Investing in health has always been important and the emphasis on it is even more in a post-Covid world. While people go about get health insurance, Mumbai-based experts including an oncologist, financial consultant and health insurance companies believe there are some important things you need to know as they break down not only how much you need to save but also why you need to save for health. They also address the common misconceptions and urge people to take saving money for health more seriously
Updated On: 2024-08-31 09:10 PM IST
Compiled by : Nascimento Pinto
Start saving early
City-based chartered accountant and financial consultant Shaili Shah says if you do not have a sufficient health insurance, then at least 15-20 per cent of your savings should go towards this goal. Overall, it is good to have at least a ready corpus of 8-10 lakhs per person, and for a family of four, they should look at a cumulative amount of 20-25 lakhs. Having savings over a period dedicated for health can overcome any additional expenses and safeguard and not dive into other savings impacting other goals.
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Cancer and heart related treatment expenses
Shah says Cancer and heart issues are two sicknesses that take up a lot of money. Cancer-related expenses come to about 8-10 lakhs on an average with a basic facility and on the upper end can easily go to 20-25 lakhs depending on type of cancer, tradesmen hereafter and the hospital and doctor where you are being treated. For heart issues, it would be around 10-15 lakhs on an average and can go on higher end depending on complexity. Women need to save more than men because they have a longer life expectancy. Dr Meghal J Sanghavi, oncosurgeon, Wockhardt Hospitals Mumbai Central, says in government hospitals radiation, chemotherapy and surgery may range from being free to a few thousand each. In charitable hospitals, it may be around 2-3 lakhs for each modality of surgery and chemotherapy. On the other hand, the treatment in private hospitals will be as per each hospital tariff and room category.
Treatment
Sanghavi says as a long-term, debilitating illness, cancer treatment typically spans from 6 to 12 months, requiring a lengthy commitment rather than a one-time surgical fix. cancer care usually involves multiple modalities, including surgery, chemotherapy, and radiation therapy means that each treatment requires numerous tests to plan effectively assessing patient fitness, tolerating tests, determining dosage, and pinpointing the extent of the disease for accurate radiation targeting. This extensive testing and the need for various treatments contribute to the high cost of managing cancer. The combination of prolonged treatment duration and multi-modal therapy makes cancer one of the most expensive diseases to treat.
Misconceptions about health insurance
Kavitha Subramanian, co-founder, Upstox, says there are quite a few misconceptions about health insurance. Most people believe you need life insurance for as long as you live, smokers must pay more premiums, your employer’s insurance coverage is sufficient and many other such beliefs but they are not true.
Inclusion of fitness into health insurance
IRDAI issued new guidelines on September 4, 2020 permitting health insurers to incorporate fitness activities such as yoga, gym workouts, zumba, pilates, CrossFit, swimming, into health insurance coverage
