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According to the Economic Survey 2023, out-of-pocket medical expenses constitute 48.2% of the total healthcare expenditure, meaning Indians still pay a substantial out-of-pocket amount to access healthcare. It is because they are not covered under a health insurance plan or have insufficient insurance coverage.Therefore, it is crucial to provide your loved ones with financial security. It should be the most important part of your financial planning. Here, a comprehensive health insurance plan comes to the rescue. A family health insurance plan with high coverage can help you secure the future of all family members under one plan. In this article, we will discuss the importance of a high-coverage health insurance plan for family protection and more.
Why Do You Need A High Sum Insured Coverage?
A high sum insured provides comprehensive coverage for the medical needs of all family members under one plan and protects them against unforeseen medical expenses. Here is why a high sum insured is required:
Medical Inflation
As healthcare costs continue to rise, it's essential to carefully evaluate your current sum insured to ensure that it covers potential future medical expenses for your family. Investing in high sum insured coverage will make you and your loved ones future-ready.
Lifestyle
In today's society, high-stress levels and a sedentary lifestyle have made everyone vulnerable to lifestyle diseases. These include diabetes, hypertension, thyroid disorders, and high cholesterol. It's crucial to be aware of these risks and take proactive steps to maintain a healthy lifestyle and prevent these conditions.
Critical Illnesses
Critical illnesses have become quite common these days. Once you are diagnosed with a critical illness, it becomes difficult to get health insurance coverage. Hence, if you or a family member is at risk of any such diseases or have a family history, it's important to get suitable health insurance coverage while you are still healthy.
Affordable
When you're young and healthy, investing in a high-coverage health insurance plan is affordable. You'll get extensive coverage at a reasonable cost, ensuring that you can take care of all your family's medical needs without financial strain.
Care Advantage Plan: Get a 6 Crore Cover at Affordable Premium
The Care Advantage plan is an affordable insurance cover offering comprehensive coverage starting from ₹ 25 lakhs up to ₹ 6 crores for your family with enhanced features. The Care Advantage health insurance benefits are as follows:
High Sum Insured with Global Coverage
Care Advantage plans offer high-sum insured with global coverage benefits, which include pre- and post-hospitalisation expenses, all categories of rooms, and a choice between two global coverages: worldwide coverage including USA & Canada and worldwide coverage excluding USA and Canada. Here are the sum insured options available under the global coverage:
| Type of Coverage | 25L, 50 L and 1 Cr | 2 Cr, 3 Cr and 6 Cr |
|---|---|---|
| Domestic Coverage | Included | Included |
| Global Coverage | Included, and provides coverage for planned treatment only. | Included, and provides coverage for both planned and unplanned treatment. |
Enhanced Pre and Post-Hospitalisation Coverage
You get enhanced pre and post-hospitalisation coverage with Care Advantage with 60 days of coverage for pre-hospitalisation expenses and 180 days of coverage for post-hospitalisation expenses as prescribed by the doctor.
Automatic Recharge
In case the sum insured is completely exhausted in one single policy year, you get an automatic recharge of the sum insured without any waiting period once in a policy year for the same person and the same illness also. Please note this is not available with global coverage benefit.
No Claim Bonus
If you don't make any claims in a policy year, the sum insured will increase by 10%, with a maximum increase of 50% of the sum insured in five consecutive years. Additionally, there is an optional No Claim Bonus Super benefit that will double your sum insured after 2 consecutive claim-free years if you choose to opt for it. The NCB and NCB super benefits are not available with global coverage.
Optional Benefits
The plan also offers many other optional benefits in addition to global coverage and NCB super for domestic coverage , such as annual health check-ups, reduction in PED waiting period, ambulance cover, OPD coverage, Care shield, Smart select, , etc. For details on optional benefits, please contact the Care Health insurance team.
Wrapping Up!
In conclusion, assess your family’s medical needs and future healthcare costs to decide a sum insured value that will be sufficient for your family's protection against unexpected medical expenses. Care Health Insurance provides several optional benefits to supplement the coverage offered by Care Advantage.
With Care Health Insurance, you can be confident that you will receive high-quality medical services at a wide network of 11600+ hospitals and experience speedy claim resolution through the Claim Genie mobile app or our 24*7 customer care facility. Visit our website to explore the various available online health insurance plans.
>> Also Read: Benefits of Buying a Family Floater Health Insurance
Disclaimers: The above information is for reference purposes only. For more details about the health insurance plans and their benefits please refer to the sales prospectus, policy terms, and conditions.
