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It’s great that you’ve taken the wise step of securing a health insurance plan in advance for emergencies. But are you sure it covers all the benefits you might need? 🫤

A basic plan may provide coverage, but gaps in protection can lead to unexpected expenses. That’s where a comprehensive health insurance plan becomes essential. 

In today’s fast-paced world, medical costs are rising, and unforeseen health crises can strike any time. A well-rounded, comprehensive plan ensures not just hospitalization coverage but also preventive care, daycare expenses and even post-hospitalization support. Let’s discuss how and why a comprehensive health insurance plan is important. 

A comprehensive health insurance plan is one that provides all-encompassing coverage under a single policy, meaning that you don’t have to buy a number of different types of health insurance plans to cover a wide range of medical expenses. 

And, unlike basic health insurance plans, comprehensive policies tend to cover high-cost procedures like organ transplants and alternative forms of treatment.

Understanding Comprehensive Health Insurance with Example

Meet Mr. Ajay, a 40-year-old professional who had a basic health insurance plan that covered hospitalization costs. However, when he was diagnosed with a critical illness, he realized that his plan didn’t cover expensive treatments, pre- and post-hospitalization care, or ambulance charges. 

The financial strain was overwhelming. Fortunately, he upgraded to a comprehensive health insurance plan covering his medical bills and providing doctor consultations, diagnostic tests, and even post-treatment recovery support. 

Having comprehensive health insurance isn’t just about covering hospital bills; it’s about securing peace of mind. It ensures that you and your loved ones receive the best possible treatment without financial stress. 

It goes beyond the basic health insurance coverage, offering several benefits such as:

Wide Coverage

Comprehensive plans come with a wide range of coverage for all kinds of health issues, such as unfortunate accidents, hospitalization expenses, day care procedures, and treatment for life-threatening critical illnesses, among many others.

Protection from Medical Expenses

The extensive coverage means that comprehensive insurance plans tend to cover a wider majority of medical expenses. This includes expenses that may not be covered under basic plans, such as pre and post-hospitalization, home hospitalization, medicines, etc.

Additional Coverages

With a comprehensive health plan, you will also be able to get more benefits that are not available with other health insurance plans. This includes things like a refill sum insured, where your SI will get replenished if you exhaust it during the policy period, or having no room rent capping (i.e. no maximum room rent limit) in your policy.

Cashless Claims

Comprehensive medical insurance policies also usually offer the facility of cashless claims, where your health insurer will take care of the bills directly with their network hospitals. Meaning you don’t need to pay any cash out of your own pocket (excluding any co-payments or deductibles).

Cumulative Bonus

Comprehensive health insurance policies come with a cumulative bonus benefit. Those who haven’t made any claims during the policy year will receive an increase in their sum insured amount in health insurance without charging an extra premium.

Lifetime Renewability

A comprehensive plan is one that offers lifetime renewability. So, as long as you pay your premium, you can continue to enjoy the benefits of the plan, irrespective of your age.

Tax Benefits

When you buy a health insurance policy for yourself or for your family members, you can claim tax benefits under Section 80D of the Income Tax Act on the premium amount. You can claim up to 50,000 if you have parents above age of 60 years.

Note: The required documents may vary based on the insurer and the chosen plan. However, additional documents may be requested based on individual circumstances, policy terms, and underwriting guidelines.

Finding comprehensive health policy coverage that is both reasonable and appropriate for your healthcare needs may be difficult with so many things to take into account. 

Well, don't worry! Here are some crucial factors to think about:

• Compare the different health insurance plans available online based on their coverage benefits and premiums before choosing the one that is most suitable for you.

• Remember to read the terms and conditions of your health insurance policy to determine what is covered and not covered.

• Pick the sum insured based on your healthcare needs and the number of people you’re covering in your health insurance policy.

• Don’t hide any critical information or medical history from your insurance company.

• If you can, customize your health insurance plan, with different add-ons for better coverage.

• Buy your health insurance early in life, so you will have more reasonable premiums and get through waiting periods faster.

• Go through the company’s customer reviews to know more about the services offered.

• Examine the insurance provider's list of network hospitals that undergo cashless treatment without paying any cash. 

• You can learn what circumstances and treatments your insurance will not cover by carefully reading the policy's exclusions and limitations. 

Examine the insurance company's claim settlement procedure and the speed at which they have previously handled and settled cases.

Numerous factors, including the amount covered, the insured's age, the number of dependents, and the kind of coverage, are taken into account when calculating the overall cost of health insurance premiums. The price for generic health insurance plans may also differ since these factors differ from person to person.

With some insurance policies, customers can also select their co-pay and deductible levels. The policyholder consents to pay a specific proportion when resolving a claim, and the premium may drop even further if the co-pay clause is in place.

To estimate the overall cost of the plan, use the health insurance premium calculator. After you enter your personal information and that of any dependents (if any), the calculator will provide you with an approximate estimate. The premium calculator is typically incorporated into insurers' purchasing procedures. As a result, you can view a free quote before purchasing insurance.