Will Rogers, a renowned American columnist and humourist once said, “Invest in inflation, it’s the only thing going up”. If only we could, right?
On a serious note, inflation is one of the major reasons things around us are getting more and more expensive. The cost of everything from consumer goods to transportation to food and beverages has increased due to the gradually rising rate of inflation. Thankfully, since salaries have also increased over time, we can cope with these rising costs.
What About Healthcare Inflation?
Well, while inflation on other goods and services has been slow and gradual, healthcare inflation has increased more alarmingly in recent times. During the 2018-19 financial year, the average rate of inflation stood at 3.4%, whereas, the rate of inflation on healthcare products increased at a much higher rate of 7.14 percent!
What Does This Mean For You?
This will result in a major rise in healthcare costs. Procedures that cost ‘x’ could cost ‘3x’ in 10 to 12 years! Let’s take an example to better understand this — let’s say a certain procedure costs Rs 5 lakh today. At a 5% rate of inflation, the same procedure could cost you as much as Rs 12 lakh in roughly 12 years!
Safeguard Yourself With The Right Health Insurance Policy!
An easy way to protect yourself from healthcare inflation and the increasing cost of healthcare is to get a quality health insurance policy! You should figure out your healthcare needs, then factor in the rate of inflation and then opt for a sum assured accordingly. You should also buy your policy when you are young to ensure you enjoy lower premiums as well!
The cost of medical expenses is growing at an annual rate of 12-14 percent. However, include the medical inflation cover to your health insurance policy to never worry about these rising costs. This is an optional type of cover that ensures you are better equipped to handle the rising cost of medical care in India.
What Is Medical Inflation Cover?
It is a simple benefit that you can include in your policy (while purchasing or renewing your plan) that will increase the sum assured by 10% every year, irrespective of whether you make claim (s) or not! It’s a great way to keep your policy up to speed with inflation and ensure you have the coverage you need, no matter what!
So why worry about inflation and the rising cost of healthcare? Just get yourself the right health insurance cover and live tension free!
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