- Right SI
- Cheapest health plans
- Health insurance eligibility
Simran has over 3 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.
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Simran has over 3 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.
Updated on Aug 26, 2024 4 min read
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Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.
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How Much Health Insurance Do I Need?
“Health insurance is the need of the hour.” But, how much sum insured is required to secure yourself financially? This is a tricky question. I am sure, we all need clarification here. No worries, this article will guide you through the required sum insured amount that you can choose for yourself.
Before that, Did you know, according to the Health Statistics of India, around 3.2 crore people in the country go below the average poverty line by spending on healthcare from their pocket? The national solution to this national problem is “Health Insurance”.
Coming back to the main question,
How much medical insurance do I need?
The average sum insured for a healthy 25-year-old individual should be somewhere between 10 to 50 Lakh. However, various factors influence how you decide on a suitable sum insured.
Your Age
Your risk of health problems increases as you get older. Therefore, you might need a higher coverage. So, if you are 45 or 50 years old, your sum insured should be around 70 Lakh to 1 Crore.
Health Status
If there are any pre-existing conditions, you might need a higher coverage to cover the cost of major treatments.
Family History
If there are any medical conditions like diabetes or hypertension, then also you need higher coverage. In this case, the cheapest mediclaim policy will not work for you.
Lifestyle
If smoking and drinking are your thing, then you gonna need a higher coverage. Also, if this is your lifestyle, then your premiums are going to be slightly higher than others.
The Good Rule of Thumb
There is a good rule of thumb in deciding the appropriate coverage for your medical needs. It says that your health insurance coverage should be about 50% higher than your annual income. So, if your annual income is Rs 5 Lakhs, then a 7.5 lakh or more health insurance is suitable for you. But you need to consider these above points before deciding the sum insured.
How does health insurance work?
You already know that health insurance is a financial safety net, that covers the cost of medical expenses if there is any medical illness or injury. Let me tell you how it works.
Health insurance is a financial safety net that covers the cost of medical expenses in case of illness or injury. It’s like a contract between you and an insurance company: you pay a regular fee (premium), and the company agrees to cover a portion of your medical bills.
- You choose a suitable plan. Consider factors like age, health status, budget, family size, and your medical needs.
- Pay regular premiums. It can be monthly, quarterly, or annually.
- File a claim when you need medical treatment by providing the details of your illness, what medical services you received, and submitting treatment and policy documents.
- The insurer will review your claim and determine the amount they will cover.
- After approval, your claim amount will be paid either by the cashless form or reimbursement form.
Now the question comes,
How to Find the Cheapest Medical Policy in India?
Finding a suitable policy at the minimum premium health insurance is the task. Here are some useful tips for you:
- Compare plans either the official website of the insurer or using the premium calculator by PolicyX.com.
- Opt for the family floater plan option to cover multiple individuals under one plan.
- Check for exciting discounts, most insurers offer some discount when you buy a health plan online.
- Understand the terms and conditions, features and benefits, and other important aspects of your health plan.
FYI- Remember, the cheapest policy may not always be the best if it fails to provide the coverage you need. It’s essential to choose a plan that aligns with your specific healthcare requirements and budget.
Conclusion
You need to do a little bit of research before choosing the right health insurance policy in India. You can calculate your premium here to know about the health insurance price in India. By carefully assessing your needs, comparing different plans, and understanding the terms and conditions, you can find a policy that offers adequate coverage at a competitive price. Remember, while cost is important, it’s crucial to prioritize coverage that aligns with your specific healthcare requirements.
For more information about buying the perfect health insurance for you, visit our website or call our insurance experts today!
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Schedule a call with India’s number 1 trusted advisor with a 4.5+ rating on Google. We are not your average insurance agents. Our advisors are experts in their insurance knowledge and will give you the right information at the right time. The service is free of cost! Don’t worry, we won’t spam as we value your time.
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How Much Health Insurance Do I Need : FAQ
1. What is the waiting period for health insurance?
A waiting period is a specified period after you purchase a health insurance policy during which certain benefits, such as pre-existing conditions or specific treatments, may not be covered. This waiting period can vary depending on the insurer and the specific benefit.
2. What is the minimum cost of health insurance?
The minimum cost of health insurance for a healthy individual should be approximately Rs 10,000 per year.
3. Q: How often should I review my health insurance policy?
It is recommended to review your health insurance policy annually to ensure it continues to meet your changing needs. Factors such as changes in your health, family size, or income may require adjustments to your coverage.
4. Is 20 Lakh health insurance enough?
Yes, if you are seeking for health insurance policy at a young age, then 20 lakh sum insured is enough.
5. How many years should I pay for the health insurance?
You can pay the premiums for 1 to 3 years of coverage in health insurance.
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Written By: Simran Saxena
Simran has over 3 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.
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