Escaping health problems in a world full of uncertainties is almost impossible. However, one can still mitigate the financial impact of this type of health emergency. Liver diseases are currently such a worrying trend among people of all age groups. Liver disease is the tenth most common cause of death in the country, with a predicted chance that one in five Indians will suffer the consequences, according to the World Health Organization.
Given the significant impact of critical illnesses such as liver disease on physical well-being and the financial burden they place on individuals and their families, it has become essential to protect themselves with a robust health insurance plan. That’s why up World Liver Day, let’s know about comprehensive health insurance and critical illness coverage.
Importance of comprehensive health insurance with critical illness coverage
Liver disease is on the rise in India with 10 lakh people being diagnosed with cirrhosis of the liver every year. In addition, obesity has contributed to an increase in NAFLD, which now affects 40% of the country’s population and 25-30% of the world’s population, according to several reports. To give some perspective on treatment costs, cirrhosis of the liver can range from Rs. 10 lakh to Rs. 30 lakh in metropolitan and Tier II cities, and transplant operations can cost more than Rs 36 lakh in India.
Thus, to protect oneself from the financial burden of high treatment costs and medical inflation, it is paramount to invest in comprehensive health insurance along with critical illness coverage. Comprehensive health insurance covers costs associated with hospitalizations, pre- and post-hospitalization costs, advanced medical treatment costs, and surgeries. It further offers flexibility to add a rider to reduce waiting times to 1 year, making them superior to standard health insurance plans. In addition, adding consumables will benefit the policyholder against expenses such as needles, syringes, gloves, etc., which are a significant expense on the final hospital bill.
Understand self-contained critical illness plans
Critical illness plans are an effective way to cover loss of income when a critical illness such as liver failure is discovered. In such a case, the insurance company pays a lump sum after diagnosis which can be used to cover any expenses such as medical expenses that may arise in India or abroad, household expenses, paying EMIs, etc.
Things to consider
- Determining the insured amount
Since the cost of treating critical illnesses such as liver disease can vary depending on the diagnosis, it is essential to choose the amount insured carefully. Therefore, selecting a higher amount will ensure that the insured has carefree access to the best medical procedures. It is advisable to opt for a policy with a minimum insured amount of Rs. 50 lakh-1 crore due to rising healthcare costs.
- View the waiting time
When purchasing comprehensive health insurance that covers critical illness insurance, it is imperative to estimate the waiting period, i.e., the period after which you can make a claim with the health insurance. This can vary from 1-3 years. However, plans are now available that offer a shorter waiting time. By buying it younger, you can negate the waiting time and offer reasonable premiums because of the less chance of serious medical problems.
- Organ donor expense coverage
Insurance companies also cover costs associated with organ donation, a possible treatment option in case of liver failure. Almost all health insurance policies also cover the costs of organ donation. Few plans also pay for pre- and post-hospitalization costs for the donor.
In conclusion, since most cases of liver disease have negligible to no symptoms, which if left untreated can lead to serious consequences such as progression to cirrhosis, liver cancer and liver failure, it is therefore essential to be fully protected with a comprehensive health insurance plan that covers covers critical illnesses. This will protect the family from the significant implications that can cause a major financial setback. Therefore, compare the different policies online, evaluate the benefits, exclusions and inclusions, claims settlement ratio and always read the conditions.
Written by Siddharth Singhal, Business Head – Health Insurance, Policybazaar.com
disclaimer:The views expressed in this article are those of the author and do not represent the views of this publication.
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