The importance of comprehensive health insurance coverage

Let’s look at the coverage and benefits of a comprehensive health insurance policy.

Investing in Health Insurance

Investing in health insurance forms an integral part of financial planning. Health issues are increasing among people of all ages; even a minor medical procedure can dent your finances. Thus, investing in health insurance at a young age and staying covered against the uncertainties is advisable. When it comes to investing in a Mediclaim policy, comprehensive health insurance is a good option. It provides broad coverage and saves you from paying for a range of medical bills.

What is a Comprehensive Health Insurance Policy?

A comprehensive healthcare policy provides extensive coverage to policyholders and eases their worries during medical uncertainties. This all-inclusive health plan covers a range of healthcare expenses, so you won’t have to use your savings to pay the bills. Be it a minor procedure or a major surgery, a comprehensive healthcare plan will cover the expenses. Moreover, the policy also covers home healthcare, organ donor expenses, alternative treatments, and more. With this health plan handy, you can quit worrying about the mounting healthcare bills and concentrate on your treatment and recovery.

Comprehensive Health Insurance Policy – Coverage

A comprehensive health insurance policy offers the following coverage to policyholders:

• Hospitalisation expenses: If you get hospitalised for over 24 hours, the policy will cover the bills. Hospitalisation expenses may include room rent, ICU charges, nursing charges, the cost of medication, etc.
• Pre- and post-hospitalisation expenses: Pre-hospitalisation expenses are the medical expenses you incur before being admitted. These may include doctor’s consultation fees, the cost of diagnostic tests, etc. Under post-hospitalisation expenses, insurance companies cover the medical expenses incurred post-discharge, such as follow-up tests, medication, etc.
• Daycare procedures: A comprehensive health plan also covers daycare procedures or medical procedures that require less than 24 hours of hospitalisation. Some examples of daycare procedures are eye surgery, cataract surgery, angiography, dental procedures, chemotherapy, and radiotherapy.
• Home healthcare: If the treating doctor advises home healthcare due to the non-availability of rooms in the hospital, the policy will cover the bills. Certain health conditions can also prevent patients from leaving home for medical care. Therefore, having a health plan that covers home healthcare bills can help.
• Outpatient department expenses: Some comprehensive health insurance policies may also cover your OPD or outpatient department expenses. These may include doctor’s consultation fees, the cost of diagnostic and investigative tests, pharmacy bills, etc.
• Mental healthcare: A comprehensive health insurance policy also covers hospital bills incurred for treating mental illnesses. Since anxiety, depression, and other mental health conditions are increasing among people of all ages, having a health plan covering them can help.
• Organ donor expenses: If you require an organ transplant, the health plan will cover the cost of harvesting a major organ from the donor’s body.
• Road ambulance bills: The policy also covers road ambulance bills during medical emergencies.
• Alternative treatments: A comprehensive health insurance policy also covers alternative treatments, such as Ayurveda, Yoga, Unani, Siddha and Homeopathy. However, the insurer will cover your bills only if you opt for the treatment at a recognised AYUSH hospital.
• Complimentary health check-ups: Some insurance providers also offer complimentary health check-ups to policyholders. The frequency of this benefit can vary from insurer to insurer.

Benefits of a Comprehensive Health Plan

A comprehensive health insurance policy offers the following benefits to policyholders:

• Wide coverage: A comprehensive health plan offers wide coverage, so you won’t have to use your savings during emergencies or planned procedures. In addition to your hospital bills, a comprehensive health plan covers domiciliary hospitalisation, mental healthcare, AYUSH treatments, OPD expenses, and more.
• High sum insured: Comprehensive health plans are available with high sum insured options. You can choose a suitable amount as per your healthcare requirements and stay covered against the uncertainties.

Healthcare costs are increasing by the day, so having a comprehensive health plan handy can ensure financial security during medical emergencies. This health insurance policy can cover a wide range of expenses, so you will not have to worry about spending huge amounts from your pocket.

Outpatient Department Expenses

OPD expenses are the healthcare expenses you incur without getting hospitalised. Although OPD expenses may look small, they can add up to a significant amount. If you opt for a comprehensive health insurance policy, the insurer may cover your OPD bills. If the coverage is not available with your health plan, you can take it as an add-on for better financial security.

