Healthcare costs are rising at an alarming rate, with medical inflation outpacing general inflation year after year. The increasing financial burden on individuals and the healthcare system as a whole is a cause for concern. Medical inflation is the term used to describe the rise in the expenses associated with healthcare services. As time goes on, this can influence how much you pay for your health insurance coverage.
For example, if the cost of hospitalization increases due to medical inflation, insurance companies may need to pay more to cover these expenses. They may adjust the premiums for policyholders to compensate for the rising costs. This ensures that the insurance company can meet the increasing healthcare expenses, but it also means individuals may have to pay higher premiums to maintain their coverage.
So, the question arises, how much health coverage do you need today? While the importance of health insurance is obvious, finding the right level of coverage may be difficult.
How Much Health Cover Do You Need?
Buying a health plan depends on the individual. However, when determining the appropriate sum insured for your health insurance, it is crucial to consider inflation. Your coverage should be based on the projected costs you may encounter. So, what should you do? Well, enhancing your health coverage is one of the options that you can go with.
Get higher coverage with lower premiums !!
Currently, there are many affordable health insurance options available that can meet all your healthcare needs. However, if your health insurance policy has a relatively low sum assured, and you are having a limited budget, you should definitely consider buying a super top-up plan.
Let us understand with an example:
| Claim | Health Insurance of INR 3 Lakh + Super Top Up INR 5 Lakh with deductible INR 5 Lakh | Health insurance of INR 3 lakh + Super Top Up INR 5 lakh with deductible INR 3 lakh |
| Claim 1 INR 3 lakh | Covered by the base health plan | Covered by the base health plan |
| Claim 2 INR 2 Lakh | The expenses will be paid by the policyholder as the deductible is Rs 5 lakh and the same is not reached yet | The expenses will be covered by the super top-up plan for Rs 2 lakh. In the event of multiple claims, the super top-up plan provides coverage for the additional amount when the cumulative total exceeds the deductible amount. |
| Claim 3 INR 4 lakh | INR 4 Lakh is paid by the super top – up | INR 3 lakh is paid by the super top-up as the plan is for Rs 5 lakh. |
It is up to you to decide what kind of coverage you want. However, with the recent surge in medical costs, looking for super top-up plans is advisable. They offer a great opportunity to enhance your health insurance coverage. However, it is essential to thoroughly review the policy documents before purchasing these plans. This ensures that you understand the terms and conditions, allowing you to avoid any complications during the claim process.
What if I Face Claim Rejection, Delay or Short-settlement Issues
It is important to be honest while buying health insurance. Always give complete information to the insurer. However, we have seen multiple cases where the claim still gets delayed, rejected, or short-settled for a lesser amount. In such situations, you can contact Insurance Samadhan. We have helped 15,000+ people in resolving insurance-related cases. Contact us to get samadhan for your insurance-related issues. We are always available to help you out.
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