There are currently over 61,307 Hospitals in India and its growing along the days more. What does this message tell you? Along with the growing world, pollution is getting worse and so the impacts of global warming are bringing in new diseases and poor health conditions. The immunity levels in our genes are gently decreasing along with age than it should normally be compared to your elders and their elders.
In this overpopulated, polluted, and rapidly changing world, you need something strong as a financial back up during your sick days, like falling prey to sickness and diseases has become very common. Who can you rely on when your relatives and friends are unable to help, in situations as such medical emergency?
With a wise health insurance policy, you, can save yourself, How? Now when you know to choose health insurance policy, here are a few important things you should be aware of on how to decide on the right sum insured under your policy.
It’s simple, you only have to concentrate on the below aspects.
- Income and Savings: The first steps on how to choose the right sum insured under your health policy is, based on the income you are being paid and the savings you have planned.
- Age: Though a disease-free life is not guaranteed, ensuring the right sum insured under the health insurance policy at a younger age is the smartest decision as you can start with a lesser sum insured and gradually earn No Claim Bonus and easily surpass the waiting period clause under the policy. Based on the age you can select the policy accordingly. If you are a middle-aged person, you can select sum insured according to existing diseases and also policies that have a less waiting period for treatment. Selecting a maximum life age renewal is a good idea. With the right sum insured on health, Senior citizens do have benefits in the policy as lifetime renewability.
- Family Dependants : Just like you, everyone is different. Each is different from their food and personal habits and the lifestyle they live. Hence when it comes to dependants, there are several family floaters health policies you can select based on their health conditions and lifestyle. With a good sum insured in your health policy, you will be a guardian for your family. So with the fixed sum, you have insured, the healthcare of your family is taken care of.
- Lifestyle/Health Conditions: Is your health fine and are you feeling perfect? If yes, still you need a health insurance policy as a calamity, disaster and diseases are no strangers and they can come anytime unexpected. Any sickness or disease attracts us based on lifestyle and habits. With several lifestyle diseases as BP, Diabetes, Mental Stress-related Heart issues are unpredictable. With your opinions on criteria as such, you will be able to select the on how much sum should be insured.
- Network Hospital and Stay Preferences: In the current days, there are network hospitals available in the metros at different locations which are conveniently accessible for patients. You can select policies from the insurer who gives treatments under network hospitals because it is worth choosing. Also during the stay in the hospital, preference differs from people to people, for instance, there are single occupancy rooms to sharing rooms. Different sum insured offers you different rooms to choose from. It is always advised to look into your network hospital and stay preferences and then make a smart decision with the options available.
- City You Live In : Being in the metro cities the need for health care has drastically increased. For instance, in India (30 most polluted cities) pollution levels have skyrocketed and people have to visit hospitals frequently for multiple health-related queries, diagnostics, and treatments. The medical expenses in metros are much higher than the normal and small cities therefore you need to consider a higher sum insured.
- Medial Inflation: Along the age come common diseases like BP, Diabetes, Bone Related, and many. The healthcare updates the annual price change for them based on the growing consumers. There are policies that cover the medical expenses of these medical conditions be smart in choosing the sum insured by researching on the current medical expenses related to such diseases as at the time of risk there will be no additional cost that will burden your wallet.
- Corporate Cover: The Corporate Healthcare sum insured differs from company to company and it is a standard sum that is insured for all employees. The healthcare policy will be valid until you are part of the organization only. As your needs may differ from that corporate policy, it is wise to own a right sum insured under your personal health insurance plan, which will save a fortune for you at times of medical emergency.
Hope the article served its purpose – making your sum insured decision more simple and informed. If you are not having a health insurance policy, it’s time to own one. There are policies available with additional financial benefits and savings. Hope this guide has given the insights on the questions you had about choosing the right sum insured under your health insurance policy!
