Overview
Modern treatments are the product of the modern technology revolution in healthcare sectors. Artificial Intelligence has further improved the outcomes, productivity and efficiency of care delivery. However, the cost of getting modern treatments is higher. Thankfully, as per IRDAI guidelines, health insurance now covers twelve modern treatments under 'Modern Treatment Benefit'.
Medical Inflation
Medical costs are likely to double in the coming 9 - 10 years. The trend of modern medical breakthroughs is expected to continue, which would surge treatment costs. Therefore, a health policy to cover these increased expenses is necessary.
Modern Treatments
Modern treatments are specific treatments that employ ultra-advanced technologies such as stem cell therapy, robotic surgeries, oral chemotherapy, etc. They are known for more personalised treatments.
They have cured diseases that were once considered untreatable.
Modern Treatments shall be covered either as in-patient treatments (which need a 24-hour hospitalisation) or as daycare procedures (which don't require a 24-hour hospitalisation)
12 modern treatments that are covered under health insurance as per IRDAI guidelines:
- Uterine Artery Embolization and HIFU (High-intensity focused ultrasound)
- Balloon Sinuplasty
- Deep Brain Stimulation
- Oral chemotherapy
- Immunotherapy- It is a monoclonal antibody given as an injection
- Intravitreal injections
- Robotic surgeries
- Stereotactic radio surgeries
- Bronchial Thermoplasty
- The vaporisation of the prostrate (Green laser treatment or holmium laser treatment)
- Intra Operative Neuromonitoring (IONM)
- Stem cell therapy - These are hematopoietic stem cells for transplantation of bone marrow for haematological conditions to be covered
If you go through any of the aforesaid modern treatments, the medical expenses shall be taken care of by the insurer by their terms and conditions.
How Do You Examine the Coverage of Modern Treatments While Buying a Policy?
1. Check sub-limits of the policy
When you decide to buy a policy, check and analyse if there's any sub-limit on any or all modern treatments mentioned in the policy. And try to buy a policy with no such limits. As discussed earlier, the cost of modern treatments is prohibitive. Buying a policy with sub-limits on these treatments may lead you to out-of-pocket expenses.
2. Add on Cover
To meet the healthcare expenses and rising medical inflation, you can opt for a Rs 1 crore health insurance plan. Many insurance companies in India today provide these add-on covers at a reasonable premium.
Generally, these plans are designed as a merger of a base plan linked with a super top-up; these policies are available comparatively at a low premium, as low as Rs 10,000 per annum if you buy them at a young age.
Even at an older age, these policies are economical. Still, by choosing a Rs 1 crore cover, you make sure you can avail the prime treatment possible today but also in future when the healthcare expenses are higher.
Young Star Extra Protect–Add on Cover
Young Star Extra Protect–Add-on Cover increases the limit of existing cover and provides additional features to the base policy.
Enhanced Limit for Modern Treatments: The 12 modern treatments/ procedures covered under the Base Policy with sub-limits are covered up to the sum insured by the Base Policy.
Eligibility: The policyholders who are covered under the Young Star Insurance Policy with a minimum Sum Insured of Rs. 10,00,000/- can avail this add-on cover. This cover can be bought along with the base policy at inception or at the time of renewal of the base policy.
Age & Family Size: The entry age and family size of this add-on cover is the same as the opted base policy.
Policy Term: The policy term of this add-on cover is the same as the opted base policy.
Conclusion
By opting for Young Star Extra Protect–Add-on Cover, you are opening up the possibility of availing the modern therapies and technologies that are available today and those that would become available in future to treat serious ailments.
