Plan for your Family’s Health Needs….

Plan for your Family’s Health Needs….

Motor insurance is something everyone buys as soon as they purchase a vehicle. However this is done only because it is a requirement of the law. The value of Motor Insurance unfortunately is realized only when there is a misfortune suffered by our vehicle. The value of planning for health hazard works in the very same way. Keeping our selves safeguarded from the financial impact due to medical problems is a boon to financial health.

Why should you Plan for Health Hazard

  1. You can never predict when an accident will occur
  2. When need arises does not affect your accumulated savings or income
  3. Can be used even for expensive medical procedures (e.g dental surgeries)

Summary

  • Have a health plan at an early stage of life
  • It is advised to have an additional cover over and above provided by company
  • Define your requirements – hospitalization expenses/critical illness or accidental insurance etc.
  • Choose which member of the family should be part of the health cover, in case policy opted for is family floater
  • Fix the total amount of cover required to be taken
  • Compare and analyze health plan available from different institutions

How to Choose the Best Health Insurance Plan

  • Maximum period of time over which the premium remains constant even after making claims
  • Enhanced cover on claim-free years at same premium (NCB)
  • Hassle-free claim process with cashless benefits on surgeries and hospitalization across a wide network of hospitals
  • Aditional features like riders that you can add to your policy like accidental cover, critical illness rider

Fact O Meter

Rise in Health care cost is more than inflation & economy growth rates

Rising cost of Health Care

Treatment

cost

Change

% Change

Expected

2012

2018

2020

2025

Maternity - Cesarean

42,000

58,000

16,000

38.10%

67,651

99,402

Maternity - Normal

26,000

45,000

19,000

73.08%

52,488

77,122

Cataract

14,000

30,000

16,000

114.29%

34,992

51,415

Angiography

22,000

25,000

3,000

13.64%

29,160

42,846

Appendectomy

28,000

52,000

24,000

85.71%

60,653

89,119

Angioplasty (PTCA) with 2 stents

155,000

220,000

65,000

41.94%

256,608

377,041

Expected data is arrived at by considering 8% inflation

Tips

  • A policy which offers maximum renewable age should be considered
  • Check whether the policy is giving a cover for the existing diseases
  • Advisable not to switch from one insurer to another over a period of time
  • With the increase in requirement also consider increasing/topping up sum assured
  • Before buying any policy compare the same from multiple companies

Key Takeaways

  • Choose the policies which has maximum renewable age
  • Choose the policy which gives an option to cover preexisting disease
  • Compare policies from multiple insurance companies before buying one
  • Avoiding switching of insurers over years
  • Consider increasing of sum assured based on your requirement