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Published By: The Times Of India
Published Date: 08-10-2022
Medical costs in India continue to rise sharply, from basic hospitalisation to complex treatments, with little hope for relief. This inflation threatens financial stability, especially during unexpected health emergencies. However, strategic planning can help minimise these impacts.
For those without coverage, obtaining health insurance is urgent. Those already insured should verify their coverage adequacy. Here are practical approaches to combat medical inflation:
Combine a basic health plan with a super top-up policy to achieve comprehensive coverage at lower costs. Aim for minimum coverage of ₹5 lakh for individuals and ₹15-20 lakh for a family of four. Super top-ups often provide more benefits than basic plans alone.
Consider multi-year health insurance policies, which offer premium discounts of 5-10% and protection against annual inflation-based increases throughout the policy term.
Add a Double Cover feature to your policy, which doubles your sum insured for a single claim, providing extra financial security when faced with substantial medical bills.
Select plans with unlimited reinstatement benefits that restore your base sum insured multiple times within a policy year for unrelated illnesses, ensuring continuous protection.
Look for policies offering higher no-claim bonuses and loyalty benefits, which enhance coverage and reduce costs over time regardless of whether claims are filed.
Ensure your insurer maintains a wide network of healthcare providers, particularly in your vicinity, to avoid out-of-pocket expenses during emergencies.
There is a possibility that these measures may not eliminate immediate expenses; nevertheless, they will considerably cut long-term spending while giving you and your family the highest possible level of security.
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