scorecardresearchWorld Heart Day 2023: What kind of insurance cover should you choose to

World Heart Day 2023: What kind of insurance cover should you choose to protect your heart? MintGenie explains

Updated: 29 Sep 2023, 11:41 AM IST
TL;DR.

World Heart Day raises awareness about cardiovascular diseases and encourages prioritizing heart health.

Take care of your heart with adequate health insurance cover.

Take care of your heart with adequate health insurance cover.

“H” stands for “heart” with the same “H” standing for “health” too. Obviously, you cannot take care of your health by ignoring the rumblings of your heart. Every year, on September 29, we commemorate “World Heart Day”, a global observance dedicated to increasing awareness about cardiovascular diseases (CVDs), the foremost contributor to worldwide mortality. CVD encompasses a range of conditions impacting the heart and blood vessels, encompassing heart attacks, strokes, heart failure, and arrhythmias. Annually, the World Heart Federation (WHF) selects a theme for this occasion. In 2023, the chosen theme is “Use Heart,” motivating individuals to prioritize heart health and leverage their hearts to enact positive change in the world.

There can be so many reasons for people to suffer from heart problems. Amid the hustle and bustle of modern life, carving out time for our well-being can be a daunting task, yet it remains profoundly vital. Our hearts, the life-sustaining engines within us, demand our care and attention.

Fortunately, there exist numerous modest adjustments we can incorporate into our daily routines, yielding substantial benefits for our heart health. Consider, for instance, the importance of maintaining regular meal times, a practice that assists in stabilizing blood sugar levels while diminishing the likelihood of obesity and type 2 diabetes. Incorporating a consistent exercise regimen strengthens our hearts and enhances overall circulation. Additionally, quitting or steering clear of harmful habits such as smoking and excessive alcohol consumption significantly reduces the risk of heart attacks, strokes, and various cardiovascular afflictions.

In the present year, lend your ear to the wisdom of your heart. Pay heed to its whispers, for they might serve as a warning of impending peril. Worry not; instead, consider securing a comprehensive health insurance policy. Such a sturdy insurance plan will furnish you with the means to address substantial medical costs, offering generous sums insured (under an indemnity policy) to manage your expenses effectively.

Raghavendra Rao, Chief Distribution Officer, Future Generali India Insurance Company said, “India plays a significant role in addressing the global challenge of combatting cardiovascular diseases. To safeguard one’s financial well-being in the face of potential heart-related health expenses, it is crucial to select a comprehensive health insurance plan. This World Heart Day, we urge individuals to embrace wiser decisions regarding both their health and financial well-being.”

Buying a critical illness plan may help

Typical medical indemnity plans might fall short when it comes to shouldering the substantial financial burden of treating heart diseases and hospitalization. This is precisely where critical illness insurance steps in.

Critical illness insurance offers a one-time, lump-sum payment upon the diagnosis of a covered critical condition, encompassing ailments like heart attacks, cancer, strokes, or kidney failure. This payout serves as a versatile resource, capable of covering a spectrum of expenses tied to the illness, including medical bills, travel expenses, and compensation for lost income.

This type of insurance assumes particular significance for individuals with a family history of heart disease or other critical ailments. It also proves beneficial for those engaged in high-risk professions or leading lifestyles susceptible to such health challenges.

When contemplating the acquisition of critical illness insurance, it’s essential to conduct a thorough policy comparison to pinpoint the one that aligns most effectively with your requirements. Take into account the range of illnesses encompassed within the coverage, the payout magnitude, and the policy’s associated costs. Furthermore, assess whether the critical illness plan includes provisions for heart diseases and the specific cardiovascular conditions for which it extends coverage.

Choosing between normal health insurance and critical illness policies

A critical illness policy delivers a lump sum payout upon the initial diagnosis of a critical ailment. Your choice between a standalone policy or integrating it as a rider to your health insurance hinges on your specific needs. Additionally, it's crucial to scrutinize the coverage provided by the rider, considering factors such as individual plans versus family floaters, tailored to the financial needs and medical histories of your family members.

