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What points should I consider when choosing 1 Crore health insurance?

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Published on March 4, 2021. EST READ TIME: 3 MIN

A medical emergency may arise at any time and call for timely treatment. This is when having a health insurance policy helps. When you have a health plan, you can avail quality treatment, without worrying about the hospital bills. While the ongoing COVID-19 pandemic has increased the significance of health insurance, having an adequate health plan is important for other contagious and life-threatening diseases as well.

Although more people are buying family health insurance coverage for themselves and their loved ones, they often fail to choose the right sum assured. Most policyholders, especially middle-class households, take health insurance for about 7 lakhs to 10 lakhs. Although this amount may be enough for certain medical conditions, there may be times when you will be forced to spend a larger amount.

For instance, if you have a health plan for 10 lakhs, but your yearly medical expenses go up to 20 lakhs, you will have to bear pay 10 lakhs from your pocket. In case there are multiple hospitalisations in the family due to the COVID-19 pandemic or any other health condition, the hospital bills will burn your savings in no time. Considering these probable scenarios, it is wiser to do some research or take help from experts to decide on the right sum assured.

What does health insurance cover?

A health insurance policy covers:

• Hospitalisation expenses: The insurer covers hospitalisation treatment costs related to illnesses and injuries.

• Pre and post hospitalisation expenses: covers medical expenses before hospitalization and after discharge as per the number of days specified in the policy and related to the ailment for which insured was hospitalized

• Daycare procedures: insurers cover day care procedures as well. These include treatments and surgeries that take less than 24 hours of hospitalization due to advancement of technology .

• Road ambulance expenses: Your insurer may also cover road ambulance charges up to a certain amount.

• Domiciliary hospitalisation: If you are getting treatment at home with all medical facilities, the insurer will cover the expenses.

However, health insurance plan will not cover injuries related to war and participation in defence operations, cosmetic treatments and self-inflicted injuries etc .

Things to keep in mind while taking a family health insurance

When you are taking a family health plan, make sure you keep these things in mind to choose an adequate health cover:

• Dependants in the family: Consider the age and medical needs of each family member for a rough estimate of their future healthcare expenses. If there are elderly members in your family, you should take a plan with a higher sum assured.

• Income: This is an important parameter to consider before taking a health plan. If you are the only earning member in a family of four, choosing a higher sum assured will be a wise decision. In case any member is diagnosed with a chronic condition, the treatment of which is on the expensive side, having 1 crore health plan will save you from financial distress.

• History of medical condition: If there is a family history of a certain medical conditions , the probability of you or other family members getting it is higher in some hereditary disease conditions.  Hence, keep this factor in mind while deciding on an adequate health insurance cover.

• Lifestyle: It is important to consider factors, such as eating habits, job, stress levels, and personal habits of different family members to determine their future healthcare needs. These would help you decide on an adequate insurance amount.

• Healthcare cost in your city: If the cost of healthcare in your city is on the higher side, you should take a health plan with a higher sum assured. Considering the current COVID-19 pandemic and other lifestyle diseases, a family health insurance cover of one crore is ideal to stay financially protected during medical emergencies.

• Premium payment options: Check the premium amount and the premium payment frequency available with the insurer , whether monthly quarterly, semi-annual, or annual instalment options are available .

Secure your family’s health with my:health Koti Suraksha health insurance

If you are looking for a plan to cover the rising healthcare expenses, our my:health Koti Suraksha 1 crore plan is a good choice  This family health insurance plan is designed to cover your Hospitalization medical expense needs ,  related to Illness and Injuries and  many more.

If you are worried about the high premium amount, don’t be. As per Section 80D of the Income Tax Act, you can save up to Rs 1 lac** on policy premiums. Get my:health Koti Suraksha 1 crore health insurance today to avail of quality treatment without fretting about the increasing medical costs.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

• For tax benefit of upto 1,00,000, both individual / family and parents should be above 60 years of age (ii) For tax benefit of upto 75,000, Individual and family should be below 60 years but parents should be above 60 years (iii) For tax benefit of upto 50,000, Individual and parents should be below the age of 60 years and the above is subject to change in tax laws. HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. UIN: my:health Koti Suraksha - HDFHLIP21131V012021 IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID No. D2-30. Terms & conditions applied