High-Value Health Insurance Plan - Benefits & Features

In a world full of uncertainty, health insurance is the need of the hour. In fact, it is the first step to planning your medical uncertainty and hospitalisation. Otherwise, it can blow your monthly budget, since the medical costs are increasing due to advancements in technology. For instance, medical bills of 5 lakh RS will double to 10 lakh by the following year. Therefore, we should always have health insurance that can pay for the increased medical costs in the future. One of the best solutions is a high-value health insurance plan.

What is High Value Health Insurance?

High-value medical insurance plans are comprehensive and exhaustive that give all the coverage to match inflating healthcare costs and cover critical emergency treatments & all advanced treatments. In a nutshell, we can say that high-value health insurance is a plan specifically designed to cover high-cost medical treatments. What makes a High-value health insurance plan different is the amount of sum assured. Generally, the sum assured for these policies is very high (up to 1crore) than the regular healthcare plans.

These plans not only provide higher coverage for medical treatments but also covers the cost of pre and post-hospitalisation, critical illnesses, organ transplant, day-care procedures, Outpatient Department (OPD) expenses, advanced-stage cancer, and other non-hospitalisation coverages.

Features of High Value Health Insurance

High-value health insurance plans have varied features. Some features of the high value health insurance are:

Coverage of Foreign Country's Medical Expenses:

Some medical conditions or emergencies might need international treatments. Since not all medical procedures might be available in India, the international treatment cost might be a fortune compared to the treatment costs in India. But with high-value insurance plans, you can enjoy the benefits of international treatments and file a health insurance claim to cover the high expenses of foreign medical procedures.

Offers Exhaustive Coverage:

High-value health insurance offers comprehensive coverage with regular health insurance benefits. These insurance policies cover the expenses of advanced stage cancer and holistic health checkups, maternity expenses, baby care, OPD expenses, organ donation insurance, etc.

No Sub-Limits for Room Charges:

one of the benefits of having a High-value health insurance plan is that these plans do not have sub-limits on the room charges of hospitals. But hospital categorisation criteria might make this feature only available to low-category rooms.

It is important to remember that if a person’s income is low, then high-value insurance may not be suitable for them because it has a higher premium amount. Senior citizens have to pay 10%-15% more copay in high-value insurance plans as compared to regular health insurance. Also, as compared to regular insurance plans, the underwriting procedure for high-value health insurance plans is more rigorous.

Who Should Choose High-Value Health Insurance Plans?

Health insurances are essential. If you can afford to pay high premiums, then high-value insurances are for you. Criteria to look for before choosing the high-value health insurance plan are:

• Net worth
• Type of Treatments you might need
• Future earnings
• Need for international medical treatments

Moreover, if you do not fall into high net worth individuals (HNI), you can always choose to extend the coverage of your basic plans by the top-up or super top-up plans. This could provide you more sum assured and higher claim benefits. 

How to Determine the Amount of Coverage you Need?

While opting for the health insurance plans, you might need to decide on the sum insured amount. So, what amount of medical insurance is required? To determine the amount of sum assured you need, look at the below factors:

Capability to Pay:

The sum assured you opt, decide the premium amount. Thus, evaluate your capability to pay and net worth before settling for the right medical plan. 

Family Medical History:

If your family members have a chronic or lifestyle disease history, you must opt for the high-value health insurance plan, as these plans provide comprehensive coverage.

Age:

Age is the most significant factor in deciding the coverage premium. Adults aged 20-30 have very few chances of getting ill. Thus, at such an age, you can go for plans with a lower sum insured. However, for middle-aged or senior citizens, you should choose plans with broader coverage as their chances of falling ill and getting hospitalised are higher.

Access to Hospitals:

The cost of treatments varies with the hospital. Like, in metropolitan cities, the sum assured needs to be higher than in suburban or rural areas because speciality or metropolitan hospital expenses are higher than in small private or government hospitals. So it would be best to choose the insurance plans depending on the accessibility.

Frequently Asked Questions for Health Insurance Plan

Q1. Is it worth it to invest in health insurance?

Today, health insurance is not an investment but a necessity. Increased diseases and reduced life expectancy have made health insurance essential for everyone. To choose the plans worth investing in, visit Niva Bupa website. 

Q2. Is health insurance expensive?

Certainly, healthcare costs are increasing with time. But there are various insurance options depending on the sum assured and coverage. There are plans which can give you benefits in your budget. You can visit the Niva Bupa page to check the health insurance available in your budget. And can also avail an online health insurance facility at Niva Bupa.

Q3. Is it possible to avail of cashless hospitalisation through a high-value health insurance plan?

Yes, a high-value health insurance plan avails the cashless hospitalisation facility as the regular health insurance plans.

Niva Bupa has affordable and comprehensive health insurance plans for you and your family with great benefits that will help you save a lot. Visit Niva Bupa's official website to know more about the insurance policies.