Given the rising medical costs and inflation, it is important to be prepared for any unforeseen expenses due to medical emergency. The best way to do so is by purchasing a health insurance policy. However, when it comes to getting a policy, the biggest question is how much should be the size of the health cover. Similarly, it's always confusing to select a medical insurance that meets all your requirements apart from covering critical diseases.

Live TV

Loading...

Here are a few things to help you decide on a suitable insurance policy for your medical emergencies.

How much health insurance do you need?

The coverage need and cost of your health insurance plan will depend on your needs. The cost of premium for the insurance policy could vary depending on whether you want to get an individual policy or a family floater that covers your loved ones as well. If you want to include senior citizens in the policy, then you will need to consider the cost of treatment for their existing ailments too before deciding the coverage.

ALSO READ | 10 things young buyers should consider before going for a health insurance policy

Types of health insurance policies

The options are available in different categories like individual plans with less coverage, family floater plans with more coverage or senior citizen health insurance plans with the highest coverage.

Before deciding the policy, identify medical costs for existing and potential illnesses including critical diseases such as kidney failure, heart ailments, cancer, stroke, etc.

Hospital coverage

Consider the health insurance plans that include your preferred hospital among its network of hospitals. Carefully check the list of hospitals covered by the insurer and whether the hospital you frequently visit or the hospitals in your locality are in the list.

ALSO READ | Insurtech and the role it can play in getting Indians to buy health insurance

Here’s how much coverage you need for the different groups:

For individuals

An individual health insurance plan for someone during his/her early phase of life should be above Rs 3 lakh. Since at an early age there are low chances of you registering a claim, you can earn a good no claim bonus as well.

For family

As per reports, most policyholders in India cover their families for around Rs 7-9 lakh. For a family of two adults and two kids you should go for at least a sum insured of Rs 10 lakh.

ALSO READ | Pros and cons of health insurance portability — when and how to port

For senior citizens

Senior citizens will need a higher sum insured as the medical costs for even the common surgical procedures that they need could be expensive. Therefore, a cover of more than Rs 10 lakh is ideal

Calculating minimum health insurance coverage

A good rule to calculate coverage is to take 50 percent of your annual income as your health insurance coverage. However, the minimum coverage should be at least Rs 5 lakh, considering the rising medical costs.

(Edited by : Shoma Bhattacharjee)

First Published:Jun 23, 2022 9:06 PM IST