Health Insurance - Is the health insurance sum assured sufficient ?

Health Insurance - Is the health insurance sum assured sufficient ?

How much coverage should be selected while taking a health insurance policy ?

Find out what kind of policy to take.

In recent times, diseases associated with old age are on rise at an early age. Some of the mysterious diseases are choking people of all ages. It is important to have a comprehensive health insurance coverage to overcome these. When should you take health insurance ? For how much amount should it be taken ?

Who need Health insurance ?

Do you want a health insurance plan only for yourself? Want something that covers your family members as well? Identify that first. Depending on this, you can go for a personal plan. Otherwise, you can check out the family floater health insurance plan. Then, you can choose a policy that has the required coverage based on your age, family medical history, pre-existing illness, nature of medical expenses, medical inflation, etc.

When you are healthy.

Most insurance companies as for pre-policy medical screening before issuing a health insurance plan. Diseases such as obesity, BP, cardiovascular diseases, diabetes, lung cancer are usually derived from an unhealthy lifestyle. It is best to get a policy only when there are no such conditions. Keep in mind the fact that most health insurance policies do not cover pre-existing diseases from the first day of commencement of the policy. Depending on the insurance plan purchased, diseases that usually occur after a waiting period of 36-48 months from the date of commencement of the policy are covered.

High coverage:

There is an enormous amount of research going on in the medical technology/treatment, diagnostic therapy approach. The cost of such treatments is also high. Hence an insurance plan with a higher sum assured should be taken. Another important aspect to keep in mind is to get healthcare treatment, especially abroad. Insurance companies have started offering global coverage in their health insurance plans. Choosing such a policy is an added advantage. It is advisable to opt for an insurance cover of at least Rs5-10 lakh. In case of floater policy, you can opt for a guarantee of Rs15-20 lakh. Some policies offer policies with restoration benefit. This can be used up to twice the sum assured. Those who are unable to pay a higher premium can opt for such policies.

Finally:

It is advisable to opt for an insurance company with a wider, higher claim ration and a higher network of hospitals while buying the policy.