Health insurance is redefining the way individuals and families protect their well-being. As healthcare costs are increasing and lifestyles are becoming more active, wealthy individuals are seeking coverage that aligns with their personal needs and medical history. Customised health insurance plans for family have more flexibility in choosing additional services and have tailored benefits that evolve with changing priorities.

To understand the force behind this rising demand for bespoke health insurance among HNIs (High Networth Individuals), we’ll start by looking at the market trends. Next, we’ll discuss the difference between plans and how these insurance plans support medical assistance for families.

The Concept of Bespoke Health Insurance

Customised health insurance is designed after assessing personal needs, medical history, lifestyle expectations and financial comfort. Such bespoke family health insurance allows policyholders to add features that bring more value to their chosen plans.  Insurers offer these plans after detailed discussions, health assessments and service preference checks.

Healthcare Market Trends

Healthcare risk awareness is on the rise, and healthcare costs and international movement are also rising. 61% of younger individuals think health insurance is necessary and 37% believe the scale of a cashless hospital network is a key factor. Thus, young individuals are more focused towards securing their own and their Parents health insurance.

Furthermore, insurers are responding to this emergence by introducing premium, flexible plans to cater to the wealthy markets. With the increase in the level of wealth concentration and global mobility, such customised cover is likely to increase in demand.

Difference Between Customised and Standard Coverage

Standard health insurance is built for the broad population and comes with fixed features, limited add-ons and basic networks. In contrast, a customised health insurance for family allows benefits to be improved, services added or excluded, and higher limits applied. To help choose the ideal healthcare plan, here’s a comparison table of both coverages:

Coverage for International Travellers

People who travel often are usually in need of cover outside their country of residence. To cope with these needs, insurance platforms offer international health insurance schemes: one is in the form of emergency domestic and overseas hospitalisation, and the other is in the form of a planned foreign treatment. Such features on health insurance for family minimise risk if medical emergencies occur abroad and give peace of mind when travelling or living temporarily overseas.

Rising Medical Costs

The cost of healthcare is increasing with year-on-year rising healthcare inflation of about 14%. To counter these increasing costs, insurers like HDFC ERGO often bring the super top-up plans that support the cover already in place, which takes effect upon the maturity of the base sum insured. These plans assist individuals to manage acute treatments without making excessive medical expenses.

Ease of Cashless Hospitalisation and Homecare

The availability of cashless hospitalisation across an extensive hospital network indicates the best health insurance plans. Some policies include such benefits as home hospitalisation and alternative therapy in-patient care. Such characteristics facilitate an easier and more confidential experience of care. You can also get daily hospitalisation cash by choosing shared accommodation in a network hospital.

Family Coverage and Multi-Generation Planning

Individualised health insurance may cover multiple family members within a single policy. This plan can be convenient to individuals who may wish that spouses, children and parents are covered by the same plan.

Moreover, insurance plans often come with the following benefits:

• Hospitalisation Expenses: Coverage for hospitalisation expenses such as room rent, ICU, investigations, surgery, doctor consultations, etc, due to illnesses and injuries seamlessly.
• Pre & Post Hospitalisation: Up to 60 days before the date of admission and up to 180 days post-hospitalisation expenses coverage.
• Home Healthcare: Cashless Home Healthcare for medically necessary treatment of Illnesses approved by doctors.
• Multiplier Benefit: If there is no claim in the first year, in the next policy year, the sum insured can grow up to 50%.
  
  
  

Final Thoughts

High net worth individuals are increasingly drawn to bespoke health insurance because it offers extensive flexibility, higher coverage limits and access to global care. As compared to standard plans, customised policies adapt to individuals' lifestyles and medical histories. With rising healthcare costs, growing mobility and increased wellness priority, tailored coverage provides better protection, seamless international care and long-term family security in a single, personalised plan.