Smart Policy Choice to Tackle Medical Inflation

Published By: Business Standard

Published Date: 30-07-2022

Medical inflation in India is growing at an alarming rate of 14% annually, significantly impacting healthcare affordability. To manage these rising costs, it is critical to choose a health insurance policy with smart features.

One of the key features is the recharge benefit, which reinstates the insured sum once exhausted, offering continued financial protection during the policy year. Policies with AYUSH coverage cater to alternative treatments, aligning with the growing priority for alternative medicine. Outpatient department (OPD) benefits further ensure comprehensive coverage for non-hospitalisation expenses.

For those seeking medical treatment abroad or travelling frequently, policies with international coverage protect against the high costs of overseas healthcare. Additionally, critical illness insurance offers lump-sum payouts for severe conditions like cancer or heart disease, ensuring financial stability during emergencies.

Opting for multi-year policies is another smart choice. These policies lock in premiums at current rates, protecting policyholders from annual price hikes due to inflation. Similarly, premium lock-in features offered by some insurers ensure stable premiums until a specific age, like 55, allowing long-term predictability in costs.

As healthcare costs rise, investing in a policy that combines these features provides financial protection while addressing diverse medical needs. From recharge benefits to critical illness riders, individuals can effectively fight medical inflation and secure quality healthcare for themselves and their families.