The importance of health insurance has increased rapidly in the recent past. Corona epidemic has a major contribution to it. However, less people pay attention to buying an insurance policy according to the need.
To create a comprehensive health insurance portfolio, solid planning and a deep understanding of insurance products in the market is necessary. Your insurance portfolio should be a portfolio that provides you financial stability in times of need. Let’s find out:
Assess your needs
Health insurance does not work on the same needs basis for everyone. 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 many parameters. In this, your age, number of family members and the cost of health services in your area / city are very important.
If you are young and healthy, then there are less chances of falling ill or having already hospitalized disease. If it is not, then the chances are less. Similarly, if your family is large, then your coverage will increase.
On the other hand, if you live in a metro city, then the cost of health services will be much higher than in smaller cities. Therefore, before deciding the sum insured of your health insurance policy, keep these things in mind.
For single person or family floater policy,
an individual plan provides only one person coverage, while the family floater provides coverage to the whole family. In another way, the cover in the family floater is distributed among all the members of the family.
Most people prefer to have an individual health insurance plan for themselves, but this is unlikely because personal health insurance can prove to be a very expensive deal. Therefore, it is very important to strike a balance between the two.
While you can keep a personal plan for yourself, on the other hand, take a family floater plan for your family. If your parents are aged, then you can also get special plans made for senior citizens, which are determined based on their needs.
Critical Illness (Critical Illness) Plan
Serious diseases like heart related diseases, cancer, kidney problems etc. can make your nights sleep and day’s sleep disappear. Their financial burden is quite 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, then the situation may be different.
In the Critical Illness Plan, the patient is given a predefined Ramak, irrespective of the cost of treatment. In contrast, in the general health plan, only the expenses incurred due to hospitalization are paid.
Recovery from serious illnesses takes time and you may also have to take a break from work during the recuperation, which can shock your income. Things can be quite easy in the Critical Illness Plan because in this you get a fixed share of the fixed sum (Sum Insured) in the form of monthly income. Through this, you can supply your daily expenses during recovery.
Increase coverage through TOP
Medical sector expenses are increasing rapidly. What can be seen today, it may fall short tomorrow. Also, it is not considered wise to have a separate plan to increase your coverage. However, you can buy a super top-up plan to increase the scope of your security.
The super top-up plan is different from a normal health plan in inflation figures. Its scope starts, while you fully use the limit set in the policy. Its coverage starts only when the limit set in your policy is over.
This means that you will have to bear the expenses like your normal health plan, while the super-top up will pay the rest. Due to the current expenditure stream, super top-up plan is available at a very low premium. Overall, being a super top-up in your health insurance portfolio, you can save your financial health from deteriorating if the hospital bill goes over your total sum insured.
The conclusion
It is very important to have a strong health insurance portfolio as medical disaster can come like an uninvited guest and can completely clean your savings. At the same time, we are facing very difficult situations right now. In this case, a complete and solid health insurance portfolio helps us to meet our financial goals and all responsibilities.
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