Coverage for Pre-existing Conditions

A comprehensive health insurance policy also covers pre-existing conditions. However, the insurer will cover the same after the completion of the waiting period specified in your policy document.

Cashless Treatment

With a comprehensive health insurance policy handy, you can opt for cashless treatment at any network hospital of the insurance provider. This simply means that if you choose a network hospital for a medical procedure, the insurer will settle the bills on your behalf. However, you must pay the copayment or deductible amount, if applicable.

No-claim Bonus

If you don’t make claims during a policy term, you can earn a no-claim bonus in the form of an increased sum insured or a discount on policy premiums. The bonus is cumulative, so the benefit increases every consecutive claim-free year. For example, if you don’t make claims for 5 consecutive policy years, the insurer may offer a discount of up to 50% on your health insurance premiums.

Tax Benefits

Under Section 80D of the Income Tax Act, 1961, you can claim tax deductions of up to INR 25,000 on the premiums paid toward your individual healthcare plan or family floater. Senior citizens are allowed a higher deduction of up to INR 50,000 every year.

Lifetime Renewability

If you pay policy premiums on time, you can keep your health insurance policy active throughout. This benefit ensures continuous coverage and saves you from the hassles of buying a new health plan at a later age.

How to Choose a Good Comprehensive Health Insurance Policy

If you are planning to buy a comprehensive health insurance policy, the following tips can help you select a good plan:

• Compare policies: The coverage and benefits of a comprehensive health insurance policy can vary from insurer to insurer. Therefore, it is important to shortlist a few good plans and check their coverage and benefits. This will help you find one that best matches your healthcare requirements.
• Select important add-on covers: When comparing policies, remember to select important add-covers to expand policy coverage. Although a comprehensive health plan offers wide coverage, it may not cover maternity expenses, critical illnesses, dental care, etc. Therefore, remember to check the available add-ons and choose important ones to secure your finances. For example, if you are buying health insurance for parents, you can choose critical illness add-on cover with it.
• Keep it affordable: While buying health insurance, ensuring that the policy premiums suit your pocket is important. Once you have decided on a health plan, work with your insurance provider or agent to choose a sum insured that will keep policy premiums affordable. You can also compare health insurance premiums online and make a well-informed purchase decision.
• Choose family floater over individual health plans: If you are looking to cover yourself and your family under health insurance, it is wise to opt for a family floater. The policy will cover you, your spouse, dependent parents, and children under one plan, so you won’t have to buy different policies for everyone. Also, a family floater has a higher sum insured than individual health plans, which can help during expensive medical procedures. For example, if a family member needs long-term and expensive healthcare, they can use the entire sum insured to cover their medical bills.
• Check the waiting period: Insurance policies come with an initial waiting period of up to 30 days. In addition to this, there are waiting periods of up to 3 years for pre-existing conditions and specified diseases. When buying a comprehensive health plan, remember to check these waiting periods, especially if you are suffering from a pre-existing condition or specified disease. It is wise to choose a policy with a short waiting period to receive coverage for a medical condition sooner.
• Check network hospitals: When you are buying health insurance, make sure you choose an insurance provider with reputed network hospitals nearby. If there is a medical emergency, you can reach a network hospital sooner and opt for cashless treatment. This will save you from settling the bills from your pocket and filing a reimbursement claim later.
• Check the claim settlement ratio: The claim settlement ratio is an important factor to consider while buying a comprehensive health insurance policy. This ratio can tell you about the credibility of an insurance provider when it comes to settling health insurance claims. The higher the claim settlement ratio, the more reliable the insurance company is.
• Choose a plan without copayment or deductible: It is advisable to choose a comprehensive health plan without a copayment or deductible clause. This will ensure better financial protection and save you from paying a part of the bills from your pocket. Moreover, the absence of copayment and deductible will reduce paperwork and ensure quick claim settlement.

Conclusion

Choosing a comprehensive health insurance policy can help you keep your savings intact during medical emergencies. This Mediclaim policy offers extensive coverage, so you won’t have to buy multiple add-ons to enhance policy coverage. Therefore, if you are looking to secure your finances, you must buy comprehensive health insurance early in life for higher coverage at affordable premiums. Before you choose a health plan, remember to check policy coverage, terms and conditions to choose the best option.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wording and prospectus before concluding the sales.

Telangana Today