The cost of medical treatments and related expenses are ever increasing. One should ensure that no member of the family is left uncovered facing health risks and the health insurance cover should at least be reviewed once in a period of three to five years especially if you are staying in Metro cities where the medical cost is high which can add huge financial burden to your pocket in an event of hospitalization.
Ideal health insurance coverage for families living in metro cities:
The ideal cover or Ideal Sum Insured selection for people living in metro cities largely depends on the size & age groups of the family members. It is good to purchase health insurance at early age as the health risks are low and the Insured members are rewarded with cumulative bonus on nil claims per year which adds to the Sum Insured usually upto 50% of the Sum Insured opted. As the time passes the waiting period exclusions generally three to four years is completed and the insured members are completely protected at a stage where he/she may become vulnerable to health risks.
Parameters that should be taken into consideration while opting for Ideal Sum Insured
There are various factors and parameters that should be considered while computing the required coverage so that insured member is not short of coverage amount at event of emergency medical need. Factors such as insurance cover provided by employer if the earning head already has the insurance cover where he/she has included his/her family members, current medical costs and inflation, family health history, lifestyle habits, age of members, family size and mainly the premium paying capacity should be considered before purchasing health policy. City of residence is though the main factor that should be considered considering the huge health care cost involved.
Health products currently available in the market provides features like restoration of opted Sum Insured which automatically restores the sum insured in a policy year if the base sum insured and no claim bonus is completely exhausted. This kind of inbuilt or add on product feature is available both on Individual and Floater Health Insurance Policies.
People staying in big cities should always consider buying products with such feature along with base mediclaim policy, as there are more changes where the high health care cost may exhaust your Sum insured amount and the health insurance coverage may left inadequate for the rest of policy period.
Top Up and Super Top Up health insurance policies are available in market provided by Insurance Companies with reasonable premiums which help to supplement the base policy, to take care of the higher expenses in metro cities.
People buying policies online can compare the product pricings and features on the portals provided by web aggregators. Also if you are purchasing the Health Insurance policy from the Intermediary/Agent it is important to understand the benefits, coverages and exclusions of the product you need to balance your health insurance need in big cities and budget in best possible way. Insurance Agent can guide you best to know the best products available in the bouquet of the Insurance Companies.