Health Insurance is an insurance cover which covers the said hospitalization expenses of insured person or family. Health Insurance is mainly provided by 5 Standalone Health Insurance Companies in India.
But, our question is…..
Why Do You Need Health Insurance?
You need health insurance if your answer is NO for any of the below questions.
- Do you have at least Rs. 5 Lakh cash in a separate bank account specially put aside for medical expenses?
- Are you 100% sure that you won’t be hospitalized ever in your whole life?
- Do you like to pay money for hospitalization expenses from your savings?
- Do you want to die because your family can’t pay money for your hospitalization?
- Do you want to take loans for hospitalization expenses for any of your family member?
If your answer is NO for any of the above questions I just asked to you, then trust me you need a health insurance policy for you and your family immediately.
Like above questions there are still many reasons that you need to manage your finances by having a health insurance policy as a mandatory investment in your portfolio.
How Does Health Insurance Works?
Well, Health Insurance Cover is basically a policy or contract between an Insured (You) and Insurer (Health Insurance Company) in which it states that the Insured pays a small said amount which is known as a Premium for a said period of time (yearly) to the Insurer in return Insurer covers the Insured’s all hospitalization expenses as mentioned in policy/contract upto the said Sum Assure during that particular period of time for which Insured have paid premium.
What You Should Look Before BUYING A Policy?
You should look the following features in a health policy before you buy it for yourself & your family.
- A Policy should not have any Room Rent limits.
- A Policy should not have any ICU charge limits.
- Go for Recharge feature instead of Restoration of Sum Assured.
- Check How often policy provides Free health checkup.
- Company should not have Third Party to settle claims.
How Much Minimum Sum Assured To Take?
A Person should have at least Rs. 5 Lakh Sum Assure for Individual. In case of Floater Policy in which you want your whole family to be covered in a single health insurance policy then you should take minimum Rs. 5 lakh for 2 Adults & 1 Child rest add Rs. 1 Lakh for each extra child in policy.
Note: These are minimum sum assured recommendation. Considering the current medical expenses and medical inflation in India you should take the maximum cover you can for your family.
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If you have any query then tweet me @gurpreet_saluja