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Livewell: Health Insurance & Wellness Blogs | Max Bupa

HOW MUCH HEALTH INSURANCE COVER DO YOU NEED IN INDIA?

26 May 2015

Getting a health insurance plan is a critical investment that we make to safeguard our health and finances. However, just as with any other investment, the terms and cover for the same will differ from person to person. Luckily, there are various factors you can consider that can help you identify how much premium you should pay, what is the kind of cover you need and what add-on facilities you should look for before you zero down on a health insurance plan.
Want to know some key parameters that will help you understand how much health insurance cover you need? Keep reading to find out.

AGE

As we grow older, we become more susceptible to diseases. Therefore, it becomes a critical factor in determining the cost of your health insurance premium and the kind of coverage required.
If you are in your twenties and thirties, you are at a significantly lower risk of contracting any illness and the premiums are a lot more affordable when compared to premiums paid by people in their forties. With a general rise in diseases in India, your need for a health insurance cover is inevitable. Waiting until you're older is not only a big risk, but the premiums also tend to get much more expensive.
Thus, it is never too early to buy health insurance.

FAMILY HISTORY

While genetic diseases don't need to be passed down to all family members, it would be a wise choice to get a health insurance plan that covers any such risk in the event of an emergency. Thus, if you have a family history of multiple hereditary issues from either your parents or your grandparents, you may want to buy health insurance with wider coverage that accounts for all possible risks.
Note: Before you buy a health insurance plan in India, be sure to check what the waiting period is for various illnesses such as diabetes and coronary issues which have become very common nowadays.

LIFESTYLE

A majority of contemporary health issues have been shown to be triggered by poor lifestyle choices. These include unhealthy eating habits, lack of exercise, sleep and stress, which are the leading causes of diseases such as hypertension, diabetes, high cholesterol etc. in India. While it is recommended to take corrective measures to improve your habits, it is also recommended that you opt for a wider cover with your health insurance plan so as to mitigate the financial burden for you or your loved ones.

QUALITY OF SERVICE

In cases of hospitalisation, the total cost of medical treatment will depend on the type of hospital you are availing the service from. Medical aid at public hospitals is much cheaper when compared to private hospitals. However, among private hospitals too now, we have multiple tiers in India. This classifies some hospitals as five star and some as even seven-star facilities.
Hence, the cost of treatment for the same health issue will differ from one facility to another. If you wish to avail a certain quality of service, you need to buy a health insurance plan with a bigger coverage to cover expenses such as room rent.
Note: Check if your preferred hospital is in the network coverage of your health insurance provider to ensure cashless treatment.

AFFORDABILITY

Ultimately, the health insurance cover you buy is directly dependent on how much you can afford to pay as a premium. The higher the coverage, the costlier the premium. Weighing the affordability of the cover is extremely important to ensure that you are comfortable paying premiums in the long run.
You can also opt for a health insurance cover with top-ups to save on your premium. Top-ups are a more affordable way to expand your coverage and customise the services that you get. You can easily buy a higher coverage in the future if you feel the need but top-ups can ensure your financial protection for immediate emergencies.
We have a multitude of health insurance options available in India that you can choose from. Take the help of the factors given here to narrow down on a few plans that suit your needs best!
To know more about health insurance plans available, visit www.maxbupa.com