Wondering the difference between Full Coverage Health vs Disease-Specific Insurance? Which one is better for you and your organization? Let’s find it out here.
With the rapid spread of COVID-19, many of us are looking for safety measures, precautions, treatment & health insurance for the same. And for all the right reasons. We all want to stay away from COVID-19 while being responsible for saving ourselves and securing ourselves financially through health insurance. Although now vaccines for Covid-19 are there, we still have to take all the precautionary measures.
Irrespective of whether we think of this pandemic situation, the diseases and medical advancement will not end at COVID-19. Ever since the pandemic, a lot of us have realized that life is unpredictable and there are a number of other things we should take care of.
The Need for Health Insurance
You know that only 36% of the Indian population is covered under a health insurance scheme? This means that the remaining 64% pay for health expenditures out of their pocket. One of the reasons behind this difference is the lack of knowledge of health insurance.
Although technology has brought significant changes to the field of medicine, bringing the average life expectancy in India up to 70 years (approx.). But, due to a sedentary lifestyle, we are likely to continue getting exposed to various illnesses. This is where health insurance comes into the picture.
There are a plethora of health insurance options and plans available in the market. Choosing a specific option tailor-made to your situation can be stressful. This article will help you gain knowledge around the two most common options available in the sector & why is one more important than the other.
- Comprehensive Health Insurance
- Disease-specific cover
Full Coverage Health vs Disease-Specific Insurance
What is a Comprehensive Health Insurance?
A comprehensive health cover, usually referred to as the traditional health insurance plan, covers a specific course of action based on the current health situation. It covers the majority of health problems, including season-specific illnesses and unknown diseases. And pays according to the terms of the plan an individual have.
The most important benefit of this option is the vast coverage of diseases, be secured about financial impact due to any disease and not to rush at the last moment to purchase a cover when the disease has already hit you (it will not be paid as the product may have some restrictions called waiting period) or product is not available in the market…
What is a Disease-Specific Cover?
As the name suggests, this plan caters to its coverage specific to a stand-alone disease. For Example, Covid-19 specific health insurance, Dengue specific health insurance. It is also known as the ‘Niche’ plan.
These tailor-made plans are a result of evolving customer needs looking for customized benefits. Although this could be seen as pocket-friendly at first, it does not serve the purpose to protect you from the financial impact due to any other illness, which could be more severe in financial terms than dengue or COVID related treatment and can lead to burning up your complete life savings.
Why is Comprehensive Health Insurance more Important than Disease-Specific Cover?
There is a lot of confusion between choosing and debating over Full Coverage Health vs Disease-Specific Insurance. But the answer is, a comprehensive healthcare plan is the need of the hour and for the future.
The right care is the one that is comprehensive and takes into consideration all healthcare requirements of an individual and his/her family.
With the right healthcare cover, there will be no wrong time. Lately, people are rushing to get COVID-specific policies and covers, healthcare providers should not limit their healthcare plans to just that. One should focus on understanding the long-term requirements and the care that lasts a lifetime.
Here is why opting for a Comprehensive Healthcare Plan might be better for you
- Specialized plans are often purchased in the wake of events like the Covid pandemic, Swine flu, but they become futile once an illness eradicates.
- Policies like Corona Kavach, Corona Rakshak were put out by the IRDAI to protect against increasing expenses for COVID related treatment, but these also have their limitations in the case of patients who do not fall into the eligibility criteria.
- Employers, individuals, should long beyond their immediate health requirements and think long term. The best option for long term healthcare is comprehensive health and wellness, the future of the healthcare industry.
Benefits of getting a Comprehensive Health Cover for an Organization
Most organizations today offer a basic comprehensive health insurance cover for their employees. The benefit of these plans is coverage of the standard pre- and post-hospitalization costs for a specific number of ailments mentioned in the policy. The coverage can be increased through a top-up to be on the safer side.
It is important to have a basic comprehensive health cover for every individual that addresses today’s lifestyle and health choices. One cannot predict the illnesses that one may contract during the course of life.
There is a necessity to expand this coverage to a comprehensive plan to include all ailments and be well-protected beyond just getting a disease-specific cover. What is the point of getting a health cover which does not allow covering more than one health issue?
If you’re looking for a disease-specific plan, do this
Disease-specific plans work great when you have them as an add-on along with your existing comprehensive healthcare plan. We suggest not to replace a disease-specific plan with a comprehensive healthcare plan, but as a top-up, it shall work for you.
Onsurity’s Healthcare Plan
As an employer, you can consider having a comprehensive employee healthcare plan from Onsurity with multiple benefits instead of just group health insurance.
Onsurity focuses on giving companies (SMEs, small businesses, startups, etc.) comprehensive healthcare instead of specialized health protection. These provide long term healthcare solutions to members, including group health insurance which covers hospitalization expenses as well as provides home healthcare treatments for COVID-19.
Our membership plan also offers other benefits like doctor teleconsultations, discounted medicines, access to fitness sessions and webinars. This ensures that the complete healthcare of a member happens at a single platform.
If you are a team member and looking for affordable healthcare benefits, refer us to your company HR or if you are already an Employer/HR, you can subscribe to our plan today.