What Is Comprehensive Health Insurance [6 Benefits Of It]
If you’re considering health insurance for yourself or your employees, it’s important to note that most basic plans exclude a wide range of common costs incurred during medical treatments. As an individual, you may personally bear a lot of these costs when you undergo medical treatments. This becomes a financial burden, especially considering the alarming rate of medical inflation in India. Comprehensive coverage health insurance solves these common healthcare woes.
In this article, we’ll discuss why you should consider comprehensive health insurance plans over regular health insurance, what you need to know when purchasing a plan, and how a group comprehensive insurance policy is the perfect win-win solution for both companies and employees.
What Is Comprehensive Health Insurance?
Comprehensive health insurance provides extensive coverage for medical emergencies. A basic health insurance policy generally covers only inpatient treatment, whereas a comprehensive medical insurance coverage is all-inclusive insurance that covers expenses right from inpatient treatment to consultations, outpatient treatment, hospital stay, and medical testing.
What Does Comprehensive Medical Insurance Cover?
A comprehensive health insurance policy covers a range of medical expenses, including the following:
- In-patient and out-patient treatment: This form of insurance covers both inpatient and outpatient costs. This includes the cost of room stay, nursing fees, medical bills, and so on.
- Pre-and post-hospitalization costs: There are certain fees you incur before hospitalization, such as medical tests and health checkups. This plan will cover these costs, as well as post-hospitalization expenses, like medical bills, follow-up treatments, and so on.
- Medical consultations/doctor visit: You can also claim for a general consultation with your physician with a comprehensive health insurance plan.
- Daycare procedures: Many types of treatments may require less than 24 hours of hospitalization and they’re generally conducted in specific units of the hospital. A comprehensive health insurance policy will reimburse the costs of various treatments, such as radiotherapy, dialysis, chemotherapy, and so on.
- Alternative treatment: Those who purchase a comprehensive medical insurance plan can also get the benefit of going for alternative treatments under AYUSH and receive financial coverage for the same.
- Daily hospital allowance: There are additional costs you incur during your hospitalization stay, such as attendant’s food, lodging, travel, and more, all of which a comprehensive healthcare plan covers.
- Consumable expenses: There are many basic health insurance plans which may not reimburse the cost of medical items like needles, gloves, syringes, and more. When you take a comprehensive health insurance plan, it covers the cost of these items.
- Emergency ambulance: In certain situations, it may be necessary to utilize an ambulance service, like during medical emergencies. You can claim the cost of emergency ambulance service as well, under a comprehensive medical insurance.
- Domiciliary Procedures: In certain situations, a patient may need to undergo specific treatments at home in case they are unable to visit the hospital, or have been advised to continue specific treatments at home. A comprehensive coverage health insurance plan covers such costs.
- Treatment for severe illness: Comprehensive coverage health insurance will also cover a range of common critical illnesses, such as heart attack, paralysis, cancer, etc.
- Personal accidental cover: In case of a fatal accident, your comprehensive coverage health insurance will provide a lump sum amount. The policyholder’s beneficiaries will get 100% of the sum insured, thereby securing their financial future.
- Health check-ups and medical tests: Comprehensive medical insurance coverage will also cover the costs of medical tests and health check-ups. This is useful for reimbursing the expenses of annual health check-ups.
- Childbirth delivery: Both normal and cesarean delivery are covered in comprehensive health care expenses, as long as both spouses are part of the policy.
- Tax benefits: As with regular health insurance, comprehensive health insurance policies are eligible for tax benefits as per current income tax laws.
Which Is Not Included In Comprehensive Health Plan?
As with all health insurance, there are also certain exclusions with comprehensive health insurance plans that are not covered and will lead to the rejection of your claim:
- Cosmetic or esthetic procedures and surgeries
- Injuries caused by self-infliction/self-harm
- Sexually Transmitted Diseases (STDs)
- Procedures and treatments conducted abroad and not in India
How Much Does Comprehensive Health Insurance Cost?
Comprehensive medical insurance cost can vary depending on factors such as sum insured, age, coverage type, and so on. In general, annual premiums can start from as low as Rs.7,000 and upwards.
What To Consider Before Purchasing Comprehensive Health Insurance?
Keep in mind a few basic points when comparing between several health insurance plans:
- Range of coverage offered by the insurance provider
- Type of add-ons and riders you would like to avail and check if they are available with the insurers
- Maximum renewal age
- Extensive waiting period
- Policy exclusions, terms, and conditions
Why Should You Buy A Comprehensive Health Insurance Plan?
