Tips for Getting Health Insurance and How To Make it Inflation-Proof


Tips for Getting Health Insurance and How To Make it Inflation-Proof

Tips to Make Your Health Insurance Plan Inflation-Proof

The cost of healthcare in today's healthcare system is unreasonably rising due to the current inflation rate in India. India has a very high rate of medical inflation. If you have health insurance, you may be sure that any planned or unforeseen hospitalisations during the policy's term won't put you in financial jeopardy. Health insurance is a good idea because your savings may need more to cover your healthcare needs.

Your health insurance does not cover medical expenses for dental work, cosmetic surgery, or diagnostic tests. The non-payable costs can occasionally account for 10% of your hospital stay's in-patient expenses. You might not be paid for lengthy medical expenses if you have a certain ailment, or you might have to accept a co-pay.

If you don't need regular or severe medical attention, you typically spend more on insurance than you save by having it. Nevertheless, since illnesses are always unpredictable, having health insurance is preferable to not having it. You need medical care even for inherited conditions, which is why having health insurance is useful. 

So what do you do to make sure your medical costs are sufficiently covered?

Here are some guidelines for purchasing an inflation-proof health insurance policy that will hold you financially despite inflation:

Purchase Early

The relative effects of inflation on the rest of the economy could eventually translate to higher medical care costs, resulting in increased health spending and more significant premium hikes in the years to come. Starting as early as possible in terms of age is one of the best methods to combat medical inflation costs. People who live healthier lives have a better chance of receiving more excellent value coverage. The sooner you purchase health insurance, the better for both your health and your wallet.

They will pay for your medical bills and other related charges, protecting you from rising healthcare prices. When comparing health insurance plans, insurers should take into account local cashless hospital networks, room rent restrictions, and coverage for consumables. Additionally, when you purchase health insurance early, premiums are moderately inexpensive and easily economical.

Choose NCB

Select a health insurance plan that offers no-claim bonus rewards for each year you go without filing a claim. No-claim bonuses (NCBs) are financial incentives for not making a claim within a specific year. Some health insurers provide no-claim bonus benefits in terms of greater policy coverage, while others provide a reduction on the premium paid.

Opting for plans with greater no-claim bonus (NCB) features is a key factor. Some insurance policies allow for a rise in cover value based on NCB. Therefore, with each succeeding year of no claims, the sum insured can be raised without incurring additional costs. This is an excellent way to boost your policy's coverage and deal with medical inflation because the benefits rise yearly without a claim.

Get Super Top-up 

A super top-up plan can expand your current health insurance policy. Existing policyholders may choose super top-up policies to increase their coverage amount and fight inflation. Doing so may provide significant risk protection at comparatively reduced prices. The super top-up plan will give you extra insurance protection if you exceed the health plan's maximum claim amount throughout the policy's duration.

No matter if the expenditures are for one illness or several, super top-up plans take the amount of all submitted claims into account. These plans are renewable yearly. This is one of the most effective ways to improve your policy's coverage and make it sufficient for unexpected medical costs.

Tax Reduction

A taxpayer may claim a tax deduction of up to Rs. 25,000 for premium payments made for a health insurance policy under Section 80D of the Income Tax Act, 1961. For individuals who pay the premium for senior citizen health coverage on behalf of their elderly parents, the tax deduction is higher, up to rupees 1Lakh. Tax breaks on health insurance premium frequently draw consumers. This does not imply that you should buy health insurance just for the tax advantages. 

The best way to know you are underinsured is to choose the least expensive health insurance plan available in the market. It is the same as not having health insurance. Spend a lot of time and effort finding an inexpensive health insurance plan that offers sufficient coverage.

Family Coverage

Purchasing a family-wide health insurance policy is advised. In addition to affecting your income, having a sick family member uses up all of your savings. Select a family floater plan to provide coverage for your partner and kids. Check the medical backgrounds of all the members of the family who will be insured before deciding on the insurance amount. If one family member needs frequent medical attention, he or she might rapidly exhaust the covered amount in one go, leaving the others unprotected. Therefore, pick an individual health plan for family members who suffer from serious illnesses.

Summing it up

If you don't renew your health insurance on time, what's the point of buying many policies? As you are aware, in order to continue receiving coverage, insurance plans must be renewed annually. Similarly, to maintain coverage, you need to renew your health plan at the completion of each policy year. You have 15 days grace period to pay the premium for your policy. Your health insurance coverage will expire if you don't renew it during the grace period. 

Health insurance policies may now be compared, purchased, and renewed online from the convenience of your home. You can buy the Care Advantage Health Plan offered by Care Health Insurance which offers SI options up to 1 Crore health coverage.

The above tips can help you manage rising healthcare costs and make your health policy inflation-proof. These easy suggestions might also help you avoid paying the expensive premium and ensure that you have appropriate coverage in case of emergencies.

>> 5 Reasons to Buy Health Insurance Before You Turn 30

Disclaimer - The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.

View Our Editorial Policy


+91 verified
Please enter a valid mobile number
Please enter a valid Full Name
I have read and agree to the Terms & Conditions
Please select terms and conditions
Get updates on WhatsApp

Articles By Category

Health Insurance Articles
Family Family
Senior Citizens Senior Citizens
Maternity Maternity
Surgery Surgery
Heart Heart
Tax & Investments Tax & Investments
Lifestyle Lifestyle
Awareness Days Awareness Days
Child Care Child Care
Money Saving Tips Money Saving Tips
Festive Days Festive Days
Covid-19 Covid-19
Travel Insurance Articles
International International
Student Student
Travel Tips Travel Tips
Visa Visa
Passport Passport
Insurance Guide
Health Health
Travel Travel

Secure Your Finances Now!

Get the best financial security with Care Health Insurance!


Reach for us at




whatApp Icon8860402452

Live Chat