WHY SHOULD YOU CHOOSE A HIGHER SUM INSURED

**WHY SHOULD YOU CHOOSE A HIGHER SUM INSURED**

In today's fast-paced world, health risks are increasing at an alarming rate. With the rising cost of medical treatment, it has become imperative to have a health insurance policy that provides adequate coverage. One of the key factors to consider while choosing a health insurance policy is the sum insured. The sum insured determines the maximum amount that the insurance company will pay for your medical expenses. In this essay, we will discuss why it is important to choose a higher sum insured for your health insurance policy.

Living in a metropolitan city comes with its own set of advantages and disadvantages. While metropolitan cities offer better healthcare facilities and access to advanced medical treatments, the cost of treatment in these cities is significantly higher compared to non-metro cities. According to recent studies, the cost of treatment in metros is 25-30% higher than non-metro cities. This means that if you fall ill and require medical treatment in a metropolitan city, you will end up paying a higher amount out of your pocket if your sum insured is not sufficient. Therefore, it is crucial to choose a higher sum insured to ensure that you are adequately covered in case of any medical emergency.

Age is another important factor to consider while choosing a sum insured for your health insurance policy. As we age, the risk of developing health issues increases. Older individuals are more prone to chronic diseases and require regular medical check-ups and treatments. The severity and cost of treatment for these diseases are usually higher compared to common ailments. Therefore, it is essential to opt for a higher sum insured as you grow older to ensure that you have sufficient coverage for any medical expenses that may arise.

Our lifestyle choices play a significant role in determining our health. Inappropriate lifestyle habits such as a sedentary lifestyle, unhealthy eating habits, and lack of exercise can lead to various health issues such as high cholesterol, high blood pressure, and diabetes. These conditions require long-term medical management and can result in expensive treatments. By choosing a higher sum insured, you can ensure that you have adequate coverage for the treatment of these lifestyle-related diseases.

Medical inflation is another factor that necessitates the need for a higher sum insured. With the advancement of medical technology and the introduction of new diseases and drugs, the cost of medical treatment is increasing at a rapid pace. According to recent reports, medical inflation is growing at a rate of 12% per year. This means that the cost of medical treatment will double every six years. To keep up with the rising cost of treatment, it is crucial to choose a higher sum insured that can provide sufficient coverage for any future medical expenses.

Lastly, the choice of hospital also plays a significant role in determining the cost of treatment. Higher-rated hospitals with better facilities and services usually charge higher fees for their services. If you prefer to get treated at a renowned hospital, it is essential to choose a higher sum insured to cover the higher cost of treatment. By opting for a higher sum insured, you can ensure that you have the flexibility to choose the hospital of your choice without worrying about the financial burden.

In conclusion, choosing a higher sum insured for your health insurance policy is crucial to ensure that you have adequate coverage for any medical expenses that may arise. Factors such as the cost of treatment in metros, age, lifestyle, medical inflation, and the choice of hospital all highlight the importance of opting for a higher sum insured. By making this decision, you can have peace of mind knowing that you are financially protected in case of any medical emergency.

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