Health insurance and life insurance policies are a crucial part of someone’s financial well-being as it negates any payments for medical risk factors.
Now, health insurance has been about basic hospitalization coverage for years. Basic coverage can help pay part of your medical emergency fees in a long line of treatment costs if any. Complete health covers, on the other hand, can provide a host of health and wellness benefits that could benefit your lifestyle. These can range from teleconsultations, pharmacy discounts, annual health checkups, diet programs, and more.
It is a more comprehensive policy allowing you to utilize the monetary benefits of full coverage. Many new-age insurance and Insurtech companies like Vital are offering a complete health and wellness solutions built into a single plan.
What Are the Differences Between a Complete Health and Wellness Plan and Basic Health Insurance?
A basic health cover has limited benefits with medical expenses – it only covers your hospital bills and in some cases, your OPD expenses. A complete health cover offers an array of financial perks to both hospitalized as well as non-hospitalized patients. Moreover, health insurance with wellness programs is best not just for an average healthy person but also for someone with pre-existing illnesses.
Insurance Coverage Payment
When you opt for a basic insurance cover, you shall receive partial payment of your health expenses really. Fortunately, a complete health and wellness plan can provide full financial coverage for all your expenses. Moreover, it can also provide you with higher coverage amounts.
The two coverages vary by policy amounts, flexibility, diseases covered, benefits included, and more! Depending upon your financial status, you can opt for either of the financial umbrellas. According to experts, it is better to opt for complete covers like these in today’s time when health expenses are exploding. Not only do they comprehensively take care of essential health and wellness expenses, but they also cater to the individual healthcare needs of a person.
Health insurance premiums still have a long way to go before they can be made really affordable for everyone. Not to mention, the coverage itself still has a lot of limitations. When you opt for a regular health policy, you shall receive limited coverage for only the hospitalization fees, that too, with multiple exclusions.
On the other hand, health insurance plans which have health and wellness benefits included have a relatively higher coverage but not necessarily higher costs. When it comes to payouts, the plans usually cover doctor’s fees, nurse-care pay, hospitalization, ambulance charges, and a whole lot of lifestyle benefits!
Meaning, the health insurance wellness programs provide more health and wellness benefits for a relatively lower premium rate.
Benefits of The Policies
The difference between these two types of policies – regular health insurance and a plan with health and wellness benefits included – is mostly in terms of coverage. Comprehensive covers which include essential health and wellness benefits offer a lot more in terms of managing your health expenses. Many new-age health covers have also gone completely digital – one can buy plans online in a few minutes with minimal assistance and without being dependent on agents.
The pandemic had shown a spotlight on the glaring gaps in servicing when it comes to health insurance. Customer experience and adequate coverage have taken a front seat this year. From easing out the claims process to increasing cover amounts, personalizing benefits as per an individual’s healthcare needs, and offering better accessibility – Fintech and Insurtech companies are trying to find innovative ways to make health coverage simpler for millennials.
In a pandemic-driven world, what has also come to the limelight is the rising medical inflation. People now understand the reality of health expenses and the need for having adequate health coverage. This has consequently led to the demand for these contemporary health insurance covers which can go ahead and cover the entire health and wellness needs of a person.
Hospitalization and Treatment
Covering hospitalization expenses is an essential element of health insurance policies. Some might even go on to cover OPD expenses, too. However, health covers that have health and wellness benefits included can help you both in your preventive and recuperative health journey. These plans can easily pay for a part of your treatment costs (and sometimes the whole of it) too with free doctor consults, discounts on medicines and diagnostic investigations, fitness and diets, and more.
Settlement and Tax Exception
All health insurance policies, whether they have health and wellness programs included or not, have no limits to policy claims in a year. Not to mention, there are tax exemption benefits too.
According to Section 80D, a person paying their health insurance can receive up to ₹25,000 tax exemption through premium payment.
And this is available for premium payment of children, spouse, and parent’s health insurance policies – as long as the policy is in your name.
In conclusion, the health and wellness plan with proper health insurance is best available online. And with online platforms such as Vital, you can get plans that are personalized to cater to your individual healthcare needs.
Here, you can receive complete health and wellness cover, alongside various discounted rates and offers that can help you save more while ensuring your loved one’s health.
Hence when it comes to choosing between basic and complete health insurance, you can avail of the latter from the comforts of your home.