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How to Get 5 Lakhs Using Health Insurance? Research Team | Posted On Friday, August 23,2019, 06:09 PM

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How to Get 5 Lakhs Using Health Insurance?



How to Get 5 Lakhs Using Health Insurance?

Why health insurance is a necessity?

Health insurance is a must in today’s hectic world. Most city dwellers seek health insurance not only to cover the breadwinner, but to secure the health of all family members. The insurance companies have also come up with a plethora of insurance products to suit the needs of customers. 

On the other hand, a generation of people believes health insurance is for the golden years (post retirement as they have a company health insurance plan). Many people believe they don’t need health insurance, as they are quite healthy.

A health insurance policy is not just for a medical emergency. Avail health insurance when you are young and healthy to save on the premiums. A good health insurance policy with sufficient cover helps avail quality medical treatment at the best hospitals. You can focus on recovery, rather than arranging funds to pay for the treatment.

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See Also: Who Else Wants Health Insurance?

How to Get 5 Lakhs Using Health Insurance?

How much Health Insurance cover do you need?

Health insurance with sum assured of Rs 5 Lakhs is a decent cover for your family. A family of four (This is the insured, spouse and two children) can easily opt for coverage at nominal premiums. The policyholders do not need to go through a medical test to avail a health insurance policy of this amount until a certain age. Even if you live in a metropolitan city, health insurance of Rs 5 Lakh a year is a decent sum assured to get treatment at most hospitals.

If you have a family medical history of chronic ailments or you have a pre-existing medical condition, then go for a higher sum insured in the health insurance plan. You can enhance your existing health insurance policy of Rs 5 Lakh, by availing various riders including the critical illness rider.

Health insurance with Rs 5 Lakh coverage:

The type of health insurance policy you must avail depends on your personal medical needs. If you have a family, then you must avail a family floater health insurance policy.

If you are single, then you must go for an individual health insurance plan. In both the cases (individual + family), health insurance of Rs 5 Lakh is enough to pay the medical bills for most diseases. However, if you have dependent parents, you must opt for a higher cover. Let’s check the medical bills for some of the common diseases:

  • Food poisoning: Its Rs 40,000 to Rs 60,000 for medical treatment.
  • Dengue: Rs 50,000 to Rs 1.5 Lakh for treatment at reputed hospitals.
  • Delivery of a child: Rs 60,000 to 2 Lakh for child birth, delivery and related treatment.
  • Cataract surgery: Rs 50,000 for eye treatment and surgery.
  • Heart surgery: Its Rs 2 to 3 Lakh to treat heart ailments.

A family floater health insurance policy of Rs 5 Lakh costs anywhere from Rs 10,000 to Rs 17,000 annually, depending on the cover availed. For individual health insurance plans, the premium ranges from Rs 4,000 to 7,000 each year for a 35-year-old.

Health insurance parameters:

There are several categories of health insurance plans, you can choose from. Youngsters get health insurance plans at affordable premiums. To choose health insurance of Rs 5 Lakh cover, you must first go through basic parameters before making the purchase:

  • Hospital tie-ups: Check network hospitals where you get the cashless claim.
  • Sum assured: The maximum amount the insurer pays for hospitalization, when you avail health insurance.
  • Premium top-up plans: The amount you intend to pay as premium against the coverage availed.
  • Types of surgeries covered: Make sure your policy covers a wide variety of ailments and health conditions.
  • Waiting period: The shorter the waiting period, faster you reap the benefits of your health insurance policy.
  • Policy issue with a pre-existing medical condition: Check if the insurance policy covers pre-existing medical conditions.

See Also: Can I Use Health Insurance Immediately?

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