The number of diseases that impact us has multiplied along with overall life expectancy. Also, medical inflation and the increasing cost of healthcare services in the country may ruin your financial situation and burn a giant hole in your pocket.

What is enough today could not be sufficient tomorrow. Buying health insurance is one method to prepare financially for any unforeseen medical problems. Healthcare insurance plans can benefit in paying for necessary healthcare bills, including emergency and planned hospital stays. Moreover, the amount of health insurance you get should provide broader comprehensive coverage and financial protection.

How do Health Insurance Plans Cater to your Medical Needs?

A health insurance policy is a legal agreement between the insured and the insurance company. The insurance company receives a premium from the policyholder in exchange for paying the medical costs incurred during a medical emergency, including hospitalisation, daycare expenses, post and pre-hospitalisation etc.

Choosing healthcare insurance for you and your loved ones is essential because of the prevalence of expensive treatments and the increasing levels of lifestyle diseases. Despite illness, there is always the possibility of accidents leading to injuries or any other medical emergency. In addition, your annual financial goals may be put under financial strain if you experience any unforeseen medical emergency.

A health coverage plan is necessary to cover these costs. In addition, the prices of hospitalisation and other medical expenses are covered by health insurance claims. As a result, they safeguard your money while giving you much-needed financial support in a medical emergency.

How Much Should One Opt for Health Insurance Coverage?

The ideal coverage amount relies on several variables, including your present age, financial situation, preferred hospital type, and current health issues. As a result, the volume of your health insurance policy should be based on your financial situation and way of life.

Typically, financial experts advise having at least Rs 5 lakh coverage in medical insurance. Even though there is no perfect sum insured for buying a medical insurance plan, there are two widely acknowledged theories for choosing the coverage limit:

  1. At least six times your annual income should be covered by your medical insurance. For example, if your monthly pay is Rs 50,000, you should go for coverage of at least Rs 30,0000.
  2. The insurance plan you chose should at least pay for coronary heart disease in a hospital of your choice.

What Factors to Consider While Choosing a Health Insurance Plan for Your Family?

Your family’s needs and health requirements are specific. Therefore your life health insurance plans should be too. The cost of healthcare is rising daily and will be different in 5 to 10 years. Before choosing the best plan for your loved ones, take into account the following pointers:

Examine Your Top Requirement

Over the past ten years, mediclaim insurance in India has significantly changed, offering a variety of insurance plans with various features and requirements. It is simple to become confused with all the options. Hence, the first step is to list your main priorities. You can choose the type of coverage you require once you know your needs.

Look Out for Cashless Hospitalisation Network

You can receive medical treatment without paying the bills due to cashless services. The insurance provider will pay the hospital immediately for the medical expenditures. So, you must check the list of cashless hospitals provided by insurance companies to see if the best hospitals in your location are included.

Examine About Waiting Period, Co-payment and Exclusions

To understand your policy’s waiting period, co-payment, and exclusion clauses, carefully study the terms and conditions of the health insurance policy. It is crucial to examine the policy wording before purchasing healthcare insurance coverage as elements such as waiting period, co-payment, and exclusions could cause you to bear a proportion of medical expenses.

It is insufficient only to purchase your family’s best medical insurance plan. It would be best to examine your insurance annually to ensure it meets your needs. For example, you should add a new person to the coverage if you get married or have a child.

Moreover, medical insurance policies enable lifetime coverage. Therefore, you must renew your insurance policy by the deadline to continue receiving coverage for medical emergencies. You can opt for plans from Niva Bupa (best health insurance company in India), which provides a number of choices.


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