Medical Bills Are Exploding. Have you reviewed your health insurance policy?

Let’s start with a wild, terrifying truth:

That’s not a dramatic headline—it’s our reality. A single ICU admission can cost ₹5–7 lakhs. A cancer treatment? ₹20 lakhs and counting. You can spend years building your savings, SIPs, mutual funds, and one medical emergency can wipe it all out in weeks.

And here’s the kicker: many people think they’re “too young” or “too healthy” to need health insurance.

But ask the guy who saved ₹60,000 for a health insurance premium and then had to foot a ₹15 lakh hospital bill himself because he thought he can not be in any accident.

Scary? Yup. Avoidable? Absolutely.

Let’s get into the stuff that really matters when it comes to health insurance.

Health Insurance Isn’t a Form—It’s a Financial Firewall

We often treat health insurance like a box to tick. But it’s actually the most powerful tool in your personal finance toolkit.

Here’s what to demand from your policy:

1. No Room Rent Limits

2. Zero Co-pay

3. No Sublimits

4. Restoration Benefit

5. Pre/Post Hospitalization

6. Consumables Included

7. Daycare Coverage

8. Lifelong Renewability

9. AYUSH Coverage

10. Wide Network Hospitals

Each of these protects you from surprise exclusions that are shockingly common in many budget policies.

How Much Coverage Do You Actually Need?

Let’s get real. A ₹5 lakh policy in today’s world is like wearing a raincoat in a tsunami.

Here’s a more future-ready approach:

• Minimum cover: ₹10 lakh

• Ideal cover: ₹25 lakh

• Budget hack: ₹10 lakh base + ₹90 lakh super top-up (gives ₹1 Cr cover at low cost)

Even if you have to spend little higher, it is worth it be financially unbreakable.

The Premium Problem: Why It’s Getting Worse

Health insurance premiums in India are rising at double the rate of inflation.

Why?

• More Indians opting for private healthcare, which are expensive

• Expensive new medical technologies

• Increase in lifestyle-related illnesses

• Rising medical inflation (8–14% annually)

Insurers are adapting. The launch newer plans to cover all modern treatments, however, everything comes with a cost. Sometimes in-built into the plan, sometimes via add-on cover. However, many low-cost online policies bury fine print that restricts your claim amount dramatically.

A policy that costs ₹6,000 might seem like a good deal—until you realise it only covers ₹1,000/day room rent or doesn’t cover consumables. That’s why “cheapest” often means “least useful.”

Health Insurance for Senior Citizens: Worth It?

Short answer: Yes—but read the fine print.

Premiums for people aged 60+ can be steep—₹30,000 to ₹1 lakh+ per year depending on health and coverage.

Still, it’s better than:

• Draining retirement savings on a single hospitalization

• Being dependent on children or borrowing in an emergency

Look for senior plans with:

• No sublimits or co-pays (many come with 10–20%)

• Lifetime renewability

• Shorter waiting periods for pre-existing conditions

• Domiciliary and day care cover

Tip: If possible, buy insurance before retirement age. Premiums are cheaper and coverage terms are better.

Health Insurance Mistakes That Cost Lakhs

• Not disclosing pre-existing conditions

• Choosing the cheapest premium

• Relying only on office health cover

Online Policies vs. Human Advisors

Buying health insurance from an app is like Googling symptoms instead of visiting a doctor.

Digital platforms are quick—but often miss nuance. Room rent caps, disease sublimits, co-pay clauses—they’re buried in fine print.

More importantly, when you fall ill and you need to claim, you do not want to stay on a call with call center executive explaining your situation. Instead, you want someone who knows your history and can A good advisor reads between the lines before you commit and stands with you when you claim.

Especially in an age where policies are getting complex—and exclusions sneakier—it pays to talk to someone who knows what they’re doing.

If You’re Under 35, Read This Twice

The best time to buy health insurance - Today.

Why?

• Cheaper premiums

• Start your waiting periods early

• Lock in lifelong renewability while healthy

Don’t wait for your first medical emergency to realize how expensive “self-insurance” can be.

Restoration Benefits = Backup Armor

Say your ₹10 lakh policy is exhausted in April. With restoration, it resets for the rest of the year. Some even allow same-person, same-illness restoration.

It’s like a power-up in your coverage. Costs a tiny bit more, saves you a fortune.

TL;DR — Health Insurance is Not Optional

• Hospital costs are rising like tech stocks

• 40 crore Indians are one medical bill away from disaster

• Insurance is your only buffer between you and total financial meltdown

Whether you're 25 or 65, health insurance is no longer a luxury or checkbox. It’s a strategy. A shield. A survival tool.

For all of our clients, we keep evaluating the policies and periodically suggests ways to improve their coverage, better premium and better features. If you think, you know someone whom we can help, please write back. We are more than happy to speak to them. Most importantly:

Don’t wait. The bill won’t.

— Team Fincare