How to Determine the Perfect Health Insurance Coverage?

Illnesses are an unavoidable facet of life. The dubious nature of illnesses makes health insurance a necessary investment that will safeguard you and your family from steep medical care costs. According to the latest economic reports, medical inflation is estimated at 15% per annum and it has been rising rapidly since the past few decades. People who do not have medical insurance, end up compromising on quality health care due to the escalating medical costs. In the worst case scenario, you might end up exhausting all your savings on medical treatments if you do not opt for health insurance. However, buying health insurance plans will only be beneficial if it provides adequate coverage. Here are some important factors that will help you estimate the adequate health insurance coverage:-

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(1) Ability to pay: — As the premium is directly proportional to the coverage, you need to choose coverage accordingly. Ideally, the insurance premium towards health insurance should be 2% of your annual income. For example if your annual income is Rs. 12 Lakh, then you should be around 12,000 per year. Apart from the percentage of income, you can also add any additional medical expense patterns from the past years.

(2) Family history of disease: — A family history of any disease increases the probability of it being passed on to the next generation. If you fall under this category, ensure that you take a wider insurance cover even if you are young at healthy at present.

(3)Family history of disease: — A family history of any disease increases the probability of it being passed on to the next generation. If you fall under this category, ensure that you take a wider insurance cover even if you are young at healthy at present.

(4)Based on the hospital: — Hospitals are graded differently based on the services provided by them. Therefore choose your health insurance coverage according to the hospital grade and class as well.