Is a 10 Lakh Health Insurance Adequate in Your City?

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.

Cost of Medical Treatments

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.

Estimated Premiums for a Rs 10 Lakh Health Insurance Plan

*Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in.

Note: The above premium is for a Rs 10 lakh health insurance policy charged to a 30-year-old man living in Delhi with no medical history.

Reasons to Purchase a Rs 10 lakh Health Insurance Plan

1. Coverage for Sudden Ailments/Critical Illnesses

   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.

2. Coverage for Hereditary Illnesses

   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.

3. Expensive Medical Treatment Cover

   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

4. Healthy Cover for Elderly Family Members

   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

5. Option of Multiple Network Hospitals

   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.

Enhancing Coverage with Super Top-up and Top-up Health Plans

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 –

1. If you have a super top-up cover of Rs 10 lakh and there is hospitalization twice in a year with bills of Rs 7.5 lakh and Rs 7 lakh, respectively, the super top-up plan will not be triggered.
2. Simply put, in case of hospitalization, once you have exhausted your limit of Rs 10 lakh, the claim amount over and above will be settled by your super top-up health plan.

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.

Takeaway

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.