How to manage your health policies and meet additional requirements?
The coronavirus disease (COVID-19) pandemic will end sooner or later as all pandemics do. But it has made individuals realize the significance of health and taught people how to take sound care of their health and the well-being of their loved ones. It might not be wrong to state that due to the advent of the global pandemic, having a medical insurance policy has become a new normal. Medical emergencies always arrive unannounced, and this is the reason why people opt for health insurance. Opting for a health insurance plan safeguards your family during difficult times and protect you from draining out your saving or adding new financial liabilities to your account.
Pre-Covid era, we had been discussing about a family floater insurance cover of ₹ 5 lakhs optimum for a middle-income family with a basic assumption that all the family members normally do not fall sick together and therefore a floater sum insured of ₹ 5 lacs on the entire family would be fairly enough. But covid pandemic has proved otherwise where we have seen entire families hospitalized one after another and the sum insured under a family floater was just not sufficient to take care of your medical bills. This horrifying experience has opened a new horizon of what would be the exact sum insured of your Health insurance. No doubt it should be fairly high to the size of 10 lakhs to 2 crores depending on the paying capacity of each family. Having a single policy of higher sum insured may be expensive in comparison to breaking the cover under two policies. You can have a base policy for₹ 3 lakhs to r ₹ 10 lakhs followed by super top-up insurance in excess of the sum insured of the base policy. The super top can be for a sum insured ranging from ₹ 5 lakhs to ₹ 1 crore or even more. This will take care of your additional needs at a comparatively nominal premium. Those who can afford to pay their medical bills by saving up to a certain minimum amount can straight go for a top-up policy with suitable threshold limits.
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