Since its debut in 2016, million-yuan medical insurance has quickly become a ‘viral’ product in the insurance industry.
For just a few hundred yuan per year, it can reimburse millions in medical expenses, alleviating the worry of unaffordable healthcare for ordinary people. As a result, many individuals choose million-yuan medical insurance as their first policy. However, it’s crucial to emphasize that million-yuan medical insurance should not be purchased casually. Many people have faced dire consequences, such as being unable to claim hundreds of thousands in medical expenses due to choosing the wrong product. To help you avoid such pitfalls, this article delves into the hidden truths of mainstream million-yuan medical insurance policies. Additionally, we’ve curated a ‘recommended product list’ to simplify your decision-making process. By the end, you’ll gain valuable insights. Let’s begin! 1. The Overlooked Pitfall of Million-Yuan Medical Insurance The benefits of million-yuan medical insurance are well-known: comprehensive coverage, high claim limits (millions of yuan), and value-added services like expedited specialist appointments, hospitalization arrangements, and upfront medical expense payments. However, it has a critical flaw—renewability. Most million-yuan medical insurance policies are annual and require re-evaluation of your health status upon renewal. If you fail the assessment, you lose coverage. For instance, one policyholder successfully claimed for a major surgery but was denied renewal the following year. This creates two severe risks: First, many serious illnesses require years of treatment. Without renewability, patients must bear the full cost. Second, after a major illness, securing another high-quality medical insurance policy becomes nearly impossible due to strict health requirements. Is there a solution? Yes! While most policies lack renewability guarantees, some products now offer 6-, 15-, or even 20-year renewability. Ensure such terms are explicitly stated in the contract.It’s simple: as long as the policy terms explicitly state “guaranteed renewability.” For example, the product below offers a 20-year guaranteed renewal period:
This means that within these 20 years, regardless of worsening health, previous claims, or even if the product is discontinued, your coverage will continue! Finally, in addition to “guaranteed renewability,” a high-quality million-dollar medical insurance should also excel in basic coverage, value-added services, and whether it covers externally purchased medications. These factors are equally important. Our team has evaluated hundreds of popular million-dollar medical insurance products, but only these 6 made it through our rigorous screening. You can refer to them below. If you prefer a hassle-free approach or have health concerns and aren’t sure which one to choose, you can click the card at the end of the article to let professionals assist you. 2. Here are the 6 most recommended million-dollar medical insurance products on the market: We’ve rigorously selected these 6 million-dollar medical insurance products from the market for your consideration. Some of these products have relatively lenient health requirements, making them suitable for parents or individuals with minor health issues. Let’s take a closer look: Key takeaways: For comprehensive coverage: Prioritize Pacific’s Blue Medical Insurance and Ping An’s Heart Medical Insurance. Both products offer 20-year guaranteed renewability and 100% reimbursement for externally purchased medications within the coverage scope. For young buyers, the cost is only a few hundred dollars, making it a great deal! Blue Medical Insurance Pacific Health Insurance Medical Insurance 20-year guaranteed renewability Optional external medication reimbursement View evaluation Important note: For Blue Medical Insurance, if purchased with family members before September 30th, individuals under 60 years old won’t require medical examinations or underwriting. If you have family members in this age group, take advantage of this opportunity. Click to consult a professional planner if needed. Additionally, the older version of Gold Medical Insurance has recently been upgraded to Gold Medical Insurance 2.0. Those aged 55 or above may consider it, but this product has stricter requirements regarding “pre-existing conditions.” If health disclosures are involved, we recommend opting for other products. Gold Medical Insurance 2.0 PICC Life Insurance Medical Insurance 20-year guaranteed renewability No-claim deductible reduction View evaluation Good Health Insurance · Long-Term Medical (Flagship Edition) is the industry’s first million-dollar medical insurance with lifetime coverage. Common illnesses are covered with 20-year guaranteed renewability, while cancer and 11 cardiovascular diseases are covered for life. However, it is more expensive and excludes common conditions like herniated discs and hemorrhoids. Keep this in mind if you’re considering it. If you prioritize a better healthcare experience and have ample budget: Opt for Zhen Ai Wu You Special Edition, which offers 6-year guaranteed renewability and access to superior medical environments and services.Junlong Life
Medical Insurance 6-Year Guaranteed Renewal Practical Value-Added Services Optional Special Medical Care View Evaluation For those with minor health issues or looking to purchase for elderly parents: Focus on the Enjoy Worry-Free Medical Insurance Preferred Edition. It has relaxed the age limit for enrollment, currently allowing individuals up to 69 years old and families up to 80 years old to enroll. It guarantees renewal for 5 years and offers opportunities for normal enrollment even with conditions like hypertension or hepatitis B, making it very friendly for the elderly. You can try underwriting. As you can see, there is a wide variety of million-yuan medical insurance products, and the health declarations are relatively complex. For those who wish to learn more, you can click the card at the end of the article to schedule a consultation with a professional advisor for a detailed explanation. In addition to medical insurance, it is also necessary for adults to configure critical illness insurance, accident insurance, and term life insurance to ensure comprehensive coverage. Below, we also share a practical plan suitable for most people to reference. 3. Share a Cost-Effective Plan: Full Coverage for Around 300 per Month! Ms. Jin wants to spend around 4,000 to configure all four major types of insurance, with the critical illness insurance covering her for life. We designed the following highly cost-effective plan: Here’s the rationale behind this plan: With Ms. Jin’s limited budget, we prioritized premium allocation to ensure the money is spent wisely. Critical illness insurance and term life insurance are both indemnity-based policies, paying out the insured amount upon claim. To ensure the payout is sufficient, the coverage should be based on financial circumstances: Critical Illness Insurance: Designed to compensate for income loss due to illness, the coverage should be at least 3–5 times the annual income. Considering Ms. Jin’s income and coverage preferences, we configured 300,000 in coverage for life, with a payout of 300,000 for major illnesses like cancer. Term Life Insurance: Ensures the family has sufficient funds to live in the event of the policyholder’s death. The coverage should cover 5–10 years of living expenses, including debts like mortgages or car loans. As an unmarried only child, Ms. Jin purchased 500,000 in coverage, ensuring her parents would receive 500,000 in the event of her untimely death, securing their retirement. The million-yuan medical insurance is a 20-year product, eliminating renewal concerns for two decades. It also includes “specific drug cost medical insurance,” covering millions in medical expenses and over 100 types of anti-cancer drugs, ensuring affordability of treatment. The accident insurance provides 500,000 in coverage, reimbursing medical expenses due to accidents and offering a maximum payout of 500,000 in the event of accidental death or disability. This plan offers comprehensive coverage at a high cost-effectiveness, making it a suitable reference for most people.For ordinary families, the greatest fear is a serious illness, as it can deplete decades of savings and even leave them burdened with insufficient debt to cope.
Purchasing insurance in advance allows us to mitigate potential financial losses at minimal cost. We encourage everyone to secure adequate coverage while young and healthy, ensuring preparedness for the future.
