How to Decide If a Health Insurance Plan Is Sufficient or Not?

HEALTH INSURANCE PLANS


how to decide if a health insurance plan is sufficient or not

Guide to Know If Health Insurance Offers Sufficient Coverage

Millions of people in India fund their medical needs through their own hard-earned savings and thus have been driven to poverty. The major challenge faced by many Indian families is the staggering treatment costs in private hospitals. Besides, growth in lifestyle ailments is a major reason to worry. 

Getting a health insurance policy is pivotal in minimizing the burden of high medical expenses. However, as healthcare costs continue to mount steadily, the health policy you may have right now may become inadequate in the future. Thus, it is essential to keep reassessing your health cover requirements. 

‘Is my exiting policy enough to meet my medical needs?’ It is important that you ask this question to yourself regularly so that you do not end up being underinsured. 

Here, we discuss some scenarios where your health insurance coverage may not be sufficient. 

If your policy does not cover pre-existing ailments

Let us suppose you opted for a health policy with a sum insured of 10 lakhs. You might think this would be sufficient for all your future medical needs. However, if your policy does not cover you against critical illnesses or if there is a long waiting period for certain medical conditions, then it could be a problem. Your existing policy may not be of any use in case you need treatment cover for those medical conditions. Hence, it is wise to get separate insurance coverage for such illnesses, especially if you face health risks. 

In case the Sum Insured is lower

It is extremely essential to understand whether the insurance cover provided by your existing policy fulfils your medical costs. A mismatch could be due to an incorrect estimation of your medical expenses or possibly you opted for a lower sum insured thinking it would be sufficient. 

Let us suppose, you are already covered by your employer’s mediclaim policy and you do not suffer from any medical condition. In such a case, your existing policy may serve as an added cushion to your savings and would be sufficient. Yet, it is advisable that you increase your coverage by paying a higher premium as healthcare costs are rising. 

If the Policy does not Provide Complete Cover

It is also necessary to know the inclusions and exclusions in the policy that you have opted for. Merely, a policy with a high sum insured may not be sufficient in case your policy does not offer other benefits such as pre and post hospitalization cover. 

Medical treatment costs are not just limited to hospitalization. There are other expenses that are significant. Let us suppose you have a policy with the cover of Rs 5 Lakh policy with features like pre and post hospitalization cover, ambulance cover, room rent charges, doctors’ fee, etc. So, if you have lower health risks, then the policy may be enough for your present medical needs. 

Takeaway

As lifestyle ailments are on the rise, it is recommended to stay prepared and go for good health policy with various benefits including pre and post hospitalization cover, ‘no claim bonus’, lifelong renewability, etc. so that you have the right financial support during medical emergencies.

One ideal way to boost your existing health insurance coverage is by choosing a super top-up plan. Such plans offer a financial cushion to your existing policy and also cover multiple claims in a single year. 

Invest in the best health insurance plan for your family’s well-being so you do not need to depend on your savings. Choose from a wide range of policies and sum insured options at Care Health Insurance (Formerly Religare Health Insurance).