So you’ve decided to go ahead and buy a health insurance policy and then, suddenly, you hit a wall. You’re faced with some all-important questions:
How much health insurance coverage do I need?
What should I even keep in mind when thinking about which policy to opt for? 🤔
With increasing life expectancy and sedentary lifestyles, the risks of succumbing to lifestyle diseases are higher than ever before. Moreover, advances in medical science also mean you are more likely to seek medical treatment. Having the right insurance cover at the right time can make all the difference in the world.
While there is no perfect formula, here are a few tips to help you make the best choice for you:
First off, start early. The younger you start, the lower your premium and the better your chances of getting a discount on your premium. You’re also less likely to register a claim and derive the benefits of a no-claim bonus.
Medical costs have been steadily rising at a pace that is unprecedented since even before the pandemic. A surgery that costs INR 5,00,000 today could set you back by INR 75,00,000 in 20 years. As you age, a health insurance policy becomes more and more important and making sure your sum insured takes into account the long-term is essential.
Think about your own family’s medical history – if you have a higher risk and can afford it, get a comprehensive policy. If you have a family, you could consider a family floater plan that covers your dependents. Having consolidated plans with your dependents makes claim management easier.
Make sure you ensure the policy doesn’t have any hidden clauses that can come back to bite you:
Once you’ve considered all of the above and taken into account your own financial situation, pick a policy that gives you the best possible coverage. A few tips:
Investing a little more today can be vital tomorrow!
Before you go…
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