Important Checklist for Picking the Right Health Insurance for HNIs
Health insurance policies offer unfathomable advantages against medical inflation. In India, medical inflation costs are increasing 9-10% every year. To cope-up with this ever-increasing medical inflation, people are purchasing various health insurance policies and are choosing network hospitals like Edelweiss health insurance network hospitals so that they don’t need to pay anything from their pockets in the case of medical contingencies. The cost of healthcare treatment has increased manifolds during this COVID-19 pandemic. People have realized that without health insurance policies, they can’t survive in this COVID-19 scenario. That’s why many people buy new health insurance policies or renew their existing ones, like Shriram insurance policy online payment, to enjoy the continuity of their policies.
Though most people believe that health insurance policies offer utmost financial protection against various diseases by safeguarding their finances, some high-net-worth individuals (HNIs) still think that they can afford the financial impact of immediate medical contingencies or at least in the near term.
A piece of advice to all HNIs, don’t be overconfident that you are well-equipped for all your future needs and requirements because you can’t presume unanticipated situations like pandemics, global warming, biological hazards, etc.
You may face challenges when you want to calculate the actual financial planning that contains such unknowns. Also, HNIs need to make international travel frequently. So, it is recommended to purchase a health insurance plan that offers worldwide coverage.
World-class benefits and a health-first approach
Some health insurance plans embrace policyholders with intriguing rewards if they lead a healthy lifestyle. So, always consider a health insurance plan that focuses on your health first by motivating you to stay healthy in your life. You can double your sum insured if you don’t initiate any claim for two years by opting for these kinds of plans. This type of policy also gives you access to health assessment and health check-ups from day one of your health insurance plan.
Worldwide cashless treatment
All insurance companies used to offer coverage for domestic healthcare treatment expenses. But only a few of them provide coverage for the costs for medical treatment to be done abroad.
In a foreign country, medical expenditures are vast. Thus, you must select a policy that offers coverage in a foreign country with an adequate sum insured amount. Before purchasing a health insurance plan, check whether your chosen country is covered under the policy or not. Most health insurers exclude treatment in the United States of America and Canada. By paying a higher premium amount, you will only get coverage for these countries. Most international health insurance policy plans offer coverage for certain diseases only. Though by selecting a higher sum insured policy, you can uplift your benefits, your premium will be on the higher side.
Most health insurance companies usually pay your claim later (by reimbursement process) for international health plans because it is an uphill task for health insurers to maintain a global network of hospitals for cashless treatments. An international health plan offers coverage for both emergencies as well as planned healthcare treatments.
So, try to select health insurance policies that offer coverage for travel expenditures, accommodation, and treatment at network hospitals. In addition, select adequate international health insurance coverage of at least Rs 3 crore.
International travel cover
HNIs who need to travel international destinations for vacation, work, or to receive better medical care and treatment should purchase health insurance policies that offer all these coverages.
Health insurance policy with global coverage allows policyholders to go for an international second e-opinion from a panel of deft healthcare professionals, abroad accommodation expenses, and repartition of mortal remains. This type of policy also offers assistance in the visa documentation process that will be supervised by the insurance company’s selected service providers.
Chronic Management Program
Diseases related to asthma, high blood pressure, high cholesterol, and diabetes are increasing day by day. Therefore, you should handpick a policy that allows you an automatic upgrade to its Chronic Management Program without paying any extra charges if you develop a chronic condition after purchasing your policy.
Such a program offers coverage above the conventional out-of-pocket expenses. Indubitably, this is a true health management tactic that will help and inspire you to manage your health conditions carefully without further deterioration.
Other features
HNIs should choose a health insurance policy that will give them extra benefits and coverage. For example, only a few international health insurance policies offer for dentistry, mental illness hospitalization, organ donor expenses, bariatric surgery, outpatient and in-patient expenses, wellness benefits, etc. If your international health insurance policy comes with these benefits, then go for it without any second thought.
The uncertainties and unforeseen incidents are rising with each passing day. Moreover, medical inflation is also buzzing everywhere in the field of the health insurance sector. Therefore, HNIs should choose a standard international health insurance policy that will offer them comprehensive coverage and unprecedented health care anywhere in the globe, including your country or any other country.
