Bharti AXA HEALTH Insurance How Much Health Insurance Do You Need? 26 Apr 2018 How Much Health Insurance Do You Need? You need to consider several things while buying a health insurance policy. One of the factors that determine the kind of health insurance you must buy is the amount that can be withdrawn to be used in the case of medical emergencies. Several factors must be considered when you select the amount of health insurance policy cover. These factors are: The Family History Counts If there is a history of diseases in your family, a health insurance policy that has a larger cover will be a better fit for you. This is because you may be more susceptible to the diseases your parents had. So, a person who can develop any of the family related health conditions needs to keep all the potential conditions in mind before picking out the best insurance plan for him or her. The Age of The Policy Holder The age of the policyholder is also a determinant of the amount of the cover that a person might need in his or her policy. The younger you are, the lesser are your chances of developing conditions that might require a huge coverage. However, with age, the pre-existing diseases increases and you will need a bigger cover to take care of all your hospital bills in one go. So, you can buy a low cover plan when you are young and increase the cover as you get older. What Are the Hospitals in Your Area Charging? One of the most important factors to keep in mind when you buy health insurance is the rates of the treatments of the critical illnesses or the diseases that you currently have or are at risk of developing. The cover of the health insurance will now be decided based on the number of diseases you have and the amount of money that may be spent on its treatments at the hospitals near you. Your Health Insurance Needs Your health insurance needs are also critical in determining the coverage you need for the family health insurance or the individual health insurance. These can include the bonus covers and added services like hospital cash insurance and much more. The more the needs of the insurance, the bigger the cover you need to buy. The Stage of Your Life Your duty towards the people around you also determine the coverage amount that you will need to buy. If you are single, the coverage you will need will only be for you. Hence, the coverage amount you will pick will be smaller. However, if you have a family, you will go for family floater insurance. The more the people, the bigger their medical needs. Hence, you will automatically have to increase the cover amount. So, look at what stage of life you are in and then decide the amount of coverage you require. The Tax Benefits According to the Section 80D, a person is now eligible for a tax deduction through their insurance policy. Hence, the tax benefits can also be taken as a consideration while picking the right coverage amount for the health insurance. The premiums paid for the tax covers for parents also account for the tax benefits. Hence, a cover that gives you the most tax benefits should be considered. With this information, you can easily calculate the amount of cover you need at the moment. If you want to increase the value of the health insurance cover later, you can easily do it at the time when you renew health insurance. So, consider all these factors and purchase the best insurance for you that has the appropriate cover to take care of all your medical needs. Why choose Bharati AXA Health Insurance With health insurance plane, financially secure yourself and your family at affordable premiums FLEXIBLE PLANESComprehensive Range of medical cover up to Rs 1 Cr TAX SAVINGSUp to Rs 55,000 Tax-saving under 80D CASHLESS CLAIMSClashless Hospitalization Across 4500+networks hospitals DEDICATED CLAIMS HANDLER Explore Our Products Car Two Wheeler Travel Health Critical Illness Personal Accident Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.