Protect Yourself Against Soaring Medical Treatment Costs And Rise In Health Insurance Premium

While it is clear that having medical insurance is one of a person’s most essential needs, one cannot ignore India’s significant medical inflation. We have recently seen a sharp price increase, from basic hospitalisation costs to medical treatments. There is little chance that things will get better in the future. Instead, we can assume that the healthcare industry’s ongoing inflation will cause medical costs to rise even further.
Here are a few wise measures you can take to lessen the effects of inflation and premium increases in the long run:
- Choosing A Base Health Plan With Super Top-Up – When it comes to health insurance, people frequently choose more affordable plans with restricted coverage and low insured sums. But it’s crucial to choose an adequate 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 most economical way to accomplish this is to choose a basic plan that will keep your premium low and top it off with a Super Top-up plan that will guarantee all the benefits of an Advance Plan but at a Lower Cost. Many more benefits are included with a Super top-up than with base plans. ##
- Long-Term Health Insurance Policies – A multi-year medical insurance offers an additional concession on the health insurance premium rates because it is a long-term policy. One of the ideal healthcare policy options, the concession, which can typically range between 5% and 10%, results in additional savings for the customers.
- Double Cover – With hospital expenses at an all-time high, predicting the price in advance is nearly impossible. A Double Cover add-on feature will provide financial relief and peace of mind when needed. To ensure maximum financial protection, it will give you twice 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 insured amount can be reinstated as often as it is exhausted in a policy year for unrelated illnesses thanks to the unlimited reinstatement add-on feature.
- Benefits Of Renewal – Benefits of Renewal Selecting a plan with a higher cumulative bonus and loyalty benefits is advantageous. Claims must be filed at renewal to ensure the policyholder receives a price reduction benefit known as a cumulative bonus. On the other hand, loyalty benefits are provided to every policyholder at no additional cost at the time of renewal each year, regardless of claims or no claims. The benefits include extra coverage on several features, and they keep expanding with each renewal and improving coverage, helping you save money over time. ## *
- Network Healthcare Organisations: Accessibility is crucial when hospitalisation is required immediately. As a result, you should always check that the insurer has a sizable network of hospitals and that some medical professionals are nearby.
You can always utilise a health insurance premium calculator to understand the appropriate level of coverage for your requirements and those of your family.
* 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.