As we know, health-related problems are on the rise nowadays, & treatment costs for them are also increasing. Health insurance is basically a contract between the insurer & the policyholder, where the health insurance company offers complete coverage to the insured, up to the limit of the sum assured. Just like life insurance, health insurance also offers different types of health insurance plans, one of which is a Comprehensive health plan.

A comprehensive health plan offers extensive coverage against medical uncertainties, including ambulance charges, room rent charges, inpatient & outpatient treatment costs, pre-& post-hospitalization expenses, etc. This plan comes with some added features like lifetime renewability, wide coverage, critical illnesses, etc., hence offering financial protection against medical emergencies.

Reasons to Buy a Comprehensive Health Insurance Plan

Provided are the reasons to buy a Comprehensive Health Insurance Plan:

Financial Security

As this plan covers all medical expenses, treatment expenditures, diagnostic costs, & other medical-related expenses, it provides financial security to deal with these costs.

Manage Emergency Situations

These plans offer premium-quality medical services, enabling you to handle medical emergency situations without stressing about the availability of funds & medical costs.

Lifestyle Changes

With today’s lifestyle, some diseases such as heart attack, kidney failure, & diabetes have become so normal that one should have a comprehensive health plan to deal with such situations. This is because a comprehensive health plan covers all costs related to these diseases, as well as critical illnesses& pre-existing conditions.

Taxation Benefits

This plan allows for the availability of tax benefits of up to INR 25,000 in case of an individual health insurance plan & up to INR 50,000 in case of a senior citizen health insurance plan.

Protect Savings

Considering today’s lifestyle, life-threatening diseases, inflation, chronic ailments, etc., one should be prepared with the funds to deal with such situations. Hence, a comprehensive health plan can be considered in such cases, ensuring coverage of all family members during medical uncertainties. This plan takes care of all the medical-related costs, considering your budget,& hence protecting your savings.

Things to Be Kept in Mind while Buying a Comprehensive Health Plan

Provided are the things that are to be considered while buying a Comprehensive health insurance plan:

Balance between Coverage & Premium

In normal circumstances, coverage & premiums typically go hand in hand. However, this is not the case. This means in some cases, insurance companies charge high premiums in comparison to the coverage offered. Hence, choose a perfect balance between the premium & coverage amount.

Exclusions of Medical Insurance Plan

One should be well aware of what is included & what is not in the health insurance plan. Claiming against a disease which is not covered will result in rejection of the claim, leading to disappointment & stress.

Room Rent Clause

When purchasing a health plan, also review the room rate chart to check the rates & the category of room permitted in the plan.

Services & Downtime of Insurer Company

Check the services an insurance company offers & the time it takes to resolve queries, such as renewing a health plan, settling claims, etc.

Add-Ons Available

Some insurance companies offer add-ons that cater to additional charges in case of hospitalisation, thus turning out to be helpful in times of emergencies.

Waiting Period

Gain knowledge about the different waiting periods applicable to which ailment, as a claim cannot be raised during that waiting period.

Deductibles & deductions

You must be aware of the applicable deductibles, i.e. the amount to be paid while settling the claims, which is typically 10% of the claim amount. On the other hand, insurance companies also apply certain deductions, such as admission charges, vaccinations, urine bags, HIV kits, infusion pump charges, among others, which are well-known.

Inclusions of a Comprehensive Health Insurance Plan

While considering what health insurance is, one should also look for the inclusions of the comprehensive health plan, mentioned below:

In-Patient Hospitalisation
Pre-Hospitalisation
Post-Hospitalisation
Room Rent
Road Ambulance
Air Ambulance
Mid-Term Inclusion
Day Care Procedures
Modern Treatment
Hospital Cash
Domiciliary Hospitalisation
Delivery Expenses
Newborn Cover
Vaccination Expenses
Automatic Restoration of Sum Insured
Co-payment
Bariatric Surgery
AYUSH Treatment
Outpatient Consultation
Outpatient Consultation – Dental & Ophthalmic
Organ Donor Expenses
Health Check-Up
Second Medical Opinion
Star Wellness Program
Instalment Options

Benefits of a Comprehensive Health Insurance Plan

Provided are the benefits of a Comprehensive health Plan:

Extensive coverage

These plans encompass a comprehensive range of health services & medical expenses, including hospitalisation expenses, pre- & post-hospitalization expenses, room rent charges, ambulance charges, etc.

Outpatient (OPD) treatment:

This plan includes OPD costs as well, i.e. outpatient treatment.

Cumulative bonus

This plan offers a cumulative bonus, which means increasing the amount of sum assured by a specified percentage rather than offering discounts each consecutive year.

Lifetime renewability

It allows for the renewability of the plan until the premium is paid every year before the due date.

Coverage for the entire family

This plan includes family floater coverage, which includes spouse, dependent parents, children & sometimes dependent parents-in-law.

Cashless treatment

This plan offers a cashless treatment, meaning all the costs will be incurred directly by the insurance company.

Coverage for pre-existing diseases

This plan also includes pre-existing diseases, excluding some major ones, which become eligible after a certain waiting period.

Choice of riders

This plan offers an attractive list of additional riders for an additional premium, resulting in increased coverage.

Tax benefits

This plan offers a tax deduction under section 80D of the Income Tax Act, 1961.

Conclusion

To deal with the health conditions & increasing medical costs, a comprehensive health plan offers extensive coverage & financial security to the insured & his/ her family members. An insured, after comparing all the plans available, can choose the appropriate comprehensive plan without thinking about the connected treatment costs.

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(DISCLAIMER: The information in this article does not necessarily reflect the views of The Global Hues. We make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in this article.)