‘8-10 lakhs could save your life’: Mumbai experts on building financial shields

Updated On: 31 August, 2024 09:08 PM IST | Mumbai | Nascimento Pinto

Navigating health insurance can be a challenge that not many people are prepared for. While saving up for health is an option, Mumbai experts believe there is a lot people need to know about treatment, costs and insurance while also busting myths and challenges

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Image for representational purpose only. Photo Courtesy: Pixabay

Pankaj Sabnani had a fever in May 2023 for more than 21 days but since his condition didn’t improve, the Mumbaikar decided to get admitted to a city-based hospital. He narrates, “I got admitted in Kokilaben Hospital under pyrexia of unknown origin for three days after taking advice from two doctors.” Armed with health insurance, Sabnani wasn’t worried about recovering the cost. However, he was in for a rude shock. “My claim was rejected as the medical team of the insurance company felt that my condition didn’t require hospitalisation.

Unsatisfied with the response, Sabnani registered his complaint under the Insurance Regulatory and Development Authority and then Bima Lokpal. “After more than a year, in a recent hearing, the insurance company was asked to pay me the full amount with interest.” In the process, the Mumbai-based content strategist got back Rs 1.41 lakh that he had spent during this time. Sabnani is among many who often face challenges with medical insurance not only in navigating the processes but also the claim making it difficult and often exasperating. Additionally, it also poses the challenge that the insurance cover may not always be enough especially in a post-Covid world when treatment costs are always high or getting higher, depending on the type of cancer, heart disease, or treatment.

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Home / Lifestyle / Health & Fitness / Article / ‘8-10 lakhs could save your life’: Mumbai experts on building financial shields