What are the advantages of choosing Health Insurance with High-Risk Cover?
Diseases and illnesses are uncertain, and one has to be prepared for them so that they do not financially drain you. With urban lifestyle, junk intake, lack of nutritious food, work stress, we are at increasing risk of falling prey to life-style diseases. Following a healthy diet and maintaining an exercise regime could keep many such unwanted ailments at bay. But, sometimes due to certain circumstances, such as hereditary reasons and mostly with age, the chance of developing a life threatening life-style disease increases. The treatment in such cases could be run into several lakhs and can be a financial drain on the family. Having a Health insurance helps in these conditions and is the most effective way of avoiding a financial crisis when you or someone in your family needs medical attention.
However, some individuals may be at higher risk than others of contracting certain diseases and may need additional coverage for such ailments. This is called a high risk cover. High risk life insurance is a product offered by many insurance companies to people who are, well, high risk for the insurance company due to certain situations.
This risk may be due to diseases like diabetes, heart ailment or disease caused due to heavy smoking etc. Also, a tendency to take on dangerous activities or working in a dangerous environment (e.g. skydiving, racing cars, working in a chemical factory, etc.) may put you to catch high risk diseases. Therefore, it is important to identify high risk factors early on upgrade to a high risk cover as soon as possible. The sooner you choose to upgrade, the lower could be the premiums. Insurers have various measures to deal with applications which reflect such high-risk profiles. The insurer might-
- Increase the premium
- Limit the coverage extended
High-risk cover might be more expensive than any other health insurance but it is important for the person who has high risk body ailment or any of the situations mentioned below. A high risk cover is beneficial for the following scenarios:
If the person suffers from ailments like diabetes, hypertension, heart-related ailments etc. at the time of enrolment, he is considered to be in the high-risk category. Typically, such pre-existing illnesses would have an associated waiting period. But the insurer may even choose to completely exclude coverage for these or charge a high premium to cover. In very rare cases, they may also reject the policy if the risk is perceived to be too high. A high risk medical insurance plan makes sure that your pre-existing ailments get covered in the policy.
Your family history can play an important role in determining if you have a high-risk profile. For example, if there is a hereditary medical condition in your family, or if your family has a history of diabetes or heart-related ailments – you will be considered at-risk for similar illnesses. These may result in higher premiums or additional waiting periods even though you do not yet suffer from the illness.
Addiction to alcohol, tobacco consumption, and smoking are lifestyle habits that increase your health risks. If you have any of these habits, the premium of your insurance may go up. Many of the insurers also insist that you get a medical test done before coverage is provided. It is essential that you do not lie about such habits as that could result in rejection of claims when you need financial support the most.
Some occupations are considered riskier than others. If you are engaged in professions like mining, aeronautics, aviation, adventure sports etc., you are considered to catch a high-risk disease easily. This means you are more likely to have medical contingencies and may have to pay a higher premium for the coverage. A high risk cover will not limit coverage for conditions traceable to high-risk diseases. Therefore, you should invest in a high-risk cover to ensure you do not get surprises when you file a claim.
So if you want to increase your chances to get health insurance, check comprehensive health insurance plans offered by various health insurance companies. Compare and find a right policy. Purchase a cover which protects you and your family’s future.