Know Whether The Sum Insured Is Enough To Cover Your Family

Health And Beauty

The ongoing pandemic has made us realise the importance of having a health insurance coverage. But the bigger question that needs answering is how much coverage is truly necessary. Aditya Birla health insurance offers suitable coverage according to your needs. 

Risk of being underinsured

Even though more and more individuals purchase insurance for essential items, underinsurance remains a significant issue in our society. Because of a lot of misinformation and a lack of understanding about the subject, many go about their lives believing they have adequate insurance until they submit a claim and discover that they don’t. 

Consider the following scenario: you purchase a Rs 5 lakh Aditya Birla health insurance policy with a 5 lakh sum assured. According to your current circumstances, you believe that this sum is more than sufficient to pay all your health-related expenses; nevertheless, one factor many usually fail to consider is inflation. Five lakh rupees will not be worth the same amount as now in a few years.

As assistance from the employer, it’s a good initiative, but on the beneficiary side, one should have a detailed outlook on the health insurance concept and its importance. On the other hand, individual insurance policies are more customised and beneficial from the coverage and investment point of view. Important Factors you need to consider while evaluating your Health Insurance coverage. You can do it by visiting Bajaj Finserv’s official website.

In the event of an unforeseen sickness or catastrophe, your bank balances might get depleted, and your financial goals could be thrown off course. Because of the ever-increasing medical treatment expenses, it is essential to have Aditya Birla health insurance not just for yourself but also for your family. Everyone’s requirements are unique. Your health insurance should be chosen after carefully evaluating the variables listed below.

Terms of Payment for Premium Services

When determining the coverage of health insurance you will need, your financial capacity to pay premiums is crucial. A fair way to determine the amount you should spend on health insurance is to take two per cent of your annual salary. For example, if you earn Rs. 6 lakh a year, you could be able to pay a sum of Rs. 12 thousand a year, which would provide you with a reasonable level of coverage by today’s standards.

Calculation of Annual Income Percentage

The amount of health insurance coverage should be directly proportional to your annual income. When deciding the maximum amount of health insurance  plan you are qualified for, insurance companies consider your yearly income. In practice, you should have Aditya Birla health insurance coverage that ranges from 50 per cent to 100 per cent of your annual salary. The following is a helpful yet straightforward formula:

Health insurance coverage = 50% of gross income + 100% of medical costs incurred in the previous three years (hospitals).

Medical History of Family

Another aspect of your health insurance plans that may be affect is your family’s medical history and age.  High-risk individuals should get a comprehensive, high-coverage Aditya Birla health insurance plan.

Age of Insured

In addition to your medical history, your health insurance coverage will also be affected by age. A reduction in premiums is available to those who purchased health insurance while still in their teen years. It is possible to get Aditya Birla health insurance for Rs. 5-10 lakh and grow it by 10-15 per cent each year if you begin at the age of 25. Health insurance premiums for those over 45 would be more expensive. It is very important to compare medical insurance policy for finding the best insurance provider. You can compare all the health insurance plans at Bajaj Finserv’s Official website. You will find various reliable insurance provider with high Claim settlement ratio.

Quality of Hospital

Additionally, the quality of the hospital where you choose to be admitted might impact your health insurance coverage. The cost of the same therapy may vary from one hospital to the next. As a result, the sum assured of health insurance must be decided by estimating the costs that the hospital of your choosing may incur.

Tax Benefits

When you purchase health insurance coverage primarily to receive tax advantages, you are not required to get a complete health insurance policy. To determine how much of a health insurance tax advantage you desire to get from the policy, you must first examine your needs and then acquire coverage that fulfils those needs. The maximum amount that may be deducted under Section-80(D) is Rs. 25,000 for individuals under 35 and Rs. 30 thousand for senior citizens.

 The cost of medical treatment, particularly in the private sector, makes it imperative to have health insurance for you and your family. Hospitalisation may wreak havoc on your finances and leave you unable to pay your bills. In most cases, decent health insurance coverage will pay for the costs of doctor visits, medical tests, ambulance rides, hospital stays, and even post-hospitalisation recovery bills.

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