16 August, 2016
Have you ever considered the costs of treating critical illnesses that require organ transplants, chemotherapy, or bypass surgery? Today, the costs of hospitalization can be quite high, even when dealing with a minor illness. When choosing a policy you need to consider the costs in the worst case scenario, as these are situations in which you would truly need to depend on your insurer. Failure to do this can leave you in a perilous situation if the need ever arises.
Increasing Healthcare Costs
Medical inflation greatly outpaces regular inflation. The healthcare inflation is estimated at 15% against the overall inflation rate of 8% to 9% per annum. This is why it is important for individuals to reconsider their health cover every 3 years to keep the sum insured in sync with the rising costs.
Demand - Supply Gap
There are many who wonder why healthcare costs are rising, even as technology continues improving. Most individuals assume that expenses should reduce as technical advancement continues. Unfortunately, technology has only reduced the time taken for completing some procedures. With our burgeoning population and a scarcity of skilled professionals, there is a growing demand-supply gap that is driving prices up.
Moreover, the cost of using advanced technology for treating diseases is also passed on to patients. Other reasons for an increase in healthcare costs could be patients choosing higher room categories or prolonged hospital stays. Keeping all of this in mind, it is crucial that you choose the right amount of health insurance cover.
Have you considered whether your current health plan is sufficient to combat the double-digit growth in healthcare costs? If not, consider increasing the coverage. You can either avail another policy or opt for a top-up insurance plan.
Availing another health insurance policy is costlier than choosing a top-up plan. Before deciding on the same, you need to consider the costs of different medical procedures and treatments for diseases that may arise in the future.
With the Lifeline health insurance plan from Royal Sundaram, policyholders can enjoy hospitalization without caps on the rent or restrictions on the diseases. In addition, the plan covers alternative treatment methods like Ayush Treatment as well as vaccination, in case of animal bites.