Choosing the ideal mediclaim coverage is as critical as buying the right health insurance in the first place. While you can evaluate your family's medical needs to select insurance benefits, it is difficult to cope with the sharply rising healthcare costs. Thus, you need a large pool of health insurance funds to secure your entire family against uncertain health emergencies. That's when you can consider buying a 1 cr health insurance plan that promises optimum coverage for all. Yet, there are other crucial factors that you must consider before making the right choice. Read on to learn more about it.
5 Things to Check Before Opting for 1 Cr Health Insurance
The following check-points come in handy in ensuring the right 1 crore health insurance plan:
1. Coverage and Benefits
It is assumed that a health cover with a larger sum insured offers optimum coverage and superior benefits. Yet, policyholders are disappointed to realise that most of the health policies with a sum insured of 25 lakh, 50 lakh, or 1 Cr offer almost the same set of benefits as a standard health cover. The only difference between 5-lakh and 1-cr health insurance is that of the coverage amount.
Hence, if you have a young and nuclear family, you should consider buying a policy with a lower sum insured of up to 25 lakh. However, if yours is a big family with multiple members, you can consider buying a higher sum insured policy while customising the same to meet the family members' needs.
2. Waiting Period
A higher sum insured policy motivates people to cover their elderly family members under the same policy. However, not all family members have the same health condition and medical needs. Especially for the elders, you need to consider their pre-existing illnesses like diabetes, hypertension, and heart diseases that may affect their coverage and waiting period.
Usually, the standard health policies involve a waiting period of 4 years for pre-existing illnesses. While it can be easily completed by younger family members, elders might need coverage more frequently. That's why it is wiser to choose a separate health cover for senior citizens and elderly parents rather than including them under the same policy as other family members.
3. Sub-limits
Not all benefits are covered up to the policy's sum insured. For instance, room rent and ICU charges are generally capped up to a specified limit. While you may assume that a 1-crore health plan will have no sub-limits for its benefits, you must check it before buying the policy. To avail of hassle-free 1-crore health insurance with no sub-limits, you can rely on the leading health insurers like Care Health Insurance. The insurer offers a slew of benefits under the high sum insured policies while eliminating sub-limits on room rent or category and ICU charges.
4. Premium Amounts
The higher the sum insured, the higher the amount you pay to get the policy benefits annually. As a growing family, you would need to park more funds for everyday expenditures. At this stage, it is ideal to buy a standard health cover of up to 25-lakh coverage. However, you can consider buying a 1-crore health plan for your younger family if there's a higher risk of medical emergencies.
5. No Claim Bonus
Your health insurance policy rewards you for maintaining good health with a no-claim bonus that eventually increases your policy's total sum insured. Most commonly, insurers offer a 10% increase in the sum insured for every claim-free policy year. However, it is limited to a maximum of 50% of the sum insured while also reducing the coverage by 10% in the years involving any claims.
Thus, choose your sum insured as per your family's medical needs. Consider opting for a lower coverage if you believe there wouldn't be any major health emergencies in the near future, so you can increase the coverage automatically with a no-claim bonus.
Choosing the Right Health Cover with 1 Cr+ Coverage
Selecting the ideal coverage for your family is a critical decision. As a policyholder, you need to evaluate several factors, including your income and capacity, before opting for a greater sum insured. If you are considering buying a 1-crore health plan, check out one of the renowned health insurers, Care Health Insurance. With several wide-ranging health insurance products for every kind of family and individual, the health insurer promises affordable premium ranges. Its 1-cr health insurance-Care Advantage packs a plethora of benefits like pre and post-hospitalisation expenses, day care treatment expenses, no claim bonus, ambulance charges, and more.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
