The cover of a health policy is related to your lifestyle. If you want an exclusive room or a deluxe room during treatment in a hospital, then your cover should be higher
A policy with higher cover is always beneficial for you. It does not have conditions like sub-limit of room rent and co-pay ratio.
Due to the corona pandemic and the economic difficulties that arose after it, people’s perception about health insurance has changed.
Many people have started considering reliance on the health insurance policy provided by the company as risky. They find even an insurance cover of Rs 5 lakh insufficient.
Experts always say that it is important to have a health policy with adequate cover. Moneycontrol has introduced Moneycontrol-SecureNow Health Insurance Ratings. Its purpose is to help you choose the best health policy. Actually, it is not necessary to just buy a health policy. It is very important to understand how much insurance cover you need.
The type of city you live in also plays a role in deciding the coverage you should get in your health policy. Bhavatosh Mishra, Director (Underwriting, Products and Claims), Niva Bupa Health Insurance, said, “There is a huge difference in the cost of healthcare in Delhi and Bhubaneswar.
A large number of people avail healthcare services in the place where they live. Hence, it is important for you to take into account the healthcare costs of the place or state you live in.”
If you currently live in a metro city, then you will have to keep in mind the cost of hospital treatment in that city. If you want special facilities in the hospital, then you should buy a health policy with higher cover.
“If you are among those who want a separate room for yourself in the hospital or at least a deluxe room, then a cover of Rs 5 lakh will get used up very quickly,” says Amit Chhabra, Head (Health & Travel Business), Policybazaar.com.
If you want an exclusive room, you must choose a health policy that does not have a sub-limit on room rent. However, know that the higher the cover of your health policy, the higher will be the premium.
People who are older should buy health policies with higher coverage. This is because as a person grows older, the chances of falling sick or suffering from serious diseases increase.
Mishra said, “Age is very important. The needs of a person aged 35 years and 55 years will be different. As a person grows older, more coverage becomes necessary for him.”
This is the reason why senior citizens should buy a health policy with as much cover as possible. If you want to include your parents in your family floater policy, then do not do so.
The reason for this is that due to many claims, your cover may end soon. This will not leave enough cover for other family members. It would be good to buy a separate health policy for parents.
If your parents are not able to get regular cover due to some pre-existing disease, then you can take a senior citizen policy for them.
A policy with higher cover is always beneficial for you. It does not have conditions like room rent sub-limit and co-pay ratio. But, you also have to see how much premium you can pay.
Abhishek Bondia, MD and Principal Officer of SecureNow Insurance Brokers said, “A cover of at least Rs 10 lakh is necessary for every person.”
He said that your policy cover should be equal to your annual income. The reason for this is that many types of diseases are related to the lifestyle of a person.