Protect yourself against critical illnesses with a comprehensive health insurance policy

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Protect yourself against critical illnesses with a comprehensive health insurance policy

Siddharth Singhal

World Liver Day: In a world full of uncertainties, it is next to impossible to avoid health related problems. However, the financial implications that come with this type of health emergency can still be minimized. Liver disease is currently one such worrying disease among people of all ages. According to the World Health Organisation, liver diseases are the tenth most common cause of death in the country, and one in five Indians are likely to face complications related to this liver disease.

Keeping in mind the significant impact of chronic liver diseases on physical health and financial burden on individuals and their families, it has become necessary to protect yourself with a strong health insurance policy. So, on World Liver Day, let us know about the comprehensive health insurance policy and coverage for critical diseases-

Importance of comprehensive health insurance with critical illness cover

Liver disorders are on the rise in India, with one million people diagnosed with liver cirrhosis every year. Additionally, there has been a significant increase in NAFLD due to obesity, which according to reports now affects 40% of the population in the country and 25-30% of the global population. The cost of liver cirrhosis treatment in metro and tier-2 cities can be anywhere from Rs.10 lakh to Rs.30 lakh, and liver transplant can cost more than Rs.36 lakh in India.

Additionally, adding consumables will benefit the policyholder from expenses like needles, syringes, gloves, etc., which account for a considerable outlay of the final hospital bill

Thus, to save yourself from the financial burden of high treatment costs and medical inflation, investing in a comprehensive health insurance that covers critical illnesses like liver disorders is the best option. A comprehensive health insurance policy covers expenses during hospitalisation, pre and post hospitalisation, advanced medical treatment costs and surgery related expenses. Also, it offers the facility of adding a rider to reduce the waiting period to 1 year, making them better than standard health insurance policies. Additionally, by adding the Consumables add-on, the policyholder will get benefits for expenses like needles, syringes, gloves, etc., which add up significantly to the total cost of the hospital bill.

Understanding Standalone Critical Illness Plan

Critical illness plan is a very good option to cover loss of income for the treatment of serious diseases like liver failure. In this case, the insurance company pays a fixed lump sum amount on diagnosis which can be used to meet any expenses like medical expenses incurred in India or abroad, household expenses, paying EMIs etc.

things to keep in mind

● Determination of Sum Insured

Since the cost of treating critical illnesses like liver disease can vary depending on the diagnosis, it is necessary to choose the sum insured carefully. Hence, opting for a higher sum assured will ensure that the insured can avail the benefits of proper healthcare facilities without any hassle. Considering the rising medical expenses, it is advised to opt for a policy with a minimum sum assured of Rs 50 lakh to Rs 1 crore.

● Review waiting period

While buying a comprehensive health insurance policy that covers critical illness insurance, it is very important to keep in mind the waiting period. Waiting period is the period after which you can make a claim against the health insurance policy. It can be anywhere between 1 to 3 years. However, there are plans available now that offer the facility of a shorter waiting period. Also, buying it at a young age will help reduce the waiting period and provide reasonable premiums due to lesser chances of serious medical emergencies.

Organ Donor Expense Coverage

Insurance companies also cover the expenses related to organ donation, as in case of liver failure, the chances of liver transplant are very high. Almost all health insurance policies also cover expenses related to organ donation. Some plans also pay for pre and post hospitalization expenses for the donor.

Since most of the cases of liver disorders appear mild without any symptoms, which if not treated in time, can lead to serious consequences such as progression to cirrhosis, liver cancer and liver failure, therefore, critical illness cover It is very important to be completely protected with a comprehensive health insurance policy. This will be helpful to the family in times of financial distress due to medical emergency. So, while buying any health insurance, compare different policies online, evaluate the benefits, exclusions and inclusions, know about the claim settlement ratio and read all the terms and conditions.

This article is written by Siddharth Singhal, Business Head, Health Insurance, Policybazaar.com. The views published are his personal.

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