There is a significant rise in the demand for a health insurance policy that covers treatment abroad. The sum insured is also on the rise. Today, certain insurance providers offer a sum insured up to USD 2.5 million. Treatment in the United States of America and Canada is very expensive for an accident or a critical illness. This is the sole reason behind the rising demand for high value-health insurance plans. A high-value insurance plan does not come cheap and it can have restrictions. Consider the pros and cons of the plan before making a decision.

Benefits of a high-value insurance cover

Discussed below are a few health insurance benefits of a high-value plan.

1. Comprehensive coverage

Healthcare expenses and medical costs have increased significantly. A basic health insurance plan might not be able to provide for it. This is where a high-value cover will make all the difference. Since the sum assured is high, you do not have to worry about expenses in case of a critical illness.

2. Covers the cost of international treatment

Many individuals who go on a foreign trip consider high-value insurance as an ideal option. It covers the high cost of medical treatment incurred during a foreign trip.

3. No sub-limits

There are no sub-limits in case of hospital room rents in a high-value insurance cover.

Drawbacks of a high-value cover

A high-value insurance cover has certain drawbacks. These are explained as follows:

• High premium

The premium amount for the plan will be high as compared to a basic plan. If you are underinsured, it might not be possible for you to pay a high premium for health insurance.

• Waiting period

Despite the high premium amount, there is no respite from the waiting period. You will still have to wait for a specific tenure before you can file a claim. A list of exclusions that apply to a regular plan will also apply to a high-value insurance plan. You will have to go through a medical test before the health insurance policy is issued. Any ailment diagnosed during the medical test will be in the exclusions of the insurance policy.

• Strict underwriting

All health insurance policies will be issued to you only after underwriting but in case of a high-value plan, the underwriting procedure is even more stringent.

Keep the pros and cons of a high-value health insurance plan in mind before you finalize a policy. You need to consider factors like your current health, medical history, age, city of residence, and the coverage you can afford. Premium is not the only parameter you need to look at when buying a policy. It is important to consider your needs as well as the offerings of a high-value insurance plan and then make a decision. Finserv MARKETS offers a range of Bajaj Allianz health insurance plans that fit your budget and cover all your medical needs. So why wait? Head to Finserv MARKETS to get insured today!