Why You Should Opt for Higher Health Insurance Coverage?

The rising medical inflation, attractive benefits, and the growing awareness about an insurance cover have resulted in the increasing popularity of health insurance cover in India. Many people buy a health insurance policy without analysing their needs and choose a plan with an average sum insured of three to four lakhs.A health insurance policy is a long-term investment covering the unforeseen medical expenses you may incur in the future. But, when you buy a policy, you must ask yourself an important question, do you need a policy with a higher sum insured or a standard policy is sufficient.

In the purview of the rising medical expenses, a policy with a sum insured of 5 lakhs may be insufficient. The treatment for some of the critical illnesses like cancer or if you need an organ transplant, the cost can run into several lakhs. If you don’t have sufficient insurance cover, there is a risk of depleting your entire hard-earned savings with one hospitalisation.Today, with the advancement in medical technology, treatment of serious illnesses and diseases have become possible. But, often, such treatment methods are expensive. It may be impossible to meet such expenses from your pocket. Hence, it is better to purchase a policy with higher coverage.Many people in India fail to get access to quality medical care due to a lack of funds. But, with a robust insurance cover, you can get treatment at the best hospital without worrying about the cost. High health insurance coverage means that the insurer will bear the entire cost.Nowadays, many people buy a health insurance policy to get treatment for critical illnesses abroad. This is possible under certain health insurance plans but only with a high sum insured.It is a known fact that the cost of medical treatment is higher in metro cities than in a remote area. So, for people residing in a city may invariably need higher coverage. If you require hospitalisation for a prolonged period, especially if you need to be in ICU, the cost will increase significantly.

If you can afford to pay the premium, it would be a good idea to opt for higher coverage. But, if the high premium does not seem affordable, it would be more practical to purchase a top-up plan. This will help you get a higher cover at an affordable premium.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.