There is a consistent increase in medical costs. The health insurance plan that you had purchased many years ago would not be adequate to provide for the current rise in medical costs. The reason behind the rise in medical cost is the advances in medical technology. It is now possible to cure various critical illnesses and diseases with the latest technology and equipment. Considering the present rate of medical inflation, the health insurance policy that you have today might be inadequate ten years from now. In fact, it might not even support half of the medical bills.
Assuming that the cost of a heart surgery is INR 3 lakh today, the same could cost around INR 15 lakh after ten years. With your present medical insurance plan, you would not be able to provide for the medication and illness at a later stage. You need a health insurance cover the most after you cross 50. With age, the number of illnesses and diseases increases. Moreover, the cost of treatment is also high.
If you are of the opinion that you will increase the health insurance cover as age, you are making a big mistake. With age, the health insurance company will have a higher premium amount. It might also reject the application if you are considered a high-risk individual based on your age, medical conditions, and lifestyle. This is why it is important to buy online health insurance with high coverage at the earliest.
You need to have a cover of minimum INR 10 lakh or above. You can work out the amount based on your age, medical history, and place of residence. Do not buy an insurance plan that has a minimum coverage because it will not serve the purpose. You might enjoy a low premium for the same. However, it will only increase your out of pocket expenses. The right amount will ensure that you are always covered in case of an illness or hospitalization.
You are buying a cover for the future, and hence, you need to consider inflation when deciding on your sum assured. If there is a history of critical diseases or illnesses in your family, you need to consider that aspect as well.
Medical inflation is increasing in India. Most medical insurance policies come with a waiting period for pre-existing conditions. Hence, it is best to go for the maximum amount available on your policy. This will ensure that the policy serves its objective, and if you have to go through the waiting period, you do not have to spend any money from your savings. With treatments becoming more sophisticated and healthcare costs on the rise, there is high medical inflation. This is why you need to ensure that you get a high coverage.
Your coverage should not be based on the premium amount you have to pay. Instead, you only need to consider your present health situation and then decide. With a high coverage, you will be to save a substantial amount in the long term and simultaneously avail of quality healthcare and treatment. Compare different health insurance plans online and then make a decision. The decision about your sum assured should not be made in haste, as it plays a significant role in the policy and your finances.