With rising medical costs, people prefer to buy higher health insurance covers. Therefore, some insurance companies have started offering as high as Rs 50 lakhs or even Rs 1 crore health covers. • Apart from hospitalization costs, these high-value policies offers higher maternity, baby care, post-treatment, OPD and day-care procedure covers, insure organ donation and fund alternative treatments. • They also do not apply sub-limits on room rents. Some policies also cover treatment abroad and allow reinstatement of sum insured. However, premium for such plans is higher.
The biggest advantage of high-value covers is that international treatment is compensated. However, the list of ailments covered is restrictive. • Usually, treatment abroad is covered for diseases like cancer, benign brain tumor, major organ/bone marrow transplant, heart valve replacement and coronary artery bypass graft. • And overseas treatment claim is honored only if similar treatment is not available in India. These policies also have a higher co-payment clause for senior citizens at 20%.
Experts also suggest that one should review their medical insurance plan cover every three years and then decide to increase it or not. One can take a call based on increase in salary, family responsibility, and change in job profile and so on. • And if you are still planning to go abroad for specialized treatment, you could buy a fixed benefit policy like for critical illness, in combination with a regular hospitalization cover. You could also buy a high-sum insured critical illness plan and get the entire sum insured as lump sum. • [Source: https://www.policymantra.com/blog/are-high-value-health-covers-worth-buying-2/]
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