Medical advances have been miraculous in increasing the average global life expectancy. However, the cost of medical expenses have also escalated significantly in the past few years. Getting medical supervision can easily cost thousands of rupees in no time. Is it viable to bare all such expenses in critical times? No. This is exactly why everyone should have health insurance cover before the age of 30. Numerous insurance providers offer a variety of health insurance policies of different range of premiums. The enormity of options often lead to confusion as to which health insurance is the perfect one for you and how much sum insured do you need.
In this blog, you can find the details about different options available in the market and choose the best one according to your requirement.Let’s delve into the details of health insurance right away!
Generally, younger people are healthier and fitter than the older ones. For a healthy youngster, it is recommended to get health covers of above 3 lakhs. Since hospitalization instance are less in this age group and hence claim registration is less likely, you can enjoy the cumulative bonus. This means that your sum insured can boost up to 200% over the years.As a youngster with on-going medical treatment, plausible medical emergencies, or high-risk of ailment, it is preferable to go for health covers of over 5 lakhs.
Age 35 to 50
The onset of most chronic diseases happen around this time. The busy lifestyle also leaves you exposed to greater risk of ailments. This is when it is absolute must to get a health insurance at the earliest if you don’t have one already- or get extra covers if required. In this age, it is important to take in account various factors affecting the sum insured and medical inflation. You can consider buying an insurance of anywhere between 7 lakhs to 10 lakhs, depending on your age, health, family medical history, hospital preferences, etc. If you are lucky enough, you might as well be able to enjoy the cumulative bonuses in later years.
Senior citizens are without a doubt most vulnerable to diseases and ailments. Unfortunately, due to the 15% annual inflation rate in medical, the cost of a menial surgery may lead you to cash out thousands or even lakhs. Moreover, this cost is certain to escalate in the next few years. This is why it is preferable to be very realistic with deciding on a definite sum insured. Account for the age, health condition, medical history, etc to land on the right insurance sum in this case. Remember, the amount that seems perfect today may fall short in the next few years. Seniors can also get Critical Illness Insurance to have all round protection for other critical diseases.
Many people prefer family health insurance to individual insurance covers. It is more sensible for an average healthy family as it converges the cover as well as the premiums, making it more affordable without compromising on safety. A family of two adults and two kids should do for insurance cover of 10 lakhs and above.
In the current day, health insurance is one of the most important factors in keeping your well-calculated budget during a health crisis. Be wise and invest in the right insurance to keep you and your loved ones safe!