The Growing Popularity of High-Sum Health Insurance Policies

Everyone knows the benefits of having a health insurance plan. But a high-sum health insurance plan can take those benefits to the next level. A 50 lakh health insurance policymay seem like an overreach. But health insurance plans with such a high-sum insured can actually serve you better than a standard health insurance policy in many ways. It can open doors to top-notch healthcare providers and newer treatments without you having to throw away your entire life savings. Here’s why high-sum insurance plans are increasingly finding more takers in the country.

Comprehensive coverage

The coverage provided by a high-sum insurance plan is unbeatable. For example, many health insurance plans have add-ons that allow policyholders to customise their coverage as per their needs. This is done to keep premiums low for a standard health insurance plan. When you opt for add-ons, your premiums automatically increase. But with a high-sum insurance policy, add-ons and their costs are already factored in. You don’t need to worry about customising your plan or the added burden of add-ons. You get your treatment with peace of mind with a high-sum insurance plan.

Pre-existing conditions

Pre-existing conditions are one of the most complicated issues to navigate when it comes to health insurance. Insurers put in place a waiting period for those with pre-existing conditions. This can range anywhere between 1 and 3 years and depends on the age of the policyholder. With a high-sum insurance plan, most insurance companies waive the waiting period completely. With the rise of pre-existing conditions, high-sum insurance plans are gaining more popularity. This is because they offer comprehensive coverage for such conditions and can cover even the OPD costs arising from pre-existing conditions. The best OPD health insurance in Indiais a high sum insured plan, which can deal with complications arising from pre-existing conditions effectively. But you will have to declare your pre-existing conditions at the time of policy purchase. Failure to do so will result in claim rejection.

Critical illnesses

Critical illnesses are also on the rise. These diseases have huge health implications and can often be fatal if left untreated or caught too late. They are expensive to treat and require lifelong care. As such, a standard health insurance plan with a limited sum insured is often exhausted when dealing with a critical illness. Some plans may even exclude certain critical illnesses from coverage or place a waiting period on them. Alternatively, you may need to purchase an add-on or an exclusive critical illness insurance plan in addition to the standard health insurance plan to minimise your out-of-pocket expenses. But a high-sum insured plan does away with these obstacles in most cases so that you can get coverage for these illnesses immediately.

Medical inflation

The rising cost of healthcare can eat away at your sum insured if it is in the lower range. What is expensive today can only become astronomically expensive tomorrow. This is the nature of medical inflation, which does not seem to be slowing down in the country and is outpacing economic inflation. This being the case, a health insurance plan with a high-sum insured can do the heavy lifting for you in the present and the future. It will protect your financial well-being just as effectively as your physical well-being so that you aren’t just one health emergency away from financial distress. It can also pave the way for you to opt for newer treatments based on cutting-edge technology, which can be more expensive. Insurers also offer percentage-based increases to the high-sum insured plans at the time of renewal so that you can beat medical inflation.

Protection for the family

A high-sum health insurance plan can act as a family floater plan on steroids. You can add your spouse, up to 4 dependent children, parents, and parents-in-law to such a plan. This can help you navigate the health issues of your family and form a safety net around them in their time of need. This can come in handy, especially if you have a large family with elderly parents, in-laws, and those with health-related vulnerabilities.

Conclusion

High-sum insured means a high premium, but it can be worth it. You can get the treatments you need without having to think about certain restrictions that are placed on standard health insurance plans. This offers complete peace of mind and comprehensive coverage that only money can afford. Read the offer document carefully to ensure that you are aware of any exclusions, sub-limits, and co-payment clauses, and discuss the same with your insurer to get a clearer picture before committing to such a plan, as they involve a lot of money and any mistakes can prove to be costly.