Health insurance, in today’s day and age, is a crucial investment. Not buying a health insurance policy can put you in financial worries when it comes to medical treatments. Hence, it is best to have the safety net of a health insurance policy. Health insurance plans help you to cover the necessary treatments that otherwise can burn a hole in your wallet.
But when it comes to selecting the coverage of your policy, it is important to select an adequate sum insured. What might seem sufficient today, may not be adequate tomorrow. Hence, it is critical to select a policy keeping in mind possible future requirements.
How much sum insured should I opt for?
The insurance requirements of every individual are different. Thus, the health insurance coverage for your family or your parents may be different than your friends and relatives. The cost of various ailments differs based on where you reside. Thus, heart ailments that cost about ₹5 lakhs today in metro regions may not be the same in another 5 or 10 years. Here are some pointers to help you decide the amount of sum insured of your health insurance plan:
- Type of health insurance policy
Consider the type of health insurance plans available in the market, and match them to your perceived requirements. An Individual plan can have less coverage in comparison to a family floater policy since more than one family member is the beneficiary. Similarly, buying separate health insurance for senior citizens will be more beneficial than including them in your family floater policy and bumping up the premiums. *
- Estimating the treatment costs for potential ailments
Critical ailments such as kidney issues, heart conditions, cancer, and the like, are some of the more prevalent medical treatments sought by many at large. If you have a family medical history of these ailments, you can factor in the treatment costs of the ailments before purchasing insurance coverage. Moreover, remember to extrapolate the treatment costs and only then choose a suitable sum assured. *
- Consideration of existing health insurance policies
If you have more than one health insurance policy, it is essential to note the coverage available from such other policies. Considering the sum insured available in other policies, you can plan for the amount of sum insured in your current insurance plan better. *
- Lifestyle conditions
The root cause of many health conditions is lifestyle choices. Thus, a sedentary lifestyle with bad eating habits will often lead to high cholesterol, hypertension, diabetes, organ failure, and more. When selecting a policy’s sum assured, you must keep in mind your lifestyle so you can opt for coverage of ailments you are more likely to suffer from. *
The cost of some treatments varies with age. Some medical treatments can be provided via oral medications if detected at an early age. However, if detected when older, it may require other options, such as surgery. *
- * Standard T&C Apply
Thus, the amount of health insurance coverage is not based on any one factor, but on a combination of many factors at once. Depending on the several factors mentioned above, you can set the amount of your policy’s coverage. While selecting a suitable health cover, do not forget to compare health insurance plans and only then make a choice of policy.
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.