Do You Need to Top Up Your Company’s Medical Insurance?

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)

  1. Hernia – Rs. 40,000 – 50,000
  2. Fracture – Rs. 50,000 – 60,000
  3. Coronary Heart Diseases – Rs. 2 – 6 Lakhs
  4. 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:

  1. 30 Years Age – Rs. 1,300
  2. 40 Years Age – Rs. 1,500 – 2,000
  3. 50 Years Age – Rs. 2,800

Here is an Info graphic representing the above points

medical cover top up

Do You Need to Top Up Your Company’s Medical Insurance?

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