POSTED BY August 20, 2012 9:35 am COMMENTS (4)ON
Suppose I take Floater forRs 3L which has a Room Rent Cap as Rs 3000. Its is good enough for me now.
My question is- With medical inflation @20%, after 20 years, the same room will cost Rs 15000/. So even if I buy an good cover at an early age, the same will be useless for me after 20 years . The isurer will pay me pea-nuts considering reimbursemnent to be made in ratio of Rs 3000 to Actual Room Rent.
How to address this? Obviously, at present I can not take a cover good enough for a furure room-cost of Rs 15000. That would require a cover of Rs 15 L!! Such a cover may not even be available.
One option is to keep on upgrading the cover periodically to keep pace with inflation. Rather than an option, its a bare minimum requirement if one wishes to keep his cover’inflation-proof’.
My question is- Does upgradation require a re-medical-test? If yes, If one gets some desease meanwhile, he may not be able to upgrade and his cover will become drastically week due to inflation. This will defeat the very purpose of insurance? No?
Experts/experince forum members, please provide your opinion.