How Much Health Insurance Coverage Do I Need?

How Much Health Insurance Coverage Do I Need?

What seems to be enough today may not be enough tomorrow. The need of coverage in a health cover policy may increase with new diseases. Everyone wishes to protect the health interest of a family against any unlikely case. So, a buyer must understand how much coverage he needs or might need in future in order to protect the health interest. A health cover policy is important for the medical costs. This includes medical emergencies, hospitalisation, non-hospitalisation costs, etc.

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Enough Health Coverage

The buyer must ensure that the amount of premium he pays must provide larger coverage to fulfil the medical demands. In order to ensure this, he must check different health cover providers to choose the best one. The health requirement in the case of family health cover or group health cover might be unique. Every member of a family may have some special demand which needs to be added to the coverage of the insurance policy. A person needs INR 5 lakh for the treatment of a normal heart ailment. But this may not be the case in the next 5 or 10 years. The cost of treatment may be increased. So, the buyer needs to understand the requirement of exact coverage before buying the health insurance policy. 

Here are some points which are helpful to decide how much coverage a person or families or employees need.

Type of Cover Policy

A person must understand the types of health cover policies available in the market. One may understand the health cover needs by comparing and matching the plans that the different companies offer. For example, a family health cover plan may have less coverage as compared to an individual health cover policy. The group health cover policy can also have less coverage as compared to the family health cover policy. Thus, a person must assess whether he needs an individual health cover plan, family floater policy or senior citizen cover plan. In terms of cost, one may find family and group health cover plans cheaper than individual health cover plans. So, if a person lives with family or has a family may select for a family floater cover policy. If there is a senior person in the family, the buyer may purchase senior citizen health cover.

Medical Cost of Illness

There are different kinds of serious illnesses which may affect a person in the future. Such potential diseases include heart ailments, kidney failure, stroke, cancer, etc. A person must consider these diseases before deciding the coverage he needs to meet the medical cost. A buyer may also consider buying a serious illness cover plan to avoid the medical cost.

Choice of Hospital

A buyer must check the network hospital that the insurance company has to get cashless treatment. The buyer needs to show the health cover card in the network hospital for the treatment of disease. But in case there is no network hospital in the city where the buyer lives, the insured person has to make the payment for treatment and get the claim from the insurance company. Getting return can be a long process. So, a person must check the network hospital before buying the policy. 

Evaluate the Need of Additional Health Cover Plan

A buyer may evaluate the coverage offered under such a plan. It shall help the buyer to decide if he needs any additional coverage or a private health cover plan to fulfil the health cover needs in future.

Medical History

Some diseases such as hypertension or diabetes might be genetic causes. One may consider such genetic diseases in order to evaluate the need for health cover.  A buyer should consider the family’s medical history and see if such history can repeat itself.

Lifestyle

A bad lifestyle may lead to different kinds of diseases for a person. An inactive lifestyle may cause major diseases. This includes hypertension, diabetes, organ failure, cholesterol, etc. In addition, the lifestyle disease may also be caused due to stress or improper sleep. The buyer must consider his lifestyle to get the enough coverage. 

Age

People may contract different kinds of illnesses as they age. A person may have to buy a health cover policy for a senior citizen. Such citizens are prone to different kinds of illness and may have pre-existing diseases. Under such conditions, a person may understand the disease which may happen or which has happened in order to evaluate the need of coverage. 

Affordability

A person with low income may not pay high amounts to get different kinds of coverage that he needs. Under such conditions, a person must try to save money from income in order to buy the cover.

Conclusion

Health cover is an important policy that a buyer must purchase. But before purchasing the policy, he must understand how much coverage he may need to fulfil the medical requirement. One may assess the need for coverage by understanding the types of policies provided by the insurance company, medical cost of illness, choice of hospitals, and medical history of the family.

FAQs

Q. When should a person buy a health cover policy?

A. A person should buy a health cover policy at a young age. At a young age, the premium shall be low and the buyer can complete the waiting period as made compulsory by the insurance company. 

Q. Can a buyer buy more than one health cover policy?

A. Yes, buyer may if he wants to buy more than one health cover policy. 

Q. Can a person being a minor buy a health cover policy?

Q. No, a minor person is not eligible to buy the health cover policy. But his parents can buy the plan and add him in the policy. 

Q. How can a person pay the amount of a health cover plan?

A. One may pay the amount of health cover policy via debit card or credit card, EMI or UPI or net banking.

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