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Insurance Article

Closing the Gap in Health Insurance

October 15 2016
Closing the Gap in Health Insurance

Super Top-ups to Bridge the Gap in Your Health Insurance

Imagine paying annual premiums for a health insurance policy for 20 years. And, in the time of need, you discover that you are inadequately covered. The situation may sound fictitious, but sadly, is very common.

The harsh reality of an increasing gap in health insurance hits the policyholder at the time of claim. While one may underestimate the cost of treating a critical illness, it can easily eat into savings if not planned well.

A basic plan often covers only certain expenditures, and when patients face lakhs of rupees as medical bills, they choose to forgo essential treatment as opposed to the complete treatment needed.

The Rising Burden of Healthcare Costs

The cost of medical treatment in both rural and urban India has outpaced the average inflation in the past decade. A majority of population is seeking medical care in private hospitals due to the improved infrastructure and quality care provided. This, in turn has escalated the demand for private hospitals and eventually resulting in costlier treatment.

The medical world has witnessed an overall inflation. For instance, the cost of treating cancer has increased since the year 2000, from ₹1.5 - 2 lakh to ₹5-6 lakh. Similarly, the cost of treating a heart disease is high at ₹ 3-5 lakh, along with other ailments whose treatment costs have increased proportionately.

Is Health Insurance Adequate in Itself?

No, your health insurance usually covers benefits such as doctor visits, hospitalisation, prescription, maternity care, infant care and more. But, it neither covers expenses like personal accident, rehabilitation and critical illness, nor offers benefits like daily cash allowance, convalescence and wellness benefits.

Insurance companies often receive enquires such as, “My neighbour had to undergo a bypass surgery. He was confident that all his expenses including consulting and surgery will be covered under the insurance. He had a cover of ₹10 lakh, but was surprised when he was handed a bill of ₹15 lakh. How do I ensure I am covered well?”

With an increasing cost of healthcare, such unpleasant surprises are not uncommon. The ideal solution would be to opt for a top-up plan, that let you pay a deductible, while the rest is taken care of by the base sum insured. Thus, even though your medical needs change at different stages of life, you have a comprehensive coverage over and above your health insurance plan.

Super Top-Up Your Health Insurance for Evolving Medical Needs

Your medical needs evolve with time, but your basic health cover may not. Your health associated risks during maternity will not be the same after child birth. Similarly, the risk for diseases such as cancer, strokes and diabetes increases with age. Adding to the financial burden further will be the increasing cost of treatment.

Here, a super top-up insurance plan that will reduce the gap in your health insurance is the need of the hour. ICICI Lombard offers Health Booster, a super top-up plan that extends your coverage for illnesses and expenses not covered in your base plan. Some of its exciting features include:

  • Fixed Deductibles
  • 100% Reset Benefit
  • Treatment via Ayurveda, Unani, Sidha and Homeopathy (AYUSH)
  • Flexibility to increase your sum insured
  • Pre, post and domiciliary hospitalisation expenses
  • Claim service guarantee
  • Additional optional covers

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