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Health Insurance is the Solution for High Risk Cases Too

Updated On Feb 12, 2021

Leading a healthy lifestyle has become very important in today’s age when diseases are becoming common and rampant. Diseases like diabetes, hypertension, heart-related condition, etc. are quite common among individuals in today’s age than they were a decade or two ago. Similarly, critical illnesses like cancer, paralysis, kidney failure, etc. have also become common. You can easily find patients suffering from any type of illness in almost every family.

While illnesses and diseases have become common, the cost of medicine has also gone up. In today’s age there are advanced treatments for almost all types of illnesses and yet these treatments are difficult for the average middle class man to afford. Medical inflation has increased so much that a simple doctor’s consultation and subsequent medication costs thousands and if you are hospitalised, the bills that incur are heavy on your pockets. If, in this situation, you suffer from a major illness and require intensive treatments, you can say goodbye to the savings which you have created from scratch.

In the face of rising illnesses and rising medical costs, you need a comprehensive health insurance to protect you from the adverse financial impact of a medical emergency. A health insurance plan covers the different types of medical costs which are incurred if you suffer illness or injury and are hospitalised. The policy can be taken for covering yourself, your family members and also dependent senior citizen parents. 

When it comes to health insurance, many of you believe that you would get a health insurance policy only when you are healthy. If you have any illness, the plan would not be available. This is a myth. There are specially designed health insurance policies which cover existing illnesses too. In fact, if you are suffering from any severe illnesses too, you can opt for a health insurance plan. Let’s understand how –

· Pre-existing illnesses are covered under normal health insurance plans

If you are suffering from a pre-existing illness like diabetes, hypertension, etc., you can get coverage for your illnesses under a normal health insurance plan after a stipulated pre-existing waiting period. Pre-existing waiting period is the period during which pre-existing illnesses are not covered. But once the waiting period is over, the health insurance plan provides coverage for your pre-existing illnesses. So, your existing illnesses can be covered under the scope of health insurance plans.

· Specialised health insurance plans cover existing high-risk illnesses

The health insurance market has seen tremendous innovations in terms of the products offered. There are specialised disease specific health insurance plans in the market which are designed to cover complications arising out of specified illnesses. For instance, there are diabetes specific health plans which cover diabetics. Similarly, you can find heart related health plans which are especially designed for heart patients. Then there are health plans which cover AIDS, dengue and even bariatric surgeries. So, if you are suffering from these illnesses, you can find a tailor-made health insurance plan especially for your needs. The plan would cover the medical risks associated with your illness and are apt for high risk individuals.

So, there is a health insurance plan for you even if you are suffering from any high-risk illness. However, when getting covered under a health insurance plan, the following points should be kept in mind –

Ø You should inform the insurance company of the illness from which you are suffering and its severity. The insurance company might require you to undergo a pre-entrance medical screening which would help it assess your health risk. Moreover, there might be an increase in the premiums payable. It is better to undergo a medical check-up and pay an increased premium than to hide your medical history and face the possibility of claim rejection. So, always be honest when buying a health insurance plan so that all your medical costs get covered.

Ø Normal health insurance plans have a waiting period for pre-existing illnesses during which the illnesses and their complications are not covered. So, if you are buying a normal health insurance plan, opt for the plan with the lowest waiting period so that your illnesses are covered at the earliest.

Ø Even in case of disease specific health insurance plans, you would find a waiting period for coverage of the specified illness. However, this waiting period would be small and your illness would be covered quickly.

You may also like to read The top 10 disease-specific health insurance plans

Now that you know that if you are suffering from any illness, you can buy a health insurance plan to get coverage for such illness. However, for sufficient coverage, the sum insured of your health insurance plan should be optimal. If you have a health insurance plan and the sum insured is low, you should buy another plan to supplement your coverage. If, on the other hand, you are buying a health plan for your illnesses, ensure that the sum insured is sufficient. What about the associated premiums?

Choosing a high sum insured under a health insurance plan requires you to pay high premiums. Even when you buy another health plan for supplementing your cover, your premium outgoes would increase. A high premium outgo might not be affordable for everyone and so there are top-up health insurance plans. Let’s understand what they are –

Top-up Health Insurance 

Top-up health insurance plans are health insurance plans which have a sum insured level and a deductible level. If the claims exceed the deductible level, the excess claim is paid by these plans. When you have a health plan with a low sum insured, you can buy a top-up plan where the deductible limit coincides with the sum insured of your existing plan. In that case, in case of higher claims, your existing health plan would cover you till the sum insured and any excess would be covered by the top-up plan. 

For instance, you have a health plan of Rs. 2 Lakh which you want to supplement. You can buy a top-up plan with a sum insured of Rs. 5 Lakh and a deductible of Rs. 2 Lakh. In case of a claim of Rs. 3.5 Lakh, Rs. 2 Lakh can be covered by your health insurance plan. The top-up plan would then cover the rest Rs. 1.5 Lakh since the claim is more than the deductible limit of Rs. 2 Lakh.

Top-up plans have a low premium rate and so, you get to increase your health insurance coverage at affordable rates by investing in top-up plans. Since high-risk illnesses require a sufficient level of coverage, a top-up plan proves to be ideal and easier on the pockets.

Now that you know how to get coverage for your existing high-risk illnesses, there is another type of health insurance plan which you should not miss. This is the critical illness health plan which covers common critical illnesses that you might suffer. Given the fact that cancer, paralysis, stroke, etc. have become common, having a critical illness health insurance policy is advised. The premiums are low and the benefit is paid in lump sum which allows you to use it for any financial requirement. 

So, get insured under a health insurance plan according to your coverage needs. There are plans to cover existing illnesses as well as future critical illnesses and so you should ensure to arrange for a comprehensive cover for yourself.

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