Most of people who are employed are provided with medical insurance cover by their respective employers. But the question is – is that medical insurance enough or you need to top up this insurance with some individual policies.
Here is a brief analysis:
Average Medical cover given by companies: Rs. 2 – 3 Lakhs
Cost of Treatment for some common ailments (in metro cities)
- Hernia – Rs. 40,000 – 50,000
- Fracture – Rs. 50,000 – 60,000
- Coronary Heart Diseases – Rs. 2 – 6 Lakhs
- Cancer Treatment – Rs. 5 – 25 Lakhs
We also need to take in to account the cost of medical treatment is going up by 12-18% year on year.
Taking all this together, it’s recommended that
- A family of 4 (every individual within 45 years of age) needs at least Rs. 5 Lakhs while
- A family of 4 (above 45 years of age) should opt for Rs. 7-10 Lakhs cover.
Cost of top-up cover
The annual premium for a Rs. 5 Lakhs top up cover is as follows:
- 30 Years Age – Rs. 1,300
- 40 Years Age – Rs. 1,500 – 2,000
- 50 Years Age – Rs. 2,800
Here is an Info graphic representing the above points