Due to the extremely hectic lifestyle of individuals living in urban areas, health issues are now becoming an integral part of their lives. Under the circumstances, the prime importance of health insurance is coming to the fore; and how!
The progress in the fields of medical sciences and research has undoubtedly resulted in the enhancement of life expectancy in human beings. But due to changing living styles and adverse external factors, new and existing health problems are now becoming matters of grave concern. Moreover, the bad effects of pollution, urban and work stress, failing relationships, poor dietary habits, and unhealthy lifestyle modes are contributing to the ill health of people; and how. This is where health insurance is coming to the rescue of the young and old alike.
Measuring the Necessity of Health Insurance
In the contemporary scene, especially in urban areas, from newborn to senior citizens, everybody has become more susceptible towards hospitalization. In the meantime, the estimated rate of inflation in medical facilities has notched up the scale to reach a whopping 15% per annum. Hence, the expenses related to healthcare and medication has been rising in the past decade or so. Considering these ever increasing medical costs; not possessing any health insurance would be an extremely risky proposition for one and all.
Be Realistic in Designing the Policy
Consequent to the growing necessity of health insurance, it is also very essential to possess an optimal blend of coverage to reap the highest benefits from any health insurance plan. Several policyholders in India choose to cover their health for about Rs. 200000 to Rs 300000 and the average coverage per individual is further low.
You need to be pretty realistic while deciding the amount of coverage. At present, even the simplest of regular surgical processes would cost as much as Rs. 100000. A reputed and modestly sophisticated hospital within the city would charge around Rs. 500000 for a bypass surgery. In the coming decade or so, the costs are definitely going to increase. Thus, it becomes essential to take the inflation factor into account while deciding upon the sum insured for your health.
What’s the Right Amount to Insure your Health?
At first, you need to take a look at the factors that need to be considered while deciding upon the sum assured:
- Your preferred hospital
- Present age
- Health conditions at present
- Financial conditions and affordability, and so on.
Although there is no hard and fast rule for calculating the best sum insured for health, there are two broadly accepted rules:
- The assured sum has to cover at least 50% of the income that you generate yearly.
- The insurance amount should be something that easily covers up the expenses related to a coronary artery bypass implant in a medical institution that you prefer.
Most experts in this field would suggest that possessing a health cover of minimum Rs. 500000 would be a smart choice. However, popular tools such as Riders and Top-Ups would help you enhance the assured sum significantly.
You can never calculate the time when an illness or instance of accident would arrive; thereby forcing you to undergo expensive medical treatment and disturbing your well calculated funds. This is precisely the reason why having a health insurance is not only a smart decision but also a necessity in such trying times.
So, do not linger any further and get your health insured at the earliest. How about doing so today?