Higher Health Insurance Coverage-Do You Need It?
Updated On Dec 04, 2020
Going by the facts, 80% of the Indian population is uninsured. But in recent years, with increased awareness in the health insurance sector, more and more people are joining the idea and availing several benefits for a healthier self. Undoubtedly, choosing the right health cover certainly decides for your peaceful tomorrow.
After all, health insurance is a long term thing that covers unforeseen medical expenses of tomorrow. But the question while a health insurance policy for your family arises that-it is really important to get more and more coverage features while increasing the Sum Insured? Let us see if it helps or not.
Why should you choose the plan with a higher cover?
Nowadays even covers of Rs. 5 Lakh or Rs. 10 Lakh of a health insurance policy already purchased by you may seem insufficient. Considering the skyrocketing expenses of health expenses these days, your entire savings can be wiped off with only one hospitalisation. Well, hold on with that scary thought for a while we tell you why an enhanced SI is a necessity:
1. An organ transplant itself can cost you at least 50 Lakh be it of liver, lung or heart.
2. Undoubtedly, it is now possible because of science that treatment of complicated and serious ailments have become possible. But it certainly requires expensive medication, the cost of which you should find out.
3. One may wish to be treated in their own choice of hospital. For instance, someone might want to choose luxury or super-luxury hospitals because of change in lifestyle. But this can cost you a huge sum of money.
4. A lot of people are increasingly purchasing health insurance plans for getting treatment for critical illness outside India. These are possible under various health insurance plans but only with a higher health cover.
5. Those residing in metros may require higher covers. The reason being the high cost of treatment in leading hospitals as a simple single room could cost somewhere from Rs. 5,000-Rs. 7,000, which only keeps increasing steadily. And needless to mention, the ICU charges would sum up to be at least 3-5 times the cost of the same room.
Why people don't opt for a higher cover?
The idea of high health cover may fail to convince people because of two reasons.
1. Firstly, it may be a bad idea if you look at it from a financial angle. Spending up for a child’s education may be a better option for you instead of spending on the expensive premium for a health insurance policy.
2. The second aspect is the affordability. If the enhanced premium amount on the increased sum assured doesn’t seem to be an affordable choice for you, then you should not push yourself towards getting it. The second best practical option in a similar case can be to opt for a base cover super top-up. With this, you can get yourself a higher cover but with a lower premium, thus making an affordable choice.
If the premium is affordable for you, then you can opt for a high sum assured policy. Remember that high cover does not necessarily mean that all your expenses would be reimbursed by the insurer. As an intelligent policyholder, you must be informed about the features of the policy.
Some of the important features are-sub-limits, a network of hospitals, and additional benefits like dental treatment or maternity cover may or may not be covered. But before purchasing health insurance with a high premium, make sure you have evaluated your requirements thoughtfully.