Why is reviewing your health insurance necessary during times of inflation? Know the details
Rising medical inflation is straining family budgets, making health insurance a crucial financial safeguard. With healthcare costs and diseases constantly changing, experts advise reviewing your policy regularly to ensure it still meets your needs.
According to the report, medical expenses have increased by 12-15% in the last few years. The cost of hospitalization, surgeries, and medications are constantly rising. In such a scenario, if your policy has outdated coverage, it may not provide sufficient support during difficult times.
Experts advise reviewing your policy’s sum insured (coverage amount) every year. If it’s insufficient for your city and family’s needs, it’s best to opt for a top-up or super top-up plan. It’s also crucial to check if your policy includes coverage for day-care treatments, pre- and post-hospitalization expenses, and critical illnesses.
The report also suggests that a family floater plan can be more beneficial these days, as it provides coverage to the entire family under a single policy. However, for families with elderly members, it would be wise to opt for a separate senior citizen health plan.
Experts say that you shouldn’t consider health insurance merely as a tax-saving tool. Choose it keeping in mind your family’s security and future medical needs. Review your policy every year, increase your coverage, and stay updated, taking medical inflation into account.
