If you are looking for India’s best health insurance policy to purchase today, you should seriously consider critical illness insurance, otherwise known as ‘catastrophic’ illness insurance.
While most people expect not to encounter any major health scare in their lifetime, it may surprise you to learn that this scenario occurs more often than not in many homes in India.
But not many Indians have heard of critical illness insurance cover, and those who have, are often quick to dismiss it, claiming that it is “bad luck” buying such a cover.
This health insurance policy covers major medical emergencies, such as stroke, heart attack, organ-transplant expenditure, and even ailments such as cancer and chemotherapy costs. These medical conditions are quite prevalent in India.
So why do Indians not wish to purchase a critical illness insurance cover, especially knowing that the hospitalisation and treatment costs for major medical emergencies are usually astronomical, and this policy could save them a fortune in medical expenses?
The truth is ignorance and superstition. In some cases, religious beliefs often play a crucial role in influencing people’s decision making when it comes to the issue of buying a catastrophic illness insurance plan.
This article will help you understand how purchasing a critical illness insurance policy can help save you a lot of money that you might otherwise have to spend on exorbitant medical bills. And also the other benefits relating to buying a critical illness insurance plan.
Contents
What is Critical Illness Insurance?
You need to know that you can have a standard family health insurance cover and still purchase a critical illness insurance policy. The latter is an additional insurance cover that caters primarily for life-threatening emergency medical conditions like strokes, heart attacks, and cancers.
Insurance companies developed this different health insurance package to address the peculiarity of severe health emergencies, which often sees patients incurring very high medical expenses.
This policy ensures that patients and policyholders get qualitative medical attention without spending their life’s fortune. Traditional health insurance coverage does not include cover for life-threatening diseases, so having a critical illness insurance plan can protect you against the financial uncertainties associated with the treatment of deadly illnesses.
How to purchase a catastrophic Illness Insurance policy?
You can purchase catastrophic illness insurance cover in two basic ways. The first is on your own by buying directly from an insurance firm. The second way is via your place of employment. Many employers offer catastrophic illness insurance plans to their workers mainly as their voluntary employee benefits.
Also, you can buy the catastrophic illness insurance cover along with a life insurance policy. It is a cost-effective and viable option for most people.
Labour Employers in India are more open to introducing this insurance plan to their workers, helping them save money on emergency medical treatment for severe health conditions.
How Critical Illness insurance saves you money?
Catastrophic illness insurance will help save you money by taking care of the different cost elements involved during and after the treatment of critically ill policyholders. Some of these monies and cost elements include:
- Paying for prolonged hospitalisation expenses.
- Money used in paying for expensive tests.
- Money used in paying for costly prescription medication.
- The cost of care after a critically ill patient is discharged from the hospital.
- Cost of regular checkups with doctors even after being discharged.
- The cost of transportation and mobility of critically ill patients. It includes the cost of an ambulance carriage. It also provides for the price of a wheelchair, walker, crutches, and other mobility or walking aids.
- The cost of home care, rehabilitation, and living of the critically ill policyholder.
- The cost of specialised home fittings and equipment to aid home recovery.
In addition to helping policyholders save personal funds, a critical illness health insurance plan. Which usually comes with flexible and cost-effective premium payments. Some insurance companies indicate specific coverage amounts and premiums for emergency health conditions.
For example, Indians may decide to buy an organ transplant. Only plan with a coverage of Rs 6 lakh on a Rs 4,000 per month premium payment. It is up to potential policyholders to decide which critical illness medical health plan to choose.
The policy may also be for an individual-only or extend to other immediate family members. However, the latter may entail a much higher premium payment than the former.
Conclusion
Critical illness insurance is one of the best health insurance in india that you must essentially buy. It takes care of the astronomical medical expenses during the hospitalisation and treatment of critically ill patients.
The plan also caters for the recovery stage of discharged patients. It includes providing home equipment, medication, mobility aids. And every other thing needed to promote recovery and maintain decent living conditions for policyholders.
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