How Much Health Insurance Do You Need? Find Out Here

With the improvements in medical facilities around the world, there is a significant increase in life expectancy among people. Even if we consider the drastic changes in lifestyle over the last few decades, life expectancy has indeed increased, but with lesser standards. Moreover, the double-digit inflation in medical services has made it uncertain for most to determine the amount of health insurance coverage they should buy.

With the improvements in medical facilities around the world, there is a significant increase in life expectancy among people. Even if we consider the drastic changes in lifestyle over the last few decades, life expectancy has indeed increased, but with lesser standards. Moreover, the double-digit inflation in medical services has made it uncertain for most to determine the amount of health insurance coverage they should buy.

Determining a comprehensive health care has no straight formula; you need to shortlist a policy that suits your needs. Your family medical history should also be taken into account while getting a health cover. From the myriad of options available, a policy that checks all your boxes shall give you peace of mind.

Age At Which You Opt For An Insurance Cover?

Whether you start young or are a little late to the party, you can always

Determining a find a health insurance plan that suits your needs. The same amount of sum assured can be available with minimal increase in premium amounts.

How Much Premium Can You Afford?

You will need substantial health insurance to be at peace. However, if you cannot manage to fetch yourself an insurance plan that offers the right amount of cover, it is better to purchase smaller policies to get comprehensive coverage. This way you will be covered during medical emergencies. In time, you can consolidate them and extend your coverage to receive your benefits from one place

• Medical History Of Your Family: When you ask the question ‘how much health insurance coverage do I need’, you should consider the ailments running in your family. Getting a health cover to protect yourself from genetic conditions that may arise in the long run acts as a safety net.
• Lifestyle Choices: Lastly, you must also factor the lifestyle that you lead when the question ‘how much mediclaim do I need’ comes up. Today’s busy lifestyle doesn’t leave us much time to focus on getting a good workout between busy schedules. Apart from that, strenuous work hours have seen most people resorting to junk food. Such choices add up in the long run and become cause for trouble.

Apart from the points mentioned above, most financial experts consider the following points as a rule of thumb while answering the question below

How Much Health Insurance Is Enough?

• Your health cover should be able to cover sudden contingencies like a heart ailment or even cancer treatment. You should try getting such treatments included in your existing health plan or opt for those that offer them.
• To be on the safer side, one must insure themselves for nearly half their annual income. This way, you stay protected on an economical premium.

It is vital to make a thorough assessment of the various plans on offer before finalizing your insurance cover. After all, the coverage should be able to protect you from all financial obligations that may arise out of hospitalization or treatment costs.

For more guidance regarding health insurance policies and topics like corporate health insurance, premium, chronic health problems, refer to our health insurance blog and be informed before you buy any policy