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We are living in an era where the salary is growing at a snail’s speed while inflation has taken the F1 track. Even the day to day healthcare is becoming un-affordable if you’re not earning a decent sum. With rising pollution and unhealthy lifestyle, our visits to the hospital have increased and with it, our monthly expenses too. There was a time when a normal consultation cost just a few hundred bucks. Now, you can’t even chat with a doctor without giving him a pink slip of 2000 rupees. And this is not when you visit a veteran doctor. Their one-time consultation charges are touching the roof.
Not just the consultation but the treatment, tests, and medications have become expensive too. The only affordable healthcare is available in government hospitals, and we all know the scenario there. As a common man, it becomes hard to survive on an average income and expensive health care. To tackle it, we opt for the best health insurance plans for ourselves and our loved ones. Giving a minimal premium for a health insurance plan can save you from the big unexpected expenditure. It is always prudent to opt for a safety net. But the question arises, how big a safety net do you require?
Nowadays some of the insurers are offering insurance plans as big as Rs. 1 Crore cover. And if you’re late in the 20s, then the premium amount would be around Rs. 9,000 which is nothing compared to the cover you’re getting. But the point is, do you need such a big insurance cover? Is it effective or just an eyewash? Let’s try to figure it out.
Who Requires A Substantial Cover?
Such a large cover is for the people who:
- Have a large income and want only 5-star treatments. They usually have a substantially high net worth and want services which are hassle-free in the ‘feels-like-home’ hospitals
- Are planning to go abroad for treatment. Cost of healthcare overseas is much more as compared to India. Hence, they require a high cover to take care of the painfully expensive treatment
- Have parents who suffered from a critical illness which is hereditary and requires long and expensive treatments. In such a case, a nominal cover of 20-30 lakhs is not sufficient, and a larger sum insured should be chosen.
If you fall under the category mentioned above, then you might (that’s a BIG might) think of opting for a large insurance cover. Else, normal is the new good.
To Opt or Not to Opt?
Usually, insurance covers worth Rs. 1 Crore come with a relatively high premium of around Rs. 50,000 and that too when you’re in early the ‘20s. The cost goes in lakhs in older age when the experiences of life have turned your hair grey. But these days companies are offering such a high cover in merely Rs. 9000 premium. Something which shouldn’t be cheap but is cheap must make you check twice.
When a company is offering you a greater than life cover at a reasonable price, there’s a good chance that something is hidden under the blanket. Most of the times, such offers have following restrictions:
Limited Cashless Hospitals
Such a big claim is only useful in cashless hospitals. You won’t like to spend from your pocket first and then later file for the claim (which might take a while to reach your bank account). Check out how many cashless hospitals are partnered with that particular plan. Check the quality of all those hospitals and see their speciality.
Long Waiting Period for Pre-existing Diseases or Conditions
These plans usually have a waiting period for pre-existing diseases or conditions. So, when you sign the document, you would have to wait as per your waiting period for your insurance plan to cover already existing diseases or conditions. In some cases, it is two years, and in some cases, it is as high as four years. However, there’s no point in waiting for two or four years to get covered for existing diseases or conditions. There are many other equally good (not with as high a cover though) plans available in the market which have a lesser waiting period.
Huge cover plans have sub-limits. A sub-limit is the maximum cap on the cover which would be applicable to a specific disease or treatment. Opting for a 1 crore cover would not mean you would get the equivalent amount or the exact amount as per your expenses. There’s a good chance that the policy contains a maximum claim limit for various diseases.
For instance, cancer. Cancer treatment might cost Rs. 30-40 lakhs. And opting for 1 crore insurance might seem like a financial relief. But it is also possible that according to the policy, one can only claim a maximum of Rs. 20 lakhs for cancer. So, check out the sub-limits carefully.
Check out what your policy doesn’t cover. It could be anything cosmetic, or dental surgery, or joint replacement. Many a time one or more treatments are put under exclusions.
Though this policy looks shiny, it is evident from the above points that all that glitters is not gold. With all these limits and impractical requirement (mentioned in the first subheading), it’s always better to opt for a nominal cover policy. However, with the insurance market flooded with thousands of plans, purchasing the best health insurance plan is not a cakewalk. That’s why it’s a smart decision to compare health insurance plans online to find yourself the best deal.
Have a healthy life!
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