According to a recent report by the International Diabetes Federation, the number of diabetes patients in India is expected to surpass the 100 million mark by the year 2030. Lifestyle changes, demographic transitions and rapid urbanization are the primary causes of the steadily rising number of diabetic patients in India. Remember, diabetes is a very expensive disease. Now think about cancer, another deadly killer disease.
The country had approximately 14 Lakh cancer patients in the year 2016, according to a report by the Indian Council of Medical Research. This number is expected to rise rapidly. The cost of cancer treatment is out of reach of the common man. Chronic diseases like cancer and diabetes not only impact your health, but also finances. Given this fact, health insurance is a must. It extends financial assistance when you need funds for medical emergencies.
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An upgraded health insurance plan, keeps you and dependents completely covered against medical emergencies. It is always a good practice to upgrade health insurance, whenever required. Here are the reasons why you must upgrade your health insurance policy:
An individual health insurance policy covers health, if you are single. However, after marriage, the spouse is not covered under the health insurance plan. You have to either buy a separate health insurance policy for your spouse or a family floater health insurance policy that covers the family.
Whether or not you continue with the existing individual health insurance policy or not, depends on preferences and needs. Do not close the policy as long as it is offering you good features and facilities. Include spouse in your employer-sponsored health insurance plan after marriage.
If you have already availed a health insurance family floater policy, it has to be updated after the birth of your kids. (Add the new born to the health insurance plan). Many insurance companies allow you to add the newborn baby, only 90 days after birth. The medical cover given to newborn babies might vary depending on the insurer. While upgrading, consider the inclusions, exclusions, terms and conditions of the health insurance policy.
Do you think the sum assured in health insurance availed 5 years ago is sufficient? It’s not adequate as health care is expensive, today. The sum assured has to be revised in tandem with preferences and needs, keeping in mind, increasing medical inflation. If your present health insurance policy has sub-limits, room rent capping and co-payments, then you have to upgrade to another health insurance policy.
Riders are add-on benefits. By adding riders intelligently, you can enhance cover at an affordable price. The most commonly used riders in health insurance are critical illness rider, personal accident rider, maternity cover, room rent waiver and hospital cash rider.
Opt for personal accident rider if you travel frequently. This rider is useful to cover hospitalization expenses in an accident. Critical illness cover offers financial protection if you have been diagnosed with a critical ailment.
See Also: Family Health Insurance Plan
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