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How Much Health Insurance Should A Fresher Get?

World Health Day 2023 | How much health insurance coverage do you need?

Financial advisors often stress the importance of saving from your first paycheck, but obtaining a quality health insurance policy is an essential step that should precede your investments. The reason is simple: a sudden medical emergency can swiftly deplete your savings, as highlighted during the recent COVID-19 pandemic. Moreover, if you face job loss or income reduction due to economic downturns, you might need more than your savings to cover healthcare expenses.

Health emergencies aren’t exclusive to older individuals; young people can also face health issues and accidents. Health insurance is indispensable in such scenarios, providing crucial support. One valuable aspect of health insurance is the potential automatic reinstatement of the sum assured after utilising it for network hospital expenses. Acquiring student health insurance early is advisable as it becomes harder to secure coverage with age or if health conditions develop.

Why Do You Need Personal Health Insurance?

Employees frequently receive group health insurance as one of their benefits from many employers. Some factors, though, make purchasing a personal health insurance policy advisable.

  • Sum Assured: The first factor to consider is the sum assured in the employer-provided group health insurance The corporate health insurance cover may not cover the family. In a medical emergency, ignoring this factor could be very expensive.

  • Coverage Continuity: Frequent job changes are common in today’s dynamic job landscape. While your current employer may offer insurance, there’s no guarantee future employers will do the same. Job transitions or layoffs can lead to gaps in health coverage. An individual policy ensures uninterrupted healthcare access, regardless of employment status, providing peace of mind and consistent coverage. Claims are subject to terms and conditions set forth under the health insurance policy. *

  • Enhanced Coverage: The employer’s health insurance may have restrictions or exclusions. An individual health insurance plan can be more specifically tailored to suit a person’s needs and preferences. It allows the individual to select coverage options, add-ons, and sum-assured amounts that match their unique healthcare needs. Claims are subject to terms and conditions set forth under the health insurance policy. *

How Much Coverage Do I Require?

Since we cannot foresee the type or cost of upcoming medical emergencies, determining the sum assured for insurance coverage can take time and effort. Despite this, there is a method to the madness. It is advised to start with a cover of Rs 5–10 lakh. Then, one can gradually raise the sum insured over time to guarantee sufficient and comprehensive coverage at various stages of life. You can use a health insurance plans calculator to estimate the costs of your premium that work best for you.

Look at your medical background, noting any existing conditions or potential future medical requirements. Take a look at your family tree. Cardiac conditions typically run in families; diabetes and cancer can also run in families. When health insurance premium is low and purchasing a sizable policy is simpler, an early assessment of family patterns can help you get higher coverage at a younger age. ##

You should also consider your current health status, your lifestyle decisions, and the cost of healthcare in your neighbourhood. To budget for the cost of a severe illness a few years down the road is the main rule when purchasing health insurance.

*Standard T&C Apply

##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.