Health insurance is essential to safeguard savings in the event of a medical emergency. While there are several options available, customers should research the features and options before deciding on a policy.
It's vital to understand that different health insurance plans fulfill different purposes. Some may cover only a specific group of people, whereas some may cover a specific disease.
Here, we are discussing the concept of a comprehensive health insurance plan and how it differs from a regular or basic health insurance policy.
Let's understand it under different sub-heads:
According to Rakesh Goyal, director, Probus Insurance, comprehensive medical insurance covers the cost of hospitalisation, daycare procedures, medical care at home, ambulance charges, among others. It offers extensive coverage and acts as a financial cushion in case of medical emergencies.
On the other hand, Goyal said, a basic health insurance policy covers medical expenses for illnesses or injuries. At the same time, it protects policyholders from sudden medical expenses and reimburses the bills or pays the medical care provider directly on the policyholder’s behalf.
In short, a basic health insurance plan helps policyholders in staying covered against various diseases. While, a comprehensive policy covers outpatient as well as inpatient treatments, including consultations, medical tests as well as hospital stays.
Inclusions and cost
According to Pankaj Arora, MD and CEO, Raheja QBE General Insurance, comprehensive health insurance is generally designed without any capping for room rent/ICU charges and doctor’s fees. It also does not have any sub-limits for any coverage such as domiciliary hospitalisation. It offers the maximum benefit to the insured as compared to the basic health insurance cover and hence the cost is also higher.
Unlike basic health insurance, comprehensive health plans come with valued added services such as pharmacy and diagnostic centre tie-ups, doctor consultation, gym membership discount and many such features which add to the health cover.
So, which is better?
As per market experts, a comprehensive plan is much better than the regular health cover in terms of the sum insured, benefits offered, diseases covered, flexibility, etc. A basic plan has limited benefits.
However, it's always on the customers to pick the policy as per their needs and fund availability.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
(Edited by: By Jomy Jos Pullokaran)
First Published: IST