6 SMART TIPS TO TAKE HEALTH COVER
A health cover is one of the most important insurance covers you should
necessarily have. However many people do not consider purchasing a health
insurance as they think the cover provided by their employer is sufficient. Here are
some smart tips for you to purchase a secondary health cover.
Many people think, “I don’t need to take Health Insurance separately as I am
getting covered by my Company”. We strongly recommend you to consider a
secondary health insurance for below reasons:
. The amount of the Company Cover may not be sufficient
. Your Company can change the Medical scheme in future
. As you grow, you may develop medical problems and may not get a new
health policy
. If you change the Job, the new Company may not have a good scheme or
may not have a scheme at all, if you join say a start-up
. Not all Companies cover your parents
Now, if you decide to go in for a secondary health cover, then here are few tips to
determine what kind of cover and amount you should opt for:
Current insurance cost: First, review your current cost of insurance as a % of your
total income. As a broad guidance, we suggest that your total yearly cost of
insurance should be around 10% of your yearly take home income.
Keep in mind your Age & Medical History: If you are in your 40’s, it’s a good idea to
start investing in a solid secondary health cover. Based on your present health
condition and family history, you can decide the type of cover and amount of the
coverage. In addition to the normal health cover, now there are specific policies
for Diabetic& Heart patients.
Go for smart features: As you are likely to continue using your Company’s policy as
a primary health cover, we suggest you opt for a high no claim bonus policy.
Private sector leads with innovative features like high amount of no claim bonus,
combination of Individual + Family Floater cover and no sub limits for the claim
purpose.
Take the right amount: You can decide the amount of the coverage based on
your current lifestyle, medical situation, your location (i.e. Tier 1, Tier 2 or Tier 3 town)
and available budget. As a broad guidance, it is good to take a Rs. 10 Lakhs
family floater health cover. Based on situations, this can be far higher or even
lower.
Select the right Company: You could go with National Insurers, Private Sector
Players or opt for the Group Health cover by Nationalized Banks. With competitive
pricing and innovative features, private sector policies generally score higher.
Group Health cover by Nationalized Banks are cheap and often the only option
for people above 65 years of age. You can check comparative analysis available
on many personal finance blogs.
Prioritize: You should prioritize Health Insurance before Life Insurance as the
probability of hospitalization is higher than death. Again this depends on client
specific situation.
A health cover is one of the most important insurance covers you should
necessarily have. However many people do not consider purchasing a health
insurance as they think the cover provided by their employer is sufficient. Here are
some smart tips for you to purchase a secondary health cover.
Many people think, “I don’t need to take Health Insurance separately as I am
getting covered by my Company”. We strongly recommend you to consider a
secondary health insurance for below reasons:
. The amount of the Company Cover may not be sufficient
. Your Company can change the Medical scheme in future
. As you grow, you may develop medical problems and may not get a new
health policy
. If you change the Job, the new Company may not have a good scheme or
may not have a scheme at all, if you join say a start-up
. Not all Companies cover your parents
Now, if you decide to go in for a secondary health cover, then here are few tips to
determine what kind of cover and amount you should opt for:
Current insurance cost: First, review your current cost of insurance as a % of your
total income. As a broad guidance, we suggest that your total yearly cost of
insurance should be around 10% of your yearly take home income.
Keep in mind your Age & Medical History: If you are in your 40’s, it’s a good idea to
start investing in a solid secondary health cover. Based on your present health
condition and family history, you can decide the type of cover and amount of the
coverage. In addition to the normal health cover, now there are specific policies
for Diabetic& Heart patients.
Go for smart features: As you are likely to continue using your Company’s policy as
a primary health cover, we suggest you opt for a high no claim bonus policy.
Private sector leads with innovative features like high amount of no claim bonus,
combination of Individual + Family Floater cover and no sub limits for the claim
purpose.
Take the right amount: You can decide the amount of the coverage based on
your current lifestyle, medical situation, your location (i.e. Tier 1, Tier 2 or Tier 3 town)
and available budget. As a broad guidance, it is good to take a Rs. 10 Lakhs
family floater health cover. Based on situations, this can be far higher or even
lower.
Select the right Company: You could go with National Insurers, Private Sector
Players or opt for the Group Health cover by Nationalized Banks. With competitive
pricing and innovative features, private sector policies generally score higher.
Group Health cover by Nationalized Banks are cheap and often the only option
for people above 65 years of age. You can check comparative analysis available
on many personal finance blogs.
Prioritize: You should prioritize Health Insurance before Life Insurance as the
probability of hospitalization is higher than death. Again this depends on client
specific situation.
Happy Investing
Source:Gettingyourich.com
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