7 Lakh Health Insurance

7 Lakh Health Insurance: Your Supreme Health Coverage

Trending advancements in this world have raised the cost of many things. This modern world has also increased the cost of the things we buy daily. Medical or healthcare costs increase because of the combination of many factors, like chronic diseases, advancements in medical technology, an ageing population, and increasing medical drug costs. To meet the medical costs, which have increasing demand, it is better to select health insurance. An individual can choose the health insurance for 7 lakh, 8 lakh, 9 lakh, etc., depending upon their needs and other criteria.

What is a 7 lakh health insurance policy?   

A 7 Lakh health insurance policy is a health insurance policy that offers coverage up to Rs. 7,00,000 (7 lakh) of your incurred healthcare or medical expenses in a given policy year. This 7 lakh insurance refers to the maximum amount the insurer will have to pay out for your healthcare costs, as mentioned in the policy terms. A 7 lakh health insurance plan covers hospitalisation expenses, pre- and post-hospitalisation expenses, and sometimes daycare procedures, based on the particular policy.

Need for a 7 lakh health insurance policy

A 7 lakh health insurance plan is needed in India for individuals or families, especially those in tier 2 or 3 cities, or those who are relatively young and healthy. Also, it provides access to a different network of hospitals with cashless facilities. Though it might be enough for some, it's important to consider individual requirements, lifestyle, and potential medical expenses to check whether this health insurance coverage level is sufficient. The particular coverage information, such as what is included and excluded, will be based on the policy and the insurer.

Benefits of a 7 Lakh Health Insurance Plan

There are several benefits of buying a 7 lakh health insurance plan. Here are the benefits of a 7 lakh health insurance plan.  

1. Inpatient Hospitalisation : This covers the cost of room rent, nursing charges, doctor's fees, and other expenses incurred during a hospital stay.
2. Pre- and Post-Hospitalisation Expenses : Expenses associated with the medication, consultations, and diagnostic tests before and after hospitalisation are also covered.
3. Day-Care Procedures : Several plans offer coverage for the day-care treatments and procedures that need less than 24 hours of hospitalisation.
4. Ambulance Charges  : Expenses for ambulance transportation to the hospital during an emergency are generally offered coverage.
5. Automatic Restore : This advantage automatically restores a part of the sum insured if it's exhausted during a policy year.
6. Cumulative Bonus : You might get a bonus (e.g., a percentage increase in the sum insured) for every claim-free year.
7. Organ Donor Expenses : A few plans may offer coverage for the expenses associated with the organ donation if you are the donor.
8. Non-Medical Expenses : A few policies offer coverage for a list of non-payable items such as gloves, masks, etc., as specified by the insurer.
9. Optional Benefits : The optional advantages include compassionate visits, hospital cash, riders, pre-existing disease coverage, and room rent waivers.

How to Choose 7 Lakh Health Insurance?

There are many things to be considered to choose the best 7 lakh health insurance. Here are the factors to consider when choosing the best 7 lakh health insurance:

• Comprehensive Coverage : Ensure the plan covers hospitalisation expenses, pre- and post-hospitalisation costs, daycare procedures, and ambulance charges.
• Critical Illness Coverage : Consider if the health insurance plan includes coverage for specific critical illnesses, like stroke, heart attack, or cancer.
• Maternity Advantages : If you need maternity coverage, then make sure that it's added in the plan.
• Room Rent Limits : Make sure of any sub-limits on room rent, as this can impact your overall claim amount.
• Daycare Treatments : Make sure if the policy offers coverage for the daycare procedures, which can be important for some treatments. 
• Premiums : Be firm that you compare the premium costs of various 7 Lakh policies and make sure that they fit your budget.
• Deductibles : Make sure that you understand the deductible amount and the way it impacts your out-of-pocket expenses.
• Co-payment : Find out if the plan has a co-payment clause, in which you share a part of the medical expenses.
• Family Floater vs. Individual : Make sure that you consider if a family floater plan provides better value for your family's requirements than individual plans.
• Waiting Periods : Be aware of any waiting periods for pre-existing conditions or specific illnesses.
• Exclusions : Carefully review the policy exclusions to understand what is excluded.
• Claim Process : Make sure that you know the claim process, like documentation requirements and the claim settlement process.
• Network Hospitals : Be aware your preferred hospitals are part of the insurer's network for cashless treatment choices.
• Renewability : See for lifelong renewability to make sure continued coverage as you age.
• Riders : Make sure that you check including riders for extra benefits, like critical illness coverage or personal accident coverage.
• Age : Premiums usually increase with age.
• Medical History : Pre-existing conditions can impact premiums and coverage.
• City Location : Healthcare costs can differ by city, so check this when selecting a sum insured.
• Lifestyle Habits : Your lifestyle, like smoking or alcohol consumption, can affect your health insurance requirements.
• Customer Reviews : Explore the customer reviews and ratings of various health insurance providers.
• Online Comparison : Use online comparison platforms to make sure that you compare various plans and providers.