Comprehensive health insurance provides a far better range of protection and benefits, as compared to regular health insurance plans. With a comprehensive health insurance plan, individuals will receive greater benefits. You can manage medical expenses with ease. In turn, handle finances better as well. Here are more reasons why these plans are the best choice for employers and individuals alike:
- Extensive coverage: As the name suggests, comprehensive health insurance covers a wide range of medical costs. You can also choose from additional riders and add-on coverage options to further increase your health coverage, such as personal accident cover, critical illness cover, maternity benefit, and so on.
- Coverage for pre-existing illnesses: You can claim a reimbursement for treatments pertaining to pre-existing illnesses and diseases. Typically, Loop’s group health plans don’t come with a waiting period. But the duration varies from insurer to insurer. It’s certainly lesser than individual health insurance, which is around 2 to 4 years or more.
- Family coverage: With a comprehensive health insurance plan, employees can cover their entire family under a single policyholder. This includes the coverage for a spouse, children, and parents. Certain insurance providers also allow the coverage to extend to one’s in-laws. In addition, the sum insured is provided either on an individual basis or a family floater plan.
- Cashless treatment: As with regular health insurance premiums, a comprehensive health insurance plan offers cashless treatment options. With the cashless claims option, all hospital costs are directly paid by the health insurance company. You only need to avail of their treatment at a network hospital of the insurer.
- Outpatient treatment: A comprehensive health insurance policy will reimburse the cost of outpatient expenses, which normally regular insurance policies don’t cover. Individuals will receive coverage for fees of doctor’s consultation, without the requirement of hospitalization.
- Cumulative bonus benefit: Under this feature, if you did not raise a claim in the previous policy year, your sum insured increases by a certain percentage at no additional cost.
Benefits Of Loop Health Group Comprehensive Health Insurance
Look after your employees’ health and overall wellbeing by availing a group comprehensive health insurance plan with Loop Health. Our plans have a range of benefits for both individuals and companies as follows:
- Easy employee onboarding: Integrating the Loop Health system is an easy, straightforward process that ensures a smooth transition.
- Dedicated medical advisor: Each employee is allotted a dedicated medical advisor, who you can reach out to based on your individual concerns.
- Automated digital dashboard: Employees can simply download the Loop App on their phone, which serves as a one-stop solution for all healthcare-related concerns, from scheduling consultations, booking lab tests, chatting with your medical advisor, and much more.
- Customer care: Loop has a 24/7 customer support service to address any concerns, with an average response time of less than a minute.
- Medical benefits: Depending on what your plan covers, you can get a reimbursement for medical expenses like annual health check-ups, doctor consultations, hospital costs, illness treatment, and much more.
- Family Coverage: Your employees’ family members can receive the benefit of medical coverage, including spouse, children, and parents.
- Saves time: With Loop’s streamlined digital interface, HR managers and employees will save time with the claims process, admin work, and follow-ups and can redirect their energy towards their core role and duties.
- Cost-effective: The cost of good healthcare need not be exorbitant. Group insurance policies by Loop Health, ensure high-quality healthcare at budget-friendly rates.
- Customizable needs: Companies can select the coverage tenure, add-ons, riders, and other features as per their requirements and company size.
- Zero intervention: Loop Health handles all aspects of healthcare, from TPAs to claims assistance to general queries and much more. Neither employees nor HR managers will need to intervene for follow-ups or expediting procedures.
- Regular check-ins: Loop takes care of all its clients’ employees by conducting regular health check-ups. Additionally, HR managers are provided with regular fortnightly check-ins to ensure all processes are smoothly flowing.
- Employee benefits: Availing an extensive health insurance plan is a great benefit to attract and retain talent. Employees who are provided with quality healthcare feel more valued and ease their minds of financial worries and health concerns. This increases their morale, which in turn boosts work productivity.
- Added wellness benefits: Loop provides additional wellness benefits such as mental health sessions, stress management solutions,
Sign Up For Your Group Plan With Loop
Many regular health insurance plans do not cover the numerous added costs that you incur in healthcare treatments. You, the individual, end up bearing the same from your pocket, which creates an added financial burden. Subsequently, this financial burden can exacerbate existing stress levels, which further deteriorates their health, mental wellbeing, and work performance.
Affordable health insurance does not need to come at the cost of quality service. Loop Health provides high-quality healthcare solutions to companies at competitive prices. Employers who want group health insurance premiums will always be given win-win options for the company and its employees. With an all-rounded, wellbeing-centric approach to medical insurance, you and your employees are sure to remain free of financial concerns that come with healthcare.