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| I haven’t filed a claim in my health insurance policy for the last 6 years. Should I reduce my sum insured? by Teena Jain Kaushal, Jul 04, 2024 |
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Source: https://www.businesstoday.in/personal-finance/insurance/story/opd-coverage-can-reduce-the-large-ticket-hospitalisation-claims-440477-2024-08-07 |
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| Reducing the sum insured on your health policy may expose you to significant financial risks in case of a medical emergency. |
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| Reply By S.K. Sethi, Founder & Director, RIA Insurance Brokers |
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| You should never think of reducing the sum insured as healthcare inflation in the country is increasing 18% to 20% year over year for several reasons. . |
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| First, technological advancements in medical diagnostics are rapidly evolving. Traditional X-rays have given way to Digital X-rays, which have been replaced by CAT Scans, and now we're in the era of MRI scans. |
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| Each advancement in technology offers more precise diagnostics but also comes with higher costs. |
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| Second, hospitals aim to uphold their brand value and credibility by investing in modern diagnostic and biomedical equipment. Even in Tier-3 cities, hospitals are equipped with sophisticated devices such as robotic surgery systems and state-of-the-art MRI machines. |
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| This trend of technological inclusion contributes significantly to rising healthcare expenses. |
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| Moreover, the new generation of high-tech medications is inherently costly. Pharmaceutical companies invest enormous sums in research and development, often spanning a decade or more. To recoup these investments, they price these life-saving drugs high. Subsequently, treatments involving these advanced medications become financially burdensome. |
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| Additionally, real estate costs for hospital sites and the salaries of medical and paramedical staff are rising every year. As hospitals strive to provide better salaries and facilities to retain skilled professionals, these additional expenditures escalate overall healthcare costs. |
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| Given these factors, reducing the sum insured on your health policy may expose you to significant financial risks in case of a medical emergency. A lower sum insured might be insufficient to cover the steep costs of modern medical treatments, leaving you or your loved ones vulnerable. |
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| It is our finding that Sum insured should be always on the higher side so that it can take care of the hospitalization needs which one may have to face. |
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Let us take an example of some of the heart-related ailments/risks:
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| On seeing these costs or figures you will find that sum insured of Rs 3 lakhs is too little when any one faces a major ailment. |
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| Every three years, the sum insured in a health insurance policy should be reconsidered and the sum insured should be increased with a view to take care of the inflation of 18% to 20% per year or 50% increase which has occurred over the past three years. |
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