How Much Medical Insurance Do I Require?

Finding the Perfect Health Insurance Plan: A Comprehensive Guide

Due to growing inflation, a substantial sum of money that seems enough today may prove insufficient for your healthcare needs in the future. Thus, to protect yourself from such financial strains, it is sensible to avail yourself of a medical insurance plan. 

Now, if you are planning to buy such a policy, have you wondered how much coverage you would need to cover your healthcare needs? This guide covers the major factors affecting medical insurance coverage requirements and more.     

Factors Affecting Medical Insurance Coverage Requirement 

Here are the major factors that influence the medical insurance coverage requirement :

Age and Health Background
Your medical insurance coverage depends considerably on your current age and health condition. The higher your age, the more coverage you will need for your medical needs. Besides, people with pre-existing health conditions such as cardiac issues, diabetes or asthma may need higher coverage in order to cater to their long-term healthcare needs. 

Lifestyle and Family Goals
Lifestyle choices like smoking, drinking alcohol, taking part in dangerous sports, etc., increase the chances of health ailments. Thus, individuals partaking in such activities need to opt for higher coverage in order to ensure that they have an adequate sum insured to cover their heightened healthcare risks. 

Furthermore, people planning to have children should go for higher medical insurance coverage. This will enable them to gain coverage for pre- and post-natal expenses, as well as opt for maternity care from the top healthcare institutions.   

 
Yearly Medical Expenditures
Before selecting a health insurance plan, you need to estimate the total healthcare expenses of the year. Routine doctor visits, together with medical prescriptions and regular specialist appointments, must be taken into account when making coverage decisions. 
If you need a lot of medical attention, choose plans with lower deductibles and more comprehensive insurance coverage. High-deductible plans are ideal for individuals with fewer medical needs, offering better savings.

Income and Budget
Your income and financial strength are some other factors that influence your medical insurance coverage. Search for an insurance plan that matches your budget and adequately covers your healthcare requirements while keeping deductibles and copayments in balance. However, before making your decision, always evaluate both short-term and long-term medical insurance affordability. 

Different Types of Medical Insurance Plans

If you are looking for medical insurance, there are several options from which you can make your choice as per your needs:

Individual Health Insurance
The policy pays for medical costs that include hospital stays and surgical treatment for a single person. It features affordable premiums and customizable plans for policyholders based on their needs. 
Family Floater Health Insurance
Provides coverage for the entire family under a single policy with a shared sum insured. Such plans are significantly cheaper than individual health insurance policies for all members.   
Senior Citizen Health Insurance
Senior citizen health insurance plans provide coverage for age-related illnesses to individuals above 60 while offering broader protection. They usually come with a higher sum insured and, as a result, higher premiums to cover the increased healthcare requirements of senior citizens. 
Critical Illness Insurance
It offers a lump sum upon diagnosis of serious conditions like cancer, heart attack, etc. Although this plan covers a wide range of critical diseases, its coverage is only available upon the diagnosis of specific illnesses mentioned in the policy.
Group Health Insurance
Such policies are usually offered by employers to cover their employees and their immediate dependents. This takes the burden of health insurance off the staff members’ shoulders, but the benefit usually remains as long as they are associated with the company. 

To make sure that everyone gets access to health insurance without straining their finances, Star Health provides comprehensive coverage starting at only ₹13/day. 

Check out our policies today!

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