The importance of health insurance has increased rapidly in the recent past. Corona epidemic has a big contribution in this. However, only a few people pay attention to buying an insurance policy according to the need.
To build a comprehensive health insurance portfolio, solid planning and a deep understanding of the insurance products in the market is essential. Your insurance portfolio portfolio should be such that it provides you with financial stability in times of need. Let’s find out:
Assess Your Needs
Health insurance does not work for everyone on the same needs basis. Every person’s needs are different and that is why it becomes important to understand their needs and assess them accurately. While doing this, you should pay attention to several parameters. Your age, number of family members and the cost of health services in your area/city are very important in this.
If you are young and healthy, your chances of falling ill or already getting hospitalized are less. If it is not, then its chances are less. Similarly, if you have a large family, your coverage will increase.
On the other hand, if you live in a metro city, the cost of health services will be much higher as compared to smaller cities. So, keep all these things in mind before deciding on the sum insured for your health insurance policy.
Single Individual or Family Floater Policy
An individual plan provides coverage to only one person, whereas a family floater provides coverage to the entire family. If seen in another way, in family floater the cover is distributed among all the members of the family.
Most of the people prefer to have an individual health insurance plan for themselves, but the chances of this are very less as individual health insurance can prove to be a very expensive deal. Therefore, it is very important to strike a balance between the two.
While on one hand you can have a personal plan for yourself, on the other hand definitely take a family floater plan for your family. If your parents are of age, you can also go for special plans made for senior citizens, which are determined on the basis of their needs.
Critical Illness Plan
Serious diseases like heart related diseases, cancer, kidney problems etc, can make you sleepless nights and day rest. Their financial burden is very high. The cost of treatment of serious diseases is very high. Such diseases are definitely included in the general plan, but the coverage of the plan will not be sufficient. However, if you have a critical illness plan in your portfolio, the situation may be different.
In a critical illness plan, a predetermined amount is given to the patient, irrespective of the cost of treatment. In contrast, in a general health plan, only the cost of hospitalization is paid for.
Recovery from critical illnesses takes time and you may have to take a break from work during recovery, which can take a toll on your income. In a Critical Illness plan, things can be quite easy as in this you get a fixed share of the fixed amount (sum insured) as monthly income. Through this you can supply your daily expenses during recovery.
Increase coverage through top
The expenditure of the medical sector is increasing rapidly. What appears to be enough today may be less tomorrow. Also, taking a separate plan to increase your coverage is also not considered wise. However, you can buy a super top-up plan to increase your coverage.
Super top-up plan differs from a normal health plan in terms of inflation figures. Its scope starts when you have fully utilized the limit prescribed in the policy. Its coverage starts only when the limit stipulated in your policy is exhausted.
This means that you will have to bear the expenses as in your normal health plan, while Super-Top Up will pay the rest. The super top-up plan is available at a very low premium due to the current expense stream. Overall, having a super top-up in your health insurance portfolio can save you from deteriorating your financial health in case the hospital bill exceeds your total sum insured.
Having a strong health insurance portfolio is very important as a medical disaster can strike as an uninvited guest and completely wipe out your savings. At the same time, we are facing very difficult situations right now. In such a situation, a complete and sound health insurance portfolio helps us in meeting our financial goals and responsibilities.