Once you have opted for health insurance you need to understand the terminologies related to it. You must have read about the sum insured in health insurance. So, let us know what is sum insured in health insurance? A sum insured is the amount that is offered to the policyholder in case of a medical emergency. It is purely based on the idea of indemnity.
For your understanding, let’s assume if the sum insured for a health insurance policy is Rs.3, 00,000. When you or anyone from your family has been hospitalized, the medical bill is of Rs.2, 50,000. You have bought a health insurance policy with a co-payment of 10%. Then, you have to bear 10% of Rs.2,50,000 and the remaining amount will be be paid by us.
Having a health insurance policy secures you from an unforeseen event. However, in case of an exigency if the medical expenses are too high there can be an enough amount that has to be paid by the insured.
Therefore, it is extremely important to opt for the right sum insured for the following reasons:
- It keeps your savings secure
- It keeps you stress-free during the time of medical emergency
How to get the Right Sum Insured for your Health Insurance Policy
Choosing for maximum coverage is important to safeguard against any unforeseen medical emergency. Hence, it is important to get the right sum insured for your health insurance policy:
- Age: Age is an important factor in deciding the coverage that you need. You can buy a low sum insured when you are young and it can increase with age. In the way, in your 40s you need a higher sum insured for your healthcare needs.
- Present situation: Getting the right sum insured depends on your present situation, for example, whether you are going to get married or thinking to start a family. The sum insured is an important factor to consider. Apart from this, you should also consider other facts such as the nature of your job, lifestyle, etc. that also determine your healthcare needs.
- Current medical condition: It is important to consider your present health condition to decide the coverage. If you are healthy, then you may start with lower coverage. If your medical condition is not stable and you feel the need to take medical procedures, then you must opt for a health insurance policy coverage amount depending on your health condition accordingly so that you can meet your hospitalization expenses without facing any financial burden.
- Annual income: The income should also be considered as a significant factor while deciding the extent of coverage that is required. A mediclaim policy with high coverage may be required; but, you may have other expenses to meet. Hence, you should analyse your income and assess your healthcare needs and then make the decision that is beneficial for you.
With the increasing medical expenses, not having an adequate health insurance policy can impose a financial burden on you. Also, with the ever-changing lifestyle and other factors, such as a hectic working schedule and poor eating habits people are not living healthier lives anymore. If you are looking for a health insurance policy, then it is always a good idea to opt for the right sum insured. You can opt for the best health insurance policy from Care Health Insurance (Formerly known as Religare Health Insurance) that offers wide coverage. It helps you to meet any unforeseen medical emergency without spending your savings.