Inclusions in 7 Lakh Health Insurance 

There are many things that are included in the 7 lakh health insurance. Let's see what is included in 7 lakh health insurance in general:

• Inpatient Hospitalisation : This helps offer coverage for the expenses incurred during a hospital stay of more than 24 hours, such as nursing charges, doctor's fees, room rent, ICU costs, medicine costs, and costs of medical procedures.
• Pre- and Post-Hospitalisation Expenses : Several policies offer coverage for the medical expenses incurred before and after a hospital stay, like diagnostic tests, doctor's consultations, and medications.
• Day Care Procedures : These are procedures that do not need a 24-hour stay in the hospital, like chemotherapy, cataract surgery, and dialysis.
• AYUSH Treatment : Health insurance coverage for treatments such as naturopathy, Unani, Ayurveda, yoga, Siddha, and homoeopathy.
• Ambulance Charges : It offers coverage for the cost of transportation to and from the hospital, like air ambulance in a few cases.
• Organ Donor Expenses : A few plans might cover the medical expenses associated with the organ donation.
• Modern Treatment : A few plans, particularly those with higher coverage, might include expenses for advanced medical treatments such as stem cell therapy and robotic surgery.
• Other Inclusions : Based on the specific health insurance policy, you might determine coverage for health check-ups, mental illness treatments, and domiciliary hospitalisation (treatment at home).

Exclusions in 7 Lakh Health Insurance

There are several things that are not included in the 7 Lakh Health Insurance. Let's see what is excluded in 7 Lakh Health Insurance in general :

• Waiting Period : Health insurance plans have a waiting period before health insurance coverage starts for some illnesses or conditions.
• Pre-existing Diseases : Medical conditions diagnosed before the health insurance policy inception are generally not included for a particular period, often with a waiting period.
• Maternity Expenses : Childbirth, pregnancy, and associated complications are frequently not included or have limited coverage.
• Cosmetic Surgery : Several health insurance policies do not include coverage for cosmetic procedures such as Botox, liposuction, or facelifts, unless they are medically needed because of an accident.
• Infertility Treatments : Treatments such as IVF are typically not included in health insurance coverage.
• Self-Inflicted Injuries : Injuries as a result of self-harm or suicide attempts are usually excluded.
• Alcohol or Drug Abuse : Treatments associated with alcohol or drug addiction or associated complications are generally excluded.
• OPD Treatments : Outpatient department (OPD) expenses, like doctor consultations and medications, are excluded.
• Non-Medical Expenses : Expenses such as the needles, bandages, syringes, and other non-medical items are not included.
• Adventure Sports Injuries : Injuries sustained while taking part in hazardous or adventure sports are often not included.
• External Congenital Diseases : Conditions present at birth may be excluded.
• Some Dental Treatments : Routine dental care or treatments are often not included. 
• Certain Vaccinations : A few policies exclude the cost of routine vaccinations.
• War and Terrorism : Injuries or illnesses that result from terrorism, war, or nuclear perils are not included.
• Specific Illnesses : A few policies might exclude some diseases such as epilepsy, HIV/AIDS, or sexually transmitted diseases.