Is Your Health Insurance Coverage Enough?

Published By: Economic Times Now ​

Published Date: 03-05-2022

With health risks and hospital costs going up all the time, your health insurance policy might not protect you as well as you need it to. Medical inflation is climbing at approximately 15% annually, while common surgeries have become 40-45% more expensive in recent years.

Check many parameters to see whether your coverage is enough. First, evaluate your lifestyle needs—do you prefer premium hospitals, private rooms, or advanced treatments like robotic surgery? If so, your policy should have sufficient coverage and appropriate add-ons.

Your location matters significantly. Treatment costs in tier 1 cities substantially exceed those in smaller towns. Ensure your policy accounts for healthcare expenses typical in your area.

Remember that your sum insured amount must cover all family members, even in scenarios where multiple people require treatment simultaneously. For a family of four, experts recommend coverage of at least ₹15-20 lakhs for comprehensive protection. For additional security, consider a Super Top-up policy, which offers extended coverage at lower premiums.

Carefully review any sub-limits in your policy. Restrictions on inpatient hospitalisation, AYUSH treatments, modern procedures, or organ donor expenses could leave you financially vulnerable. Opt for policies that cover all illnesses up to your full sum insured amount without caps.

As medical advancements continue to make treatments more effective but also more expensive, regular review of your health insurance is essential. Assess whether your current policy provides adequate financial protection for present and future medical emergencies. If necessary, upgrade your coverage to align with your evolving healthcare requirements and safeguard against unexpected medical expenses.