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3 Reasons Why Your Health Insurance Cover Could be Insufficient

The health insurance cover you have right now may not be enough to cover the expenses in the future. Read on to know why your health insurance could be Insufficient.

  • 1,936 Views | Updated on: Dec 26, 2023

The growing medical inflation and the rising cases of lifestyle-related ailments have made health insurance a necessity for all. Having a robust health cover helps you minimise the burden of paying the high medical cost from your hard-earned savings.

Also, as the costs continue to rise every year, the health insurance cover you have right now may not be enough to cover the expenses in the future. Hence, it is vital to review your health insurance policy periodically to ensure that you are never underinsured.

Let us discuss a few situations where your health insurance could be inadequate.

  • The policy does not cover critical conditions
  • Let us assume you purchased a health insurance policy with a sum assured of Rs. 5 lakhs. You may believe this would be sufficient to cover your expenses in the future when the need arises. However, suppose your policy does not cover critical illnesses like cancer or has a long waiting period for any pre-existing condition you may have. In that case, you may not get coverage for such conditions.

    Hence, it is better to purchase separate insurance or a rider and your standard policy to cover critical illnesses that you may already have or are vulnerable to.

  • The sum assured is lower
  • When you purchase a life insurance policy, it is critical to read the documents carefully to understand if it covers all the medical costs. There are chances of mismatch due to incorrect estimation of the medical expenses, or maybe you opted for a lower insurance cover to avoid paying a high premium.

    Let us assume you already have medical insurance coverage offered by your employer and if you don’t suffer from any illnesses. In such a situation, your existing health insurance plan may provide you with an added financial cushion, and you may have enough cover. However, it is better to increase the coverage periodically as you grow old. It will come in handy when you file a claim in the future.

  • If the policy does not offer comprehensive cover
  • Whether you buy individual health insurance or a family floater plan, you must be aware of the policy’s inclusion and exclusion. A policy with a high sum assured may not serve your purpose if the policy does not cover pre-hospitalisation or post-hospitalisation treatment expenses.

    Medical expenses are not always limited only to hospital charges. You may have to incur other costs like expert consultation fees, ambulance charges, etc. So, ensure that your policy offers a comprehensive cover; otherwise, you may not have enough coverage to meet the expenses.

Final Word

Lifestyle diseases are on the rise, and hence you should stay sufficiently prepared to meet health emergency-related expenses by buying a health insurance policy. The policy must provide various benefits, including coverage for pre and post hospitalisation expenses, lifetime renewability, no claim bonus, etc.

If you want to increase the coverage of your existing health insurance policy, you can consider buying a top-up or super top-up plan. Such plans give you an additional financial cushion and allow you to get compensation for multiple claims in a single year.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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