Universal Health Coverage Day 2023: How much coverage is ideal for your health insurance?

livemint.com:

healthcare has become a major concern for individuals and governments alike. The rising costs, coupled with the growing incidence of diseases and ailments, have made it imperative for everyone to have adequate health insurance coverage. As we celebrate Universal Health Coverage Day today, it is crucial to ponder upon the ideal size of our health cover and ensure that it meets our needs and provides a safety net for unforeseen medical expenses.

Choosing the ideal size of your health cover is not a one-size-fits-all approach. Each individual's requirements and circumstances are unique, and therefore, the size of their health coverage should be tailored accordingly. To determine the ideal size, consider factors like your age, current health status, lifestyle choices, medical inflation, hospital of choice and family history of diseases.

Dr. Bhabatosh Mishra, Director - Claims, Underwriting & Product, Niva Bupa Health Insurance says, “The adequate amount of sum insured plan one should opt for primarily depends on three factors – first is place of residence, second is life stage of the person for whom insurance is being taken and thirdly, it should cover the future cost of hospitalisation as well." Young individuals with no pre-existing conditions may opt for a lower coverage early in life with the option to increase it as they age, taking advantage of lower premiums. This ensures financial protection in case of unexpected emergencies or illnesses.