage on your health insurance. Based on your current income and the future growth you foresee, you should ascertain if you will be able to pay the premium. So, if you do decide to go in for a high-value health insurance you should be able to handle the high premium as well.

  • Need for high quality super-speciality treatment:

Some health issues need specialised care and such super speciality hospitals will definitely be more expensive. Once you know the kind of diseases that you would definitely want to be covered for, you should also ascertain the prevalent cost of treatment at the super speciality hospital of your choice. This would be a good indicator of the coverage that you will require and help you choose your plan accordingly. 

There are also some key features and benefits offered by high-value health insurance. We’ll explain it for you here:

  • Comprehensive coverage

Unlike standard health plans, a high-value plan would definitely give you wider coverage and be more inclusive in its benefits. This way the high-value plan will actually be true to its name also in terms of the benefits on offer. You must go through the policy to know the value that it adds and the extent of coverage that you can get. 

  • Need for hospitalisation abroad

If you travel frequently or need to live abroad for long periods of time, a high-value health plan could be an asset for you. Most high-value health plans cover you for hospitalisation abroad. You must find out if your plan gives you global coverage or covers some specific countries. But whatever the case maybe, since medical treatment internationally could be an extremely expensive affair, a high-value health insurance will hold good. 

  • No room rent capping

Depending on the plan you choose, you may actually not have any sub-limits on the room rent during hospitalisation. You must however, check your policy to make sure if there are any specific exclusions or if there is some criteria that you need to fulfil to get this advantage. 

A high-value health insurance plan gives you value in the true sense of the word. You must weigh the pros and cons before you take the decision since it necessarily will mean that you pay a higher premium. To explore health plans that suit your needs, you must download and login to the Bajaj Finserv app. 

Anywhere, Anytime insurance with the Bajaj Finserv App

The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore benefit-rich health insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance. If you or your family are still to experience the security of health insurance, login to the Bajaj Finserv App and get started now