Do disease-specific covers make sense?

27-08-2015 / admin / 0



An exhaustive or comprehensive health plan is considered to be covering list of diseases. But are they really? However, insurance companies are coming up with niche health plans or disease specific plans for their customers. Niche plans are covering diseases like cancer, diabetes, hypertension and most recently dengue. All above, insurer is also coming up with the niche plan for HIV positive ailment. But question arises whether one should really opt for these niche plans or an exhaustive health cover plan is the best one?
Talking about an exhaustive health plan, it provides coverage against all diseases and conditions. Nevertheless, at times, you don’t get paid for all diseases and conditions in many limited health plans. Contradictorily, specific disease policies cover benefits only for specified causes of sickness such as diabetes, heart attack, cancer etc. Below are some extraordinary benefits of such plan which make it an utmost necessity. 
1) Expenses incurred or lump-sum benefit payment on the occurrence of medical events or diagnoses.  
2) Per day/ per medical service.
3) Provides coverage for the disease at all stages/ early or advanced, unlike critical illness plans.
4) No sub-limits, premium loading or co-pay clauses.
Niche plans from health insurers are expensive compared to comprehensive health plans or critical ailment plan. However, some specialized plans cost much less for a higher sum assured as they are longer term policies. These plans have minimum policy term of 10 years. 
Insurance companies are also pushing these customized or specially designed health insurance policies to individuals with health conditions such as diabetes and hypertension among others. It is necessary that every person should hold a basic indemnity health policy that addresses one's health status and lifestyle. As per expert advice, one should think of these niche plans while going for a basic health plan. One can also enhance existing health coverage by adding these niche plans. 
 

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