Earlier, a family floater policy was one of the easier ways to buy affordable health care plans for the entire family, but in the current times, lower sum insured plans are no longer enough. It is now very evident that medicare and hospitalisation expenses have been rising at an astounding pace, especially since the lockdown began in 2020, and the rise in inflation is only adding to the hike. A medical cover of Rs. 7 to 10 Lakhs is no longer sufficient to take care of the medical needs of the insured and their family.
While there is no rule of thumb for the amount of coverage to be sought by a policyholder, it should be informed by the cost of healthcare in the policyholder’s city and family members’ existing illnesses. If you get Rs. 1 crore health insurance, it may sound comprehensive, knowing the current needs of your family members, understanding their medical history, and taking potential risk factors into account can quickly help you decide the health cover your family needs.
Need for an Rs. 1 crore cover
Here are a few reasons why you should be considering Rs. 1 crore health insurance for yourself and your loved ones:
- Critical illness coverage
Recent times have seen a tremendous rise in chronic illness cases like diabetes, hypertension, heart diseases, etc., and the treatment for the same is also very costly. It could become highly unlikely for an average family to shell out the medical expenses and expenditure of various treatments and procedures in one go.
- Cope with rising expenditure
In the past few years, medical care and hospitalisation charges have been getting steeper, and affording the best treatment on time is no longer an easily achievable feat. With the help of an Rs. 1 crore health insurance cover, you can easily ensure that you and your family get timely treatment from the best hospitals out there.
- Manage pre-existing medical condition
If you or any one in your family has been pre-diagnosed with a medical condition or critical illness, then having an Rs. 1 crore cover would be your ideal solution. This can also help you create a financial plan and sort out your emergency funds at ease, as your routine medical bills will be looked after by your health cover.
- Routine checkups for the family
Having routine checkups at least once a year is the need of the hour, and a comprehensive insurance plan can cover these annual checkups for your entire family. For example, with the help of a BMI calculator for men, glucometer, oximeter, and various other devices, it is advisable to keep a tab on your health and determine when it is time to get a complete body checkup.
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Is there a catch?
You may worry that getting a Rs 1 crore health insurance will be expensive. Does such a plan require you to spend lakhs on premiums? That question may nag at you. Now, insurers are also focusing on providing as much coverage as possible at lower premiums. Some plans aimed at two families of two adults who are 30-35 years of age can be availed at as low as Rs 15,000 in premiums. Remember, get a cover that allows you to book routine tests such as a BMI calculator for men to keep tabs on your health.
Insurance providers have been able to make these premiums cheaper by demanding a small base cover along with more top-ups. So, insurance plans with a lower base coverage and a higher amount of add-ons make the insurance cover a lot more affordable. The important thing to remember is that these add-ons may not be available for policyholders who already have a pre-existing medical condition such as hypertension or diabetes. Moreover, people who already have a health insurance plan cannot port the same plan into a different plan to get Rs 1 crore health insurance cover.
It is better to have a higher health coverage amount and not need it than not to have one and find yourself in dire need. Recent times have definitely made earning individuals think twice about their health insurance choices and plan their taxes better to accommodate health insurance plans with higher coverage options and various other benefits. There are several portals that can help you compare different plans and choose the one that best suits you. These websites contain different types of plans from a number of different insurance companies.