Why One Needs Health Insurance with High-Risk Cover?

Health policies that cover high-risk individuals are better equipped to handle illnesses and diseases that such policyholders could suffer from. Read this post to know what they are and how they are an excellent choice.

With a health cover, you will have a financial cushion that will ensure that unexpected illnesses and diseases do not leave you in a financial crisis. Insurance companies underwrite the policies based on the risk profile of the individual purchasing the policy. For the company, a policyholder could be low-risk, moderate risk, or high-risk individual. Let us have a look at what these distinctions are and why a high-risk policy might be the best choice for you-

What is Risk Cover in Health Policies?

In simple words, the insurance provider classifies every new customer in three categories- low-risk, moderate-risk, and high-risk. For instance, someone in their 20s with no medical history or lifestyle habits like smoking or drinking is a low-risk policyholder.

A high-risk candidate could be a smoking addict or someone how abuses alcohol, someone with a severe medical history, or already suffering from a medical condition. Moderate-risk candidates fall somewhere between low and high-risk individuals. These distinctions help insurers determine the amount of risk they will be carrying by securing the health of different individuals.

Benefits of Purchasing High-Risk Cover Health Policy

Here are some of the reasons why you should consider a health plan with high-risk cover-

  •      Higher Sum Insured

With the rising cost of healthcare in the country, standard policies with low health cover might not be adequate for a high-risk individual. Policies with high-risk cover have a higher sum insured so that the policyholder could get sufficient financial assistance in case if he/she suffers from a critical health condition.

  •      Covers Severe Medical Conditions

Many serious health problems like heart ailments, complex surgeries, cancer, etc. are not included in standard health plans. But high-risk policies generally cover different types of severe health problems. There are also critical illness plans that ensure that even high-risk individuals are sufficiently covered.

  •      Top-Up Option

Most health plans also come with the top-up option. If you believe that the sum insured of your policy might not be adequate to cover your healthcare expenses, you get the option to increase the sum. This will slightly increase your policy premium but will ensure that you get financial assistance for treatment of critical medical conditions.

  •      Various Add-ons to Choose From

Most plans available for high-risk individuals also come with multiple add-on options. Top insurers offer add-ons such as critical illness, room rent waiver, personal accident, hospital daily cash, and more. Such add-ons are a great way to extend the scope of your health insurance plan further.

Who Should Consider High-Risk Cover Health Plans?

People with pre-existing conditions, heavy smokers or drinkers, occupational risk, and even ones with a family history of serious health complications should consider purchasing a high-risk cover policy.

While such plans are more expensive as compared to policies available for low-risk and moderate-risk individuals, they are a must to ensure that you are adequately protected against healthcare costs that could significantly impact your finances in the future.

Look for a reputed insurer and discuss your needs and conditions as clearly as possible to help them find the right health policy for you.

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