5 min read
Looking at the uncertainty of health and life, having enough health insurance coverage is important. But how do you estimate the amount of health insurance you need? Let’s find out in this post.
In the present situation of uncertainty and pandemics, having a comprehensive health insurance policy covering yourself and your family is important. However, the point is how to calculate how much insurance you require? Or do you think the amount of coverage you have is enough for you and your family members. What if any unforeseen health situation emerges in the near future? Will the coverage that you have is sufficient to handle such situations. Yes! All these are very vital questions that you must consider while investing in health insurance.
Let us discuss all such questions in this post to give you an idea of the amount of health coverage you should opt for.
Of course, it depends from person to person as well as on the health condition of the insured and the number of people included in the policy. However, there are two basic rules to follow to buy the best health insurance in India;
Now, coming back to how much health insurance you must purchase, let’s try to find it out.
It actually depends on whom you are buying the coverage for. If you are buying health insurance for yourself, you must follow the above rule of buying insurance equal to half your yearly income. So, if you are earning INR 6 lakh per year, you should invest in a health policy offering a coverage of INR 3 lakh.
However, looking at the increasing cost of healthcare expenses, the above coverage may not be sufficient either. So, as per insurance experts, having a coverage of at least INR 5 lakh is important from the best health insurance company in India so that you can cover the expenses easily.
In this case, buying health insurance early on in life allows the insured to have greater coverage at lower premiums. This way, you can also accumulate cumulative bonus or No claim bonus every year and lower the premium amount further.
Now if you are a family man, you must buy health coverage for your family members as well. Since medical emergencies can occur anytime and to anyone, you simply cannot take any chances. And if such a situation arises, you will have to do away with all your savings in a single hospitalization. So, to avoid this it is important to opt for the best health insurance plan in India with at least a minimum of INR 10 lakh sum insured for your family.
Here, you can go for family floater plans and let all family members share a single sum insured. This way, you can lower the premium significantly because you don’t have to pay for individual policy for each member. Because here the sum insured is shared by every member insured under the best family health insurance plans in India on floater basis.
Also Read: Top 5 Family Health Insurance Plans in India
Senior citizens like your parents or grandparents are the ones who are most susceptible to diseases. Being vulnerable, they need enough health coverage to get their medical treatment done at a good hospital so that they do not have to suffer due to lack of funds. Looking at the surge in the costs of surgery and other medical procedures, a minimum of INR 2-3 lakh is required if a senior member of the family gets hospitalized for a certain illness. So, depending on the existing diseases and the health condition of the elderly, you must buy health insurance in India with the best coverage. A minimum of INR 5 – 10 Lakh is required to cover the health costs of elderly comfortably.
Thus, an all-encompassing health policy with a high coverage amount is the prime requirement for the senior citizens. However, you must note that as the sum insured increases, so is the premium rate. Further, most insurers charge high premiums while offering coverage to senior citizens because the likelihood of making claims is more. So, ensure to check the rate of premium levied on the health insurance of senior citizens before buying.
So, now you know how much health insurance you must choose. Let us discuss the things that you should keep in mind while buying a health cover.
Age of the Insured – This is the first important factor to consider as the older the person is, the higher the sum insured is required and higher is the premium charged.
Medical History – If a person has many pre-existing diseases, he/she is likely to make frequent claims. So, this is another factor to consider while buying health insurance because this factor is considered by most health insurance companies in India.
Type of Hospital – What kind of hospital you want to avail treatment is also a factor to consider while buying a health plan. This is because availing treatment in private hospitals with high reputation would be more than in a hospital run by the government. So, if you want to be admitted in a private hospital, opt for a greater sum insured.
Ability to Afford – Also, you must decide your health coverage depending on your budget and affordability. With limited income, you may not be able to afford higher premiums.
In the current scenario, having adequate coverage for your health with higher sum insured is something that everyone should have. Your health coverage amount should be able to cover you adequately in the present time as well as in the coming years. So, buy the best health insurance in India keeping in mind the above points and get the right coverage for your health insurance. Also, do check which health insurance is best in India as well as the top 5 health insurance companies in India before choosing the best plan and insurer for your health cover.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
View this post on Instagram
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
As per data by the World Health Organisation, as many as 45 lakh people worldwide are blind caused by glaucoma. On Prevention of Blindness week.
Thyroid Stimulating Hormone, which is commonly known as TSH is a hormone that maintains the functions of the body’s nerve along with the overall energy.
The threat of yet another virus hits India. This time it is H3N2 Influenza Virus, which is a sub-type of influenza A virus that is.
There has been a huge price rise or inflation seen across sectors, especially the healthcare sector in India in recent times. Let us take a.
Ayushman Bharat Yojana is a health insurance policy offered by the government of India with the aim to present free access to health insurance for.
‘Health is wealth’ is not just a saying, it’s a fact, which people realize when they fall sick. Yes, good health is the most important.
LASIK eye surgery is a surgical process that rectifies any issues related to vision. The cost of the surgery varies depending on the city, the.
Some situations in our life are beyond our control, and one of them is falling sick. No matter how hard we try, we may end.
We all know the importance of health insurance for taking care of hospital bills and medical needs. Let us take a look at some of.
The key function performed by the kidney is to filter blood which flows through each of our body organs. Hence the safety of the body.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.