Feature

Normal health insurance

Critical illness insurance

Coverage

Covers a wide range of medical expenses

Covers a specific list of critical illnesses like specific heart diseases

Payout

Reimburses you for medical expenses

Pays you a lump sum upon diagnosis

Cost

Typically, more expensive than critical illness insurance         

Typically less expensive than normal health insurance

If your primary concern revolves around covering routine medical expenses, conventional health insurance is the suitable choice. However, if you're apprehensive about the financial repercussions of a critical illness, then critical illness insurance warrants consideration.

Some individuals opt to acquire both regular health insurance and critical illness insurance to attain comprehensive protection. This approach proves advantageous for those with an elevated risk of developing critical illnesses or a family history of such conditions.

When deciding between regular health insurance and critical illness policies, several factors warrant consideration:

  • Age and health: If you are young and in good health, critical illness insurance may not be an immediate necessity. However, for older individuals or those with existing health conditions, critical illness insurance could prove prudent.
  • Family history: A family history of critical illnesses could elevate your personal risk. In such cases, considering critical illness insurance is advisable to mitigate potential risks.
  • Financial situation: Critical illness insurance serves as a valuable financial safeguard, but it's imperative to ensure that the premiums are manageable within your budget. Assess your financial standing and other fiscal commitments before committing to a critical illness insurance policy.

How to decide the right critical health cover?

You may be tempted to opt for a health plan considering how it can be used to pay off expenses towards hospitalization and subsequent treatment of any medical ailment. In comparison, a critical illness plan covers only one kind of disease, which in your case may be heart-related diseases.

Considering the following points may help if you are still unsure about how to buy a critical health plan.

  • Know your plan: Conduct comprehensive research to identify a reputable insurance company known for offering top-tier insurance services. Simultaneously, explore the scope of coverage and the specific critical illnesses included if you intend to incorporate a critical illness rider. This diligent examination will empower you to select a healthcare plan that aligns perfectly with your medical needs.
  • Be aware of family’s health problems: It's essential to keep track of your family's medical history. Assessing your family's health background can provide valuable insights when acquiring a critical illness policy with sufficient coverage for the particular illnesses prevalent in your family. Examine the policy's list of covered illnesses to ensure comprehensive protection.
  • Extent of coverage needed: Since each company may have a distinct list of illnesses included in their policy, it's crucial to check the policy for the specific number of critical conditions covered.

Caring for your heart with health insurance

Prioritizing your health and proactively safeguarding it should never be an afterthought. The onset of a sudden critical illness, particularly heart problems, can leave you financially vulnerable. Cardiovascular diseases stand as the foremost global cause of mortality, and their treatment can incur substantial expenses. Even with existing health insurance, it may not encompass all the costs linked to a critical illness. This is precisely where critical illness insurance steps in.

Critical illness insurance offers a lump-sum payout upon the diagnosis of a covered critical condition, which may include ailments like heart attacks, cancer, strokes, or kidney failure. This payout serves as a versatile resource, capable of covering a spectrum of expenses tied to the illness, encompassing medical bills, travel expenses, and compensation for lost income.

Also, this type of insurance cover assumes particular significance for individuals with a family history of heart disease or other critical ailments. Additionally, it proves beneficial for those engaged in high-risk professions or leading lifestyles susceptible to such health challenges.

A lot of thinking must go into whether you want to pay for a comprehensive health insurance policy or a critical illness policy. Choosing to combine a comprehensive health insurance policy with a specialized critical illness policy can help mitigate financial risks. However, it's crucial to have a clear understanding of your motivations for purchasing the policy, the specific scope and depth of coverage you desire, and the types of illnesses you aim to protect your loved ones against.

The heart is undoubtedly the most vital organ in our bodies, and its care is paramount. On this World Heart Day, let's heed the wisdom of our hearts and opt for a wholesome lifestyle and financial responsibility to safeguard the well-being of both our loved ones and ourselves in the days to come!

 

Article
PSU payers continue to lose shares to private GI and health insurance players
First Published: 29 Sep 2023, 11:41 AM IST