Updated: Jun 10
Health Inflation/costs is almost every 5 year back the surgery that costs 2.5 Lac after 5 years.
Per day ICU cost is around 1 lac per day in good hospitals. For a single incident like covid or a surgery a patient may require around 7 days of ICU and 3-4 days of normal room; this itself will cost around 7 to 10 lacs. And if multiple members of the family get affected then the total cost of the family can be exorbitant and unbearable without a good and adequate insurance cover.
Pandemic has increased cost of every treatments the risks of infection is very high. Safety procedures and complains in the hospital and need for disposing equipment and PPE kits after every treatment has increased costs exponentially.
Company insurance cover in most cases are for their own compliance and legal requirements and may not fulfil your Health Insurance requirements.
You may not need it now when you are healthy,But with age if your health deteriorates you will never be able to get an insurance, even by paying more money.
You may not be employed with the company forever, it will be difficult to get a policy of this value at a later part of your life. You can afford it now and have money now have ready money later.
No increase in sum insured will be possible ever, in case of unexpected Critical illness involving huge costs.
Insurance can be difficult and will not be possible at least for 6 months if you are detected corona positive and even if you got treatment successfully.
Even the Government BPL/Subsidy schemes offer more than 3 lacs and this value is definitely not for you and will not serve your requirements.
Major surgeries and organ transplants involve huge costs and may be needed any time for anyone.
You need choice of good treatments, doctors and hospitals with all facilities and specialities for your precious family and not just basic healthcare from a local nursing home.
Your savings and financial goals in life will be jeopardised at one go in case of a medical emergency, if you are not adequately covered, and can caused hardships, lack of good treatment, debts and loss of peace and happiness to the family.