The increasing expenses, along with the rising occurrence of illnesses and medical conditions, have increased the importance of health insurance. However, finding the right balance between cost-effectiveness and inclusive coverage can be a challenging endeavour among the numerous options of insurance policies and companies in the industry. In this article, we help you determine how much health coverage you might need to protect yourself and your family.
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Before you start looking for appropriate policies, you should understand why health insurance is important. To begin with, it offers financial security by taking care of a significant portion of sudden medical costs. In addition, health coverage guarantees access to a wide variety of medical services, including preventative care, tests, surgeries, and hospital stays.
By covering preventative measures like immunisations and regular check-ups, health insurance promotes regular medical appointments and early identification of potential health problems.
This plan provides broad coverage at affordable prices. You can choose a sum insured of Rs. 10 Lakhs, Rs. 25 Lakhs, Rs. 50 Lakhs, or Rs. 1 Crore.
This plan offers complete coverage with a high sum insured. It includes benefits like no deductions on claims and no waiting period, making it a great option for getting the most out of your health insurance.
This plan is ideal for adding extra coverage to your existing health insurance or savings for medical expenses. After a certain deductible, you’ll enjoy benefits like no waiting period and a high sum insured.
Your family and requirements are unique — your health insurance should be too. The cost of a simple heart ailment treatment might cost about Rs. 5 lakhs in present times (depending on where you reside); however, this might not be the case in another 5 or 10 years. One of the first steps to buying health insurance is by deciding how much coverage you will need. Here are some pointers before you decide on the right plan.
If you are trying to figure out how health insurance works in India, you should know that you will have to pay premiums to the insurer. The insurance firm commits to funding a fraction of the medical costs incurred by the policyholder. Health coverage plans in India often include the option of receiving treatment at network hospitals without the need for upfront payments. Alternatively, individuals can choose to pay for medical services themselves and later request reimbursement from the insurer.
Follow these steps to make sure you’re adequately covered with insurance.
When purchasing an insurance policy, it is recommended that one spends considerable time analysing his/her requirements. Think about such things as inflation and other unpredictable expenses that may occur in the future. This will assist you in making a good decision that you will not regret later.
Ensure that the sum insured meets your requirements before you buy the policy. Even though one may be charged a higher premium, it is better to use the extra amount now than to be forced to bear the full cost of a medical emergency in the future.
Do pay attention to the small details of the insurance policy. It is important to know what is and is not included to prevent any nasty shocks further down the line. Knowing what is excluded and what terms are attached is the best way to be insured.
When in doubt, seek advice from insurance companies. Their professional knowledge can help you make the right decision.
A good rule of thumb is to have coverage that’s about 50% of your annual income. So, if you earn Rs. 20 lakhs, a Rs. 10 lakhs health insurance policy may be the right choice for you. However, it is recommended that the minimum coverage should be at least Rs. 5 lakhs, considering the soaring medical costs.
Furthermore, purchasing insurance in your 20s can decrease the likelihood of filing a claim. This allows you to potentially boost your coverage amount without any additional expenses because you get a cumulative bonus rewarded for each year without a claim.
Like yourself, the significance of insurance applies to your entire family. This is crucial as a medical crisis can arise with any family member at any moment, and a single hospital stay can significantly deplete your family's finances.
Now, you might be wondering, “How much health insurance do I need for my family?” Insurance professionals recommend that a family of four consider obtaining a minimum health insurance coverage of Rs 10 lakh.
Purchasing health insurance for your loved ones comes with a great advantage. You can choose a family floater scheme and significantly lower your insurance fees.
In family floater schemes, a collective amount is allocated for all members of the insured family on a floating basis. This means you do not need to purchase separate health insurance policies for each family member, decreasing overall costs. Additionally, the likelihood of all family members claiming in the same year is quite minimal.
Buying health insurance for parents can get tricky if they are senior citizens. They need health insurance the most, as they are at a higher risk of developing a medical condition or needing hospitalisation.
In today's world of rising medical costs, a major surgery like bypass surgery can cost up to Rs 2 lakh in a reputable hospital. Even a minor surgical procedure can cost up to Rs 1 lakh. Therefore, the best health insurance for parents will have a substantial sum insured.
You should look into policies that cover pre-existing conditions when buying medical insurance for parents. Moreover, they might need nursing or assisted living care in future years. So, you should try to find a long-term policy.
Analyse your unique requirement with the above pointers and opt for an adequate health insurance cover to ensure you and your loved ones are well-protected with a robust health insurance plan.
Here are some of the common queries about health insurance coverage.
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Reviewed by Rupinderjit Singh 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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