You need health cover regardless of what you take two at a time - pills or stairs.

How Much Health Insurance Cover Do I Need?

Health insurance needs differ from one person to another. If you are wondering about how much health insurance you need, there are various factors that need to be understood to determine the exact coverage requirements.
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Health Insurance is a saviour when you or your immediate family face any medical issues and need financial backup. It helps to save money on various expenses incurred from hospitalization and other Out Patient Department (OPD) expenses. However, there are various things that you should keep in mind before purchasing a health insurance cover. In order to evaluate how much health insurance cover an individual needs, the following factors should be taken into account:

Factors to be Considered while Deciding Health Insurance Cover for you:

  • Premium Payment - Ability to pay premium is an important factor while deciding the extent of health insurance cover that you will need. When you choose a higher sum assured and more benefits, the premium will also increase. Individuals should assess their ability to pay the premium and then choose the type of health insurance policy they need. The health insurance policyholder can avail a limited cover at an affordable premium and increase the extent of cover at a later stage.
  • Annual Income Percentage - Annual income is directly proportionate to the health insurance cover. The annual income of the proposer is considered by insurance providers, in the process of determining the maximum health insurance cover he/she is eligible for.
  • Family History - Family history is another factor that affects your health insurance cover. The insurer will look at the history of health problems and diseases contracted by your family members in order to evaluate the risk of the insured contracting the same. Individuals falling under the high-risk category should get a comprehensive health insurance policy.
  • Age of the Insured - Another important factor that will affect your health insurance coverage is your age. Individuals who have bought health insurance policies while young, can avail a discount on premium. However, individuals over 45 years of age would have to pay more premium for health insurance coverage since the health risks involved are higher.
  • Type of Hospital - The health insurance cover is also affected by the grade of hospital where you choose to be hospitalized. Based on the grade of the hospital, different rates are charged for the same treatment. Thus, the amount of health insurance cover that is needed has to be determined by calculating the expenses that might be incurred from the hospital of your choice.

Health Insurance Cover Based on Requirements:

  • Supplement to Health Insurance Cover offered by Employer - Most companies offer health insurance over to its employees. However, this will be in effect only until the last date of employment with the company. Since it is risky to depend only on the health insurance cover offered by your company, you also have to take an alternative health insurance policy for yourself and/or your family. This would help in the face of any unforeseen event such as a layoff, unemployment, job change, etc. which will cause the health insurance policy offered by the employer to cease. Availing a health insurance policy in addition to employer health insurance would help you to be prepared for any medical emergencies.
  • Tax Benefit - If you are availing a health insurance policy mainly for the purpose of availing tax benefits, then you need not take a comprehensive health insurance cover. You can evaluate the amount of tax deduction you wish to avail through the policy and then purchase one that meets this requirement.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

