How Much Health Insurance Do I Need?

How Much Health Insurance Do I Need?

Your family’s needs are particular, so your health insurance should be as well. Depending on where you live, a simple heart condition therapy now may cost around Rs. 5 lakhs; however, in another 5 or 10 years, this may not be the case. Choosing the amount of coverage you require is one of the first stages in purchasing health insurance. Before choosing the best plan, consider the following advice.

  • Types of policies: Understanding the different types of health insurance policies on the market will help you match them with your anticipated healthcare needs. As all members would be sharing the aggregate insured amount, a Family Floater plan might offer more coverage than an Individual plan. To choose the best plan, you must determine if you require Individual, Family Floater, or Senior Citizen health insurance. *
  • Check to see if you have any supplemental health insurance: If you have group insurance via your company, knowing how much coverage you need for a private or individual health insurance plan will be easier. *
  • Determine prospective illness-related medical costs: Some of the serious diseases you can contract in the future include kidney failure, heart problems, cancer, stroke, etc. Consider these uncertainties before deciding the total level of coverage for your health plan. To supplement your basic coverage, you can choose a critical illness plan. *
  • Your preferred hospital: To access cashless treatment, look for health insurance plans that include your desired hospital among their network of hospitals. Moreover, to determine how much coverage you need, find out the general cost of hospitalisation at the hospital of your choice or in your area.
  • Lifestyle: People often get illnesses as a result of poor lifestyle decisions. Sedentary lifestyles and bad eating patterns are significant contributing factors to high cholesterol, hypertension, organ failure, diabetes, etc. Stress and poor sleeping patterns can also lead to lifestyle disorders. Make sure your health insurance policy will continue to provide coverage for these conditions in the future.
  • Family medical history: Hereditary factors can occasionally be involved in the development of several diseases, including diabetes and hypertension. Consider the potential that you or a member of your family could get genetic disorders in the future while choosing the plan that gives the benefit.
  • Tax Benefits: If you are purchasing health insurance to take advantage of tax advantages, determine how much of a tax deduction you would like to receive through the insurance plan before selecting the plan that best suits your needs. **
  • Age: As people age, they are more likely to develop certain age-related ailments. Hence, if you need to provide for senior persons like your parents or parents-in-law, you might want to think about getting senior citizen health insurance that includes ailments specific to the elderly. Yet, the likelihood of illness in young adults (between 20 and 30 years old) is reduced. Choose a health insurance plan that provides adequate coverage while remaining reasonably priced. ##

Your ability to pay the premium is a crucial consideration when determining how much health insurance you require. When you can’t afford it, it is pointless to choose a greater sum insured because it entails a higher premium. Consider your financial situation before selecting a plan. *

  • Covers high-priced medical procedures: One of the simplest methods to choose the best health insurance coverage is to make sure the amount covered is sufficient to cover the cost of procedures like artery bypass in the hospital of your choice. *

Use the aforementioned advice to analyse your individual needs and choose a sufficient health insurance plan to safeguard you and your loved ones from financial ruin. A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.