How Much Of Health Insurance Coverage Is Enough ?
With the rise of occurrence of diseases and the rising hospitalization and medical costs
, it is wise option to opt for a good health insurance. Health insurance provides you financial security in case of any medical emergency and upon diagnosis of any medical condition involving surgery and follow up medication till the post hospitalization allowance period. Most companies offering health policy have different categories of health plans with varying premiums and coverage criteria. So, before you opt for a plan its necessary that you keep in mind your requirements, make appropriate risk assessments and consider your premium paying capacity.Health policy can be purchased individually or for a family or a group depending on the requirements. Now-a-days, health insurance companies are also offering customized health insurance policies apart from regular health insurance policies. Regular health insurance policy covers cost of stay in room, the doctor fee, any associated medical tests and medicines and other related expenses. Whereas the customized health insurance policy provides coverage for specific illnesses like diabetes related ailment and critical illnesses such as heart attack, organ failure etc.
Under customized health insurance plan, upon the diagnosis of any of these life threatening diseases, you get the sum assured as a lump sum, tax free payout that bails you out of your financial stress and expenses incurred.
Now, for any of the above category of health policy, you can insure yourself for different amounts and the main question that arises in every persons mind before opting for any plan is how much insurance coverage should I have? Well though there is no set methodology to decide this, keeping a few things in mind should make the decision making process more efficient.
1.Going in for health insurance involves allocating a specific amount of money for the premium and hence it depends mainly on your affordability. Check out the monthly or annual premium rates for the different covers and choose one that you can pay without defaulting.
2.Also, look at your past years of medical expenses to decide on the medical cover with a minimum cover of at least 2 to 3 lakhs.
3.If you do not have any specific history of illnesses in your family and are clueless about how much expenditure you may have later in life; take into account the statistics of the 10 most prevalent diseases that occur randomly and insure yourself for an average bill for treatment of any of those commonly prevalent diseases.
So, choose your health insurance wisely by looking at the various companies and their coverage and premium before opting for the one that suits your needs perfectly. Remember that the earlier you take a policy your can insure yourself for a specific amount for a lower premium than if you opt for it later since as your age increases the premium the companies charge also increases due to increase in risk factor. Keep in mind that your insurance coverage should be based upon your affordability and your expected health expenditure.
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