In a world ridden with diseases, risks and lifestyle disorders; health insurance has never been more important. Barring a few phases of epidemics.
Life will continue to throw emergency curveballs at you, which at times, will be related to health crises as well. In situations like these, you have to be prepared for the worst-case scenario and not let something like money come in the way of getting medical help.
If you don’t want to burn a gaping hole in your pocket if and when you, unfortunately, have to take a trip to the hospital, you should invest in a water-tight health insurance portfolio. It is in your best interest.
The things with health insurance are that it is not like any other insurance where you buy a policy and then continue to pay premiums. Instead of a simple policy, a health insurance portfolio is needed to help you and your family in emergencies at all times. There are three main factors which you need to keep in mind while creating health insurance portfolio:
- Health insurance needs will change at every stage in life
- You will need an increased coverage with a growing family
- Consider your family’s medical history when developing health insurance portfolio
Following is a guide to help you in your way to crafting a perfect health insurance portfolio.
Get a health insurance plan at the earliest.
Start with a small health insurance policy as soon as you get your first paycheck. The amount need not be huge at the first go, but it is advised to start as early as you can. You can build it up as you age and start getting bigger paychecks.
A small amount, in the beginning, will keep you covered for a few years. Not to mention, q000
the low premiums and the tax rebates will be an advantage when you start early.
Increase the coverage as your family grows
A primary health insurance policy will cover you as an individual. However, as your family grows with a spouse and children, you will have to go to the next level.
Talk to your insurance agent and find out what would be an appropriate coverage amount for the size of family that you have. A significant difference is made if you have parents to take care of as well and the number of children you have.
Keep the family medical history in mind
If either of your parents has diseases like diabetes, asthma, hypertension or even anaemia; the chances are that your children could inherit these diseases. The medical cost of living with such conditions is not cheap.
In cases like these, you should run a proper check on the disorders that run in your family. That should help you make an informed decision about the coverage amount for when developing a health insurance portfolio.
Buy your own health insurance besides the employer’s policy
Most companies provide their employees with health insurance these days. But beware! At times, it won't even include coverage of your parents or your family.
And most frequently, the exclusionary list in health insurance plans provided by companies is very long - a lot of disorders may not be covered by it. Hence, it is imperative that you invest in health insurance of your own to prevent blunders.
Top-up your health insurance plan
When you or the members of your family start claiming health insurance benefits in cases of hospitalization, the amount insured starts to deplete. You have to make sure that you keep on topping the plan up after you make claims. Top-ups make sure that your policy does not run out of funds and enhances your coverage amount.
Go for an all-in-one health insurance
To have an impressive health insurance portfolio that stands the test of time, it is essential to invest in the right one. Go for a plan which offers you the whole deal; head-to-toe. Be if OPD consultations, international treatment, maternity benefits, no-claim bonuses amongst many others. Features like these help you live in an unstable world like this, knowing that someone has you covered.
Fail-safe health insurance will act as a shield and protect you from the skyrocketing prices of medical care in 2020. A health insurance portfolio that will enhance your chances of getting rattled by medical expenses for the years to come.
Author Bio: Shriya Garg is the founder of ContentNinja, who always happens to go back to her roots as a finance professional. Being good with numbers, she loves educating her team members on personal finance, investment, and other things they don't teach at school.
