The escalating costs of healthcare and expensive treatment charges have made health insurance an essential requirement for people nowadays. While ₹10 lakh in health insurance might sound sufficient, is it enough?
Although it acts as a shield to many individuals, its effectiveness depends on multiple factors. Let us explore whether a ₹10 lakh health insurance policy really takes care of your financial well-being or whether it is time to increase your coverage.
Is 10 Lakh Health Insurance Sufficient for Your Needs?
Precisely, ₹10 lakh may seem to be a substantial amount of money to spend on healthcare needs. However, even this figure can prove inadequate when it comes to steep medical expenses, particularly in urban areas.
For instance, the cost of a heart bypass operation in a reputed hospital can be anything between ₹3 to ₹5 lakhs, and chemotherapy and radiotherapy for cancer can exceed ₹10 lakhs in the span of therapies.
In general, the best coverage amount varies from individual to individual. It will consider several factors related to the person being insured, such as where they live, family medical history, age, pre-existing conditions and so on. By considering these factors, you can determine whether ₹10 lakh in health insurance is enough for you.
What are the Benefits of Having an Insurance Policy of ₹10 Lakh?
Whether ₹10 lakh health insurance is enough depends on your healthcare needs, and opting for a top up health insurance plan can provide additional coverage without increasing base premiums. Selecting a ₹10 lakh health insurance policy provides an effective shield against escalating medical expenses and ensures routine care and critical illnesses get appropriate coverage. Its key advantages are as follows:
- Extensive Coverage: A ₹10 lakh health insurance policy ensures that hospitalization, surgeries, diagnostic procedures, medicines, etc., are covered, enabling you to manage significant medical bills without depleting your finances.
- Financial Safety: During emergencies, you do not have to exhaust savings or take out loans, as the insurer pays for substantial medical bills.
- Critical Illness Coverage: Policies can cover life-threatening illnesses such as heart attack, cancer, kidney failure, or organ transplant.
- Premium Healthcare Access: Facilitates treatment in well-known private hospitals, providing you with excellent care without worrying about the costs.
- Cashless Facility: The insurer settles bills directly with hospitals, which reduces out-of-pocket payments and provides treatment without delay.
- Tax Benefit: Premiums paid are deductible as per Section 80D of the Income Tax Act, lowering your tax liability.
- Peace of Mind: When covered under a health insurance policy of ₹10 lakh, you will have peace of mind and financial security when faced with unexpected health conditions.
What are the Factors Affecting ₹10 Lakh Health Insurance?
Here are the major factors that influence the sufficiency of your ₹10 lakh health insurance plan:
- Your Age and Health Condition
Younger, healthier people may consider a ₹10 lakh cover acceptable. However, with increasing age, the likelihood of hospitalization rises, along with the complexity and expense of treatment. Chronic illnesses, operations, and specialist visits become more frequent, which increases healthcare costs.
- Pre-Existing Diseases (PEDs)
In case you or your family members suffer from pre-existing conditions such as diabetes, high blood pressure, or heart disease, your healthcare requirements could cross the ₹10 lakh threshold, considering follow-ups, diagnostics, and rehabilitation.
- Hospital and Location Preferences
Being in a metro or Tier-1 city comes at a higher price when it comes to hospitalization. An operation of ₹2 lakh in a Tier-2 city can cost ₹3.5 lakh in a metro like Mumbai or Delhi.
- Size of Family in Floater Plans
If your ₹10 lakh policy is for a family of four, several claims in a single year will leave the amount depleted soon. So, it is always wise to either raise the floater amount or opt for separate plans.
- Type of Treatment
Advanced illness therapies such as chemotherapy, organ transplants, or complex surgeries tend to need extended hospital stays, high-quality medications, and specialized treatment, all of which tend to cost over ₹10 lakh.
Maternity insurance benefits are essential for young couples who are planning a family, as pregnancy-related expenses can be significant.
Availing ₹10 lakh health insurance can act as a solid safety net—but only if your medical requirements and financial situation are compatible with it. If you are looking for comprehensive coverage for your healthcare needs, opt for Star Health Insurance.
With our extensive network of hospitals, a wide range of benefits, and affordable premiums, we help you access quality medical care without breaking the bank.
Call us now and learn more about our policies!
