With deteriorating health conditions and ever escalating medical bills, most individuals have realised the importance of availing a health insurance policy. It is probably the single most effective way to save yourself from falling into a debt like situation during a medical emergency. But, do you know how much of health cover is enough? Availing a health policy just for the sake of it will not help you in anyway. It is vital to choose the right amount of health cover for you and your loved ones. We have listed down a few tips that will help you decide just the right amount of health cover.
How old are you?
Your age is the most significant factor in deciding the amount of health cover you need. The younger you avail the policy, the better it is. For example, if you start at the age of 25, you can opt for a basic cover and gradually increase it by a set percentage every year. However, at the age of 40, you will need a wider coverage, since the risk of developing medical conditions at 40 is considerably high.
Needs and budgets:
Individual health insurance needs will differ from a person who is married. If you have the responsibility of your spouse and perhaps children too. In such case, you will have to opt for a broader policy. Plans such as family floater provide a cover for the entire family under one single plan.
Your ability to pay, annual income are some of the other factors to take into consideration before deciding the amount of cover.
Opt for Add-ons:
A basic cover will definitely pay for all your hospitalisation expenses but to cater to different needs of your family, you need to think beyond the basics.
Here is the list of a few Add-ons that you can opt for:
• Hospital Cash Cover
• Personal accident cover