The consistent rise in healthcare costs has motivated people to believe that health insurance is the only way to prepare for medical emergencies. A Rs. 50 Lakh health insurance plan offers a stable financial cushion and eliminates all kinds of health-related worries.
This type of health insurance comes with substantial coverage, so you and your family get access to extensive coverage and have peace of mind. Discover the coverage of health insurance worth Rs. 50 Lakhs and how to choose the best plan.
What is 50 Lakh Health Insurance?
Health insurance worth Rs. 50 Lakhs allows you and your family to utilise this amount in case of an accident, sudden injury or illness and hospitalisation. Whether you are looking for quality healthcare, diagnostic tests or surgeries, with this plan, you can reduce your financial burden to a great extent.
What Does a 50 Lakh Health Insurance Cover?
The following are coverage details of a health insurance plan worth Rs. 50 Lakhs:
Financial Security with a High Sum Insured
This health insurance offers maximum coverage with a high sum insured. In this way, health insurance plans for family worth Rs. 50 lakhs can protect you and your family financially. In short, you can use the policy to receive coverage for hefty medical bills.
Family Floater Option
If your family has more members, choose Rs. 50 Lakh health insurance will help you get coverage for everyone under a single sum insured amount. Hence, you will not have to purchase a policy for every member separately.
Critical Illness Cover
Health emergencies can arise at any time, and suddenly, being diagnosed with a critical illness is emotionally as well as financially draining. This type of health insurance plan helps the policyholder to stay prepared in advance. In case such scenarios arise, the policy will take care of the financial burden.
Coverage for Pre-existing Health Conditions
Rs. 50 Lakh health insurance is a comprehensive plan, meaning you can get coverage for treating pre-existing health conditions, provided your policy terms mention it. That is why learning the fine print of a policy is crucial.
Ambulance and Emergency Services
Getting an ambulance or availing emergency services whenever an unforeseen situation occurs becomes difficult, especially in off-beat locations. A comprehensive health insurance plan, like Rs. 50 Lakh health insurance, makes it easier. Not only that, this plan covers the expenses of land as well as air ambulance.
- Dental Treatment Cover
The higher cost of dental professionals, specialised equipment and instruments used during dental treatments makes it expensive. If you have dental insurance, the expenses are reduced significantly. Many insurers offer dental treatment coverage with their health insurance plans worth Rs. 50 Lakhs.
Pre and Post-Hospitalisation Cover
Pathology and doctor consultation fees before and after hospitalisation might seem less, but they are not. Comprehensive plans like these offer financial coverage, so you can utilise them and reduce extra out-of-pocket expenses.
Maternity Benefits
Many insurers offer maternity coverage with their health insurance policy worth Rs. 50 Lakhs. This is a great option for newly married couples who have plans to expand their families. It will cover antenatal, delivery and postnatal expenses.
Day Care Procedures
Revolutionary medical procedures have reduced the requirement for overnight hospitalisations to a great extent. Most surgeries, for example, laser surgeries and laparoscopic surgeries, take a day to complete. With a high-value health insurance plan, you get coverage for daycare procedures.
Factors to Consider Before Buying 50 Lakh Health Insurance
Here are some significant factors you need to consider while purchasing a health insurance worth Rs. 50 Lakhs:
Identify Your Requirements
Identifying personal requirements is necessary to know which health insurance plan is most suitable for you. Take into account your family health history, age, and number of family members before finalising a plan.
Check the Coverage
Normally, health insurance plans offer extensive coverage since healthcare costs are rising day by day. Still, it is always best to choose a policy that comes with broad coverage at an affordable cost. Depending on the coverage you choose, the premium will vary.
Policy Inclusions and Exclusions
It is necessary to check policy exclusions since certain surgeries and treatments require special add-on covers. For example, dental treatments and LASIK eye surgeries require special mention in the policy document. So, if you want dental insurance or LASIK eye surgery coverage, ask your insurer whether they provide such coverage.
Lifestyle Pattern and Add-on Requirements
Your lifestyle pattern influences your health. Therefore, before purchasing a health insurance plan, consider your smoking and drinking habits. If you already have any pre-existing health conditions, consider that as well since it will help determine if you need add-ons and the sum insured amount.
Quick Claim Settlement
Choosing an insurer that offers quick settlement is one of the significant factors to consider. To know what your insurer’s claim settlement ratio is, you can either ask your insurer directly or check their website and read customer reviews.
Bottom Line
In a nutshell, a Rs. 50 Lakh health insurance cover is quite extensive in terms of coverage. Along with the usual accident and treatment covers, this plan includes critical illness, maternity, dental cover, and so much more. However, the coverage varies from one insurer to another. Since factors like the sum insured amount, the policyholder’s age and health conditions matter, it is important to talk to the insurer before purchasing a policy.
