World Health Day: Conduct a thorough checkup of your health insurance

Ensure the policy offers adequate sum insured to deal with even critical illnesses, and move out of policies with sub-limits

April 7, observed as World Health Day, is a good occasion for policyholders to re-evaluate their health insurance policies. If the existing policy has glaring inadequacies, port to a more comprehensive plan.

 

Inadequate cover 

Many individuals who bought health insurance a decade or so ago, continue with a sum insured of ₹2–3 lakh. With medical inflation averaging 14–15 per cent annually, this amount is now grossly inadequate. “The average cost of hospitalisation for 2.5–3 days can come to ₹1.5–1.75 lakh. The cost in metros tends to be even higher,” says Ashish Yadav, head of products and operations, ManipalCigna Health Insurance.