The Ultimate Guide to Deciding How Much Health Insurance You Need

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Things that seem sufficient today may not be adequate for tomorrow. And in this case, health insurance is no exception.

We know you have unbound love for your family and always look forward to protecting them. Therefore, it is immensely crucial for you to purchase a suitable health insurance policy. But how do you know which insurance policy will provide the requisite medical coverage?

With so many policies at your disposal, things may be too overwhelming. But there’s nothing to worry about, as we will guide you and help you find the most suitable medical insurance policy. Please keep reading until the end of the article to know more and make an informed decision.

Let’s get started.

How Much Health Insurance Do You Require?

Just like your family’s and your requirements, your health insurance should also be unique. So, the first step towards purchasing a health insurance policy is determining the coverage you will require.

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Here, we have listed a few things that you should consider before finalising the best suitable medical coverage:

Determine the Type of Health Insurance Policy You Need

First and foremost, you should clearly understand the types of health insurance plans available in the market. By conducting health insurance comparison, you can match them with your perceived healthcare requirements.

An individual mediclaim policy might provide less coverage than a family floater plan. The latter comes with greater coverage because all family members will be sharing the insured amount.

Therefore, you must assess whether you need individual, family floater, or senior citizen health insurance benefits. Thus, you can zero in on the insurance plan that fits you best.

Identify the Medical Costs for Common Illnesses

While conducting a health insurance comparison, you should identify critical illnesses and their associated medical costs. Some of the most common diseases that might affect you in the future include heart ailments, kidney failure, cancer, stroke, etc.

So before you decide on the insured amount for your mediclaim policy, consider such uncertainties. If you desire, you can also opt for a critical illness plan and extend your base plan.

Determine Your Family’s Medical History

Illnesses like hypertension and diabetes can sometimes run through the family. If this is similar in your family, you should factor in the possibility of being affected by hereditary diseases. Thus, you should select a mediclaim policy that covers all kinds of hereditary diseases.

Consider Your Age

There are a plethora of age-related illnesses that people tend to contract as they age. So, if you require medical insurance for your parents or in-laws, purchase a policy covering age-related illnesses.

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Young adults are less likely to fall sick or contract severe illnesses. But exceptions are always there. Therefore, it is ideal for you to opt for an affordable health insurance policy that provides sufficient coverage.

Identify Your Lifestyle

Many people suffer from severe illnesses caused by unhealthy lifestyle choices. So, you should ensure that your health insurance benefits include coverage for diseases caused by unhealthy lifestyles.

What is the Ideal Minimum Coverage?

When it comes to health insurance, it is best to have coverage of 50% of your annual income. When your annual income is Rs. 30 lakhs, you should keep Rs. 15 lakhs for your insurance policy.

But considering the sky-high medical costs, you should have at least a coverage of Rs. 5 lakhs. As you will have greater coverage, you can acquire maximum health insurance benefits.

To Conclude

Once you consider the pointers mentioned above, you can analyse your health insurance requirements. Ensure you opt for an appropriate health insurance cover that protects your loved ones and you completely.

As a robust insurance policy will keep you and your family well-protected, you should pay your health insurance premium on time. Failing to pay your health insurance premium within the due date will expire your policy. Besides, you will end up losing your insurance benefits along with the previously paid premiums.

So, if you plan to purchase an insurance policy, look nowhere else besides Future Generali. Here you can compare different mediclaim policies, avail excellent benefits, and secure your future.

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Frequently Asked Questions

Do health insurance plans cover pre-existing diseases?

Many insurance companies offer health insurance plans that provide coverage for pre-existing diseases. However, they are very likely to come with a waiting period. As this benefit may vary from one medical insurance company to another, you should read through the terms and conditions carefully.

What is the perfect age to purchase a health insurance policy?

It is advisable to purchase health insurance or a mediclaim policy very early. When you have policies at an early age, you will need to pay lower premium values. Besides, you can also complete any particular waiting period quite early.

Can I change my health insurance coverage later in life?

With the passage of time, your health conditions are likely to change. As you age, you might have a larger family, greater financial requirements, and a significant impact on hereditary illnesses. Therefore, you might require more coverage from your health insurance.

So, in such scenarios, you might opt for customised health insurance coverage later in your life. You can also purchase an individual insurance plan and increase the overall coverage of your health insurance.

What is the minimum and maximum sum insured under a standard health insurance policy?

A standard health insurance policy ensures a minimum sum of Rs. 1 lakh and a maximum of Rs. 5 lakh.

What is the maturity benefit of medical insurance policies?

The maturity benefits in medical insurance are a lump-sum payment made by your insurance provider after your policy expires. So, if you have an insurance policy with a 15-year term, you will get a payout at the end of 15 years.