A significant aspect behind the stress involved with deteriorating health is a constant rise in healthcare costs. A report states that India’s healthcare inflation for 2018-19 was around 7.4%, which is more than double that of the country’s overall inflation rate of 3.4%. (1)
When your regular medical insurance plan fails to provide adequate protection against critical illness expenses, additional financial support from critical illness policies can come to your aid.
Thus, your worry about affordable and quality healthcare in the country is justified.
Availing quality health insurance policies ensure partial protection for your finances against liabilities arising from such diseases. These plans reimburse the treatment expense, including hospitalisation charges, pre and post-hospitalisation costs, medicinal costs and much more, in case you are diagnosed with certain conditions.
So, you are safe if you buy a health insurance plan, right? Wrong!
Standard health insurance policies only protect against financial liabilities arising from certain diseases and procedures. The vital aspect to understand is that your typical medical insurance policy does not offer sufficient sum insured required to cover the treatment cost of many common but critical illnesses.
For instance, if you are diagnosed with cancer, heart disease or require an organ transplant, your medical insurance policy will not be sufficient for bearing the cost for such treatments. To safeguard yourself financially against these conditions and situations, you need to avail a critical illness cover.