An ongoing medical inflation of 14 percent in India (the highest in Asia) requires an all-inclusive health insurance plan to pay for exorbitant hospitalization expenses. The health insurance coverage amount that one needs also depends on the person’s healthcare needs, financial circumstances, and lifestyle.
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According to financial experts, a sum insured of Rs 10 lakh is the minimum that one needs and it can go as high as Rs. 1 Crore. This article will analyze if medical insurance plans worth Rs 10 lakh can offer adequate protection during medical emergencies.
Hospitalization expenses these days are no longer discretionary. For example, an open heart surgery can foot a bill of Rs 10-20 Lakhs in Tier-1 cities, and the treatment for topical diseases such as typhoid, dengue, etc. that require hospital admission can also be expensive. Therefore, finding a health insurance plan that offers adequate coverage without digging into your savings is wiser.
The following table is a helpful guide to understanding the estimated premium amount you will need to pay for a health insurance plan worth Rs 10 lakhs. However, the monthly premium amount will also be decided based on the tier of the city. Honestly, there is not much difference in the premium of both.
The premium for the Care Classic health plan is Rs 4031 per month for a sum insured of Rs 10 lakh to Rs 25 lakh. Whereas the premium for the Care Advantage health plan worth Rs 1 Crore is nearly Rs 6000/month. The premium can also be calculated online using a health insurance premium calculator online:
|Health Insurance Plan Name
|Monthly Premium Amount (Approx.)
|Aditya Birla Activ One Plan
|Bajaj Allianz Individual Health Guard – Gold
|Chola MS Flexi Health
|HDFC ERGO Optima Secure
|Iffco Tokio Individual Health Protector
|New India Assurance Yuva Bharat Gold
|Niva Bupa Aspire Gold
|Raheja QBE Health QuBe Basic
|Reliance General Health Gain
|Royal Sundaram Lifeline Supreme
|SBI General Arogya Supreme
|Star Health Smart Health Pro
|Tata AIG Medicare Premier
*The premium amount is based on the requirements of a 21-year-old with a single health insurance cover of Rs 10 lakh. The premium amount will change depending on the number of add-ons, riders, and top-ups taken along with the health insurance plan.
The hospitalization expenses for critical health issues, like cardiac issues, cancer or stroke, or other chronic conditions, can be paid with a Rs 10 lakh medical insurance plan. However, if you choose a health plan lower than Rs 10 lakh, it is necessary to ensure it covers all the critical illnesses mentioned above.
Health conditions like diabetes, anaemia, or cardiac diseases can develop due to your family’s medical history. When choosing a health plan of Rs 10 lakh, it is necessary to consider your family’s medical history. It will help ensure that any sudden expenses due to health emergencies can be covered with the help of the Rs 10 lakh health insurance.
Health emergencies, such as pneumonia, kidney ailments, and cardiovascular issues can necessitate an expensive procedure like bypass surgery. In such a situation, checking if the health plan worth Rs 10 lakh would provide financial protection becomes crucial. The sum insured should be enough to ensure financial security for expensive medical treatment like bypass surgery at your preferred hospital.
You may also like to read - Critical Illness Insurance
The family's average age is another crucial reason to purchase a health plan worth Rs 10 lakh. Ensuring that the senior family member is included in the insurance plan will ensure that any undiagnosed illness can be covered. Therefore, before purchasing a health insurance plan worth Rs 10 lakh, it is necessary to ensure that the oldest family member is included in the health plan.
You may also like to read - Senior Citizen Health Insurance Plan
Every insurer provides a list of empanelled hospitals in the policy wording. A proper reading of the policy documents will help in getting to know about the empanelled hospitals of the policy provider. The document also provides information regarding any cashless treatments available under the health plan. In addition, the policyholder can also determine the amount required for them to recover from the illness or accident they have faced.
It is easy to boost health insurance coverage with Super top-up and top-up health plans without raising the cost of the overall premium. The only difference is how these plans work:
Most people today buy a health cover of at least Rs 10 lakh, but that also might not suffice in a big emergency.
To enhance it, you can get a separate health policy, which will roughly cost Rs 15,000 a year, or upgrade the plan by Rs 10 lakh. Both are Expensive options. Meanwhile, a super top-up plan for Rs 10 lakh will cost just Rs 6000 annually.
Two things that most policyholders get to know at the time of claim –
High deductibles can exist, and a super top-up plan usually covers single-incidence hospitalization. Moreover, if your hospital bill exceeds the deductible during a single hospitalization, then only a top-up plan will come into the picture
So, Super Top-up offers continuous health insurance coverage for multiple hospitalizations, while Top-up covers single hospitalization expense that is over and above the deductible.
It is becoming difficult to bear the cost of medical treatments in India amid the increasing cost of healthcare expenses. Is a health insurance cover of Rs 10 lakh enough? As mentioned above, you need to ascertain your requirements based on your income, existing health conditions, and the coverage required for your family. Your medical insurance might suffice today, but in the future, the requirement can increase further. Therefore, it is imperative to have a health insurance plan that caters to both current and future medical needs.
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