To say that medical expenses have increased would be an understatement. As per latest reports, the retail healthcare inflation in India has been increasing quite consistently and at a concerning rate. For the financial year 2017-18, the retail healthcare inflation was 4.39% and in the next year the rate increased to 7.14%.
As per the data published by the General Insurance Council (GIC) from the period beginning March 2020, when COVID struck India, till 14th May 2021, policyholders have been paying 40% of the treatment costs from their own pockets.
For starters, to keep the premiums low, many individuals opted for low coverage levels that had coverage sub-limits. These sub-limits stymied the claim payments. Secondly, with low coverage plans, there might have been a possibility of exhaustion of the coverage to pay for the medical expenses. Lastly, the pandemic also resulted in post-recovery medical complications which incurred additional medical costs, thereby causing an additional financial burden.
These out-of-pocket expenses during the pandemic and the rising medical costs point to one inevitable fact – we need to be prepared for any future uncertainties with a high coverage health plan.
Other reasons why a high sum insured is important can be highlighted in the following points–
1. Rising illnesses
Along with the rising medical costs, the cases of illnesses are also increasing. More and more people are falling ill and are developing chronic medical conditions like diabetes, cancer, heart disease, stroke, lung cancer, etc. This increases the probability of making frequent claims. Thus, to meet claims sufficiently, a high coverage is needed.
2. Floater coverage
Most households opt for floater coverage where all the family members are insured under a single policy. With multiple people being covered, it is necessary to have a high sum insured so that in the event of multiple claims the coverage is sufficient to pay for them. Especially considering the current pandemic circumstances wherein the chance of entire family is getting affected is very high.
So, if you think that only having plain vanilla health insurance plan is enough for you, think again. Besides a comprehensive plan, you also need a high sum insured health insurance plan. There’s no way around it if you want complete financial protection in medical emergencies. Thanks to the modern day health insurance plans, availing a high coverage has become quite easy. There are a lot of health insurance plans available in the market that offer coverage of Rs.1 crore and even higher.
These Rs.1 crore health insurance plans offer various benefits besides the high amount of coverage. Some of these benefits that you can enjoy includes the following –
A. Sum insured restoration
Many high value health plans allow the benefit of sum insured restoration. This benefit refills the sum insured if it is used up on previous claim(s). So, if you incur multiple claims, the feature of sum insured restoration can help you provide sufficient coverage against medical expenses.
B. Coverage for modern treatments
The best part about high coverage plans is the scope of coverage that they allow. Such plans allow coverage for modern and robotic treatments. Thus, you can avail the best healthcare facility, without worrying about the sufficiency of coverage.
C. Wide scope of coverage
When you have high value health insurance plans, you can avail of a wide scope of coverage. There are, usually, no sub-limits on important coverage features like inpatient hospitalisation treatments, donor expenses, domiciliary treatments, AYUSH coverage, etc. Moreover, these plans also allow coverage for mental treatments, international treatments, etc.
D. Range of optional extensions
High-value plans also offer a range of optional benefits allowing you to enhance your policy’s coverage and customize it as per your needs.
High coverage is, therefore, quite beneficial to avail of. One such plan that offers sum insured of up to Rs.3 crore is ManipalCigna Lifetime Health Plan. With two variants viz. India Plan and Global Plan, you can opt for coverage of your choice. Some of the salient benefits of the ManipalCigna Lifetime Health Plan include the following –
1. Higher coverage up to Rs 3 Cr in India and Abroad
2. Coverage against up to 27 Major illnesses Abroad
3. Option to customize the coverage through optional packages such as Health+, Women+ and Global+
4. Specialised optional package for women
5. Loyalty discount from 4th Policy year onwards
Moreover, the coverage is extremely affordable allowing you to enjoy coverage of up to Rs.3 crore without hurting your pockets.
So, understand the need for high-value health plans and invest in one for yourself and your family for optimal protection.
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