While it is clear that choosing from the best types of health insurance is one of a person’s most important situations, one cannot ignore India’s significant medical inflation. Lately, we have witnessed a sharp rise in pricing across the board, from basic hospitalisation charges to medical procedures. There is a very small chance that things will get better in the future. Instead, we can assume that the healthcare industry’s ongoing inflation will cause medical expenses to rise even further.
Here are a few wise measures you may take to lessen the consequences of inflation and premium increases in the long run when you buy health insurance:
- Choosing A Base Health Plan With Super Top-Up – When it comes to cashless health insurance, customers frequently choose more affordable plans with restricted coverage and smaller insured sums. But it’s crucial to choose an acceptable sum insured amount, which should be at least Rs 5 lakh for an individual and Rs 15-20 lakh for a family of four, given the rising inflation. The cost-effective strategy is to opt for a basic plan with a low premium and complement it with a Super Top-up plan that offers advanced benefits at a reduced cost. There are many more benefits included with a Super top-up than with base programmes.##*
- Long-Term Health Insurance Policies – A multi-year health plan offers an additional concession on the premium rates because it is a long-term investment. ##
- Double Cover* – With hospital expenses at an all-time high, it is nearly difficult to predict the price in advance. Having a Double Cover add-on option would therefore provide financial relief and peace of mind when needed. To ensure optimal financial security, it will allow you to double the sum-insured amount to be used for the same claim.
- Unlimited Base Sum Reinstatement – To be eligible for any benefits under a plan, the base sum insured must be maintained throughout the policy year. The base sum covered amount can be reinstated as many times as it is depleted in a policy year for unrelated illnesses thanks to the limitless reinstatement add-on feature.
- Benefits Of Renewal – Benefits of Renewal Selecting a plan with a greater cumulative bonus and loyalty incentives is advantageous. If no claims are filed up until the time of renewal, the policyholder will receive a price reduction benefit known as a cumulative bonus. On the other hand, loyalty benefits are provided to every policyholder at no additional expense at the time of renewal each year.*
Network healthcare organisations’ accessibility is crucial in situations where hospitalisation is required immediately. Always ensure the insurer has a substantial network of hospitals and nearby healthcare providers when you buy health insurance.
Staying immune to medical inflation and health insurance premium hikes requires a strategic approach. By adopting smart practices such as maintaining a healthy lifestyle, reviewing and comparing insurance plans, considering top-up plans, and exploring wellness programs, individuals can better manage their healthcare costs and secure comprehensive coverage. It’s essential to stay informed and proactive to safeguard both financial well-being and access to quality healthcare services in the face of rising healthcare expenses and insurance premiums.
*Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.