How Much Health Insurance Cover Do I Need? Reviews

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  • ICICI Lombard Health Insurance
    "Good Health insurance provider"
    0.5 3.5/5 "Pretty good"
    This policy was part of my employment, I took the medical coverage of Rs. 5 lakhs for the tenure of one year, this medical benefits for my entire. They have good networks of hospital with major disease cover. But I think it doesn't have no claim bonus.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • Cigna TTK Health Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    In Cigna TTK, they are providing pre existing disease cover, but they don't have no claim bonus features. The response is good they have good customer care working 24/7 , the medical coverage is good for me and entire family. They have many hospital which they got tie up in Mumbai.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 10, 2019
  • National Insurance Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a health policy from National insurance with the coverage of 2L. It is for the family members and no claim. I never contacted the customer service. Every year it was renewed by the company. They have limited networks of hospitals for cashless. It does not cover only eye problems, if we got admitted in hospital for 24hrs then applicable for claim.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 09, 2019
  • Apollo Munich Health Insurance
    "Good medical cover with Apollo"
    0.5 5.0/5 "Blown Away!"
    I got the medical cover of Rs. 3 lakhs its covers for my four persons, they got tie up with major hospital. I don't have any medical card but if I want to go for claim. There is a person who coordinate for Tata employee. They do have cash less treatment.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 09, 2019
  • Star Health Health Insurance
    "Its Good"
    0.5 3.5/5 "Pretty good"
    I have taken the policy personally from my end for my parents. Star Health is providing pre existing disease cover, and major disease cover like heart disease and they do have no claim bonus. Senior citizen plan is good for the elders it has the medical coverage value around Rs.3 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • Future Generali Health Insurance
    "Should include all the benefits"
    0.5 3.5/5 "Pretty good"
    For my wife I use my health policy for the maternity, the policy cover is not sufficient. For Normal delivery the money goes high, I got the 80% of reimbursement but when my child not well I requested for the admission of 24 hours, but they didn't accept for normal fever.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
  • SBI General Health Insurance
    "Need more medical coverage"
    0.5 4.0/5 "Great!"
    I got the health insurance with SBI, they got tie up with many hospitals. I Felt the medical cover its less and its good for the emergency purpose. My corporative company have provided this policy they do have cash less treatment and also other facilities.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 04, 2019
  • Tata AIG Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with TATA AIG , this policy cover accident claim and there customer support team have explain me about this policy and the premium i pay per year it nominal, i pay through on line, till now there service was good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • Oriental Insurance Health Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with Oriental Insurance, i never had any claim Experience with this policy , this policy cover accidental claim and i pay premium on yearly basis ,and it use to get auto debited my account, so far I did not face any issues till date.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 30, 2018
  • Apollo Munich Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with Apollo Munich, this policy cover accident claim and there customer support team have explain me about this policy and the premium per year it nominal, it use to get auto debited from my account itself,, till now there service was good.
    Was this review helpful? 1
    , gurgaon
    Reviewed on Dec 26, 2018
  • Religare Health Insurance
    "Its Good"
    0.5 3.5/5 "Pretty good"
    My company gave me Religare policy it got tie up with major hospitals I added my parents hence the medical cover its includes for my family. I got the medical cards, they are providing cash less treatment and but the pre existing disease not available.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 22, 2018
  • National Insurance Health Insurance
    "Good for emergency purpose"
    0.5 4.0/5 "Great!"
    My plan is health family plan for the total coverage value of Rs. 4 lakhs for two person, they are providing pre existing disease cover and cash less hospitalization.In Hyderbad they got tie up with many hospitals, they gave me the medical card.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 21, 2018
  • Bajaj Allianz Health Insurance
    "Its Good for Health"
    0.5 4.0/5 "Great!"
    My company provided Rs. 2 lakhs of medical coverage for employee alone, they gave me the medical card on time. They sent me the list of hospitals which they got tie up in Bangalore, they are providing cover major or minor disease from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 20, 2018
  • Cigna TTK Health Insurance
    " Good insurer for medical policy"
    0.5 5.0/5 "Blown Away!"
    The features of TTK cigna is good, the policy generation duration is also less. They gave me Rs. 4.5 lakhs of medical cover and they got tie up with major hospital in my place and they gave me the medical card and the broucher. They have pre existing and cash less hospitals features too.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 20, 2018
  • New India Health Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have health insurance, I have coverage value of Rs.2 lakhs they got tie up many hospitals. They have good reimbursement process and the policy generation is good in a less duration. They cover all kind of disease, it also has tax benefits and other features.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 20, 2018
  • HDFC Ergo Health Insurance
    "Its for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    I got my medical card on time from HDFC Ergo its a corporate plan. They gave me medical coverage value of around Rs. 5 lakhs for three person in my family. They are providing major or minor disease cover and they have tie up many hospitals in my place.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 17, 2018
  • HDFC Ergo Health Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken Health insurance from Hdfc ergo insurance . Am satisfied with the premium amount which am making the payment yearly . This policy gives good coverage with cashless hospitalization and pre disease cover . Even they have given network list of hospitals .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 16, 2018
  • HDFC Ergo Health Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken Health insurance from Hdfc ergo insurance . Am satisfied with the premium amount which am making the payment yearly . This policy gives good coverage with cashless hospitalization and pre disease cover . Even they have given network list of hospitals .Even i had good experience in claim experience .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 16, 2018
  • Apollo Munich Health Insurance
    "Its best insurance for the health"
    0.5 5.0/5 "Blown Away!"
    The claim is easy they approve everything I heard lots of customer using it, the customer support is good they gave me the policy document on time. They gave me Rs. 10 lakhs of medical cover, they have tie up with all the major hospitals like fortis, apollo. They have cash less treatment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • Apollo Munich Health Insurance
    "Good for health "
    0.5 5.0/5 "Blown Away!"
    I have medical policy for the coverage around Rs. 5 lakhs, they do have pre existing disease cover. The process generation is quick, they send the insurance card with the list of hospitals details. I am very fine with Apollo Munich health